Cross-border Mergers And Acquisitions Of Chinese Enterprises Research

Cross-border M&A is an extension of domestic enterprises, is cross-border mergers and acquisitions, is a business for certain purposes by certain channels, means and methods, the enterprise of another State to purchase or control the whole assets or enough shares to exercise control over. According to the global economic environment and internal organizational structure changes, in order to maintain its survival and development, Cross-border M&A is a re-mix change and institutional innovation for their own system, structure, function and scale, is the world's foreign direct Investment in a major way.Context of economic globalization, the tide of internationalization sweeps across the world. Multinational companies, in order to strengthen their international competitive position and implement the global business strategies, set off a worldwide scale and far-reaching cross-border M & A wave.Through cross-border mergers and acquisitions, multinational corporations can bypass trade barriers and investment restrictions of the host country and enter and occupy the market quickly. It can be integrated in the global resources, access to natural resources necessary for development, technology, brands, and bring the expansion of business scale Achieve economies of scale. It can maintain profitable growth, and achieve portfolio diversification and re-positioning. In addition, it can meet the development needs of capital markets and so on. Cross-border mergers and acquisitions have become the main way of the multinational corporations engaging in overseas investment and implementing strategy of the main forms of globalization.With the accelerated pace of economic globalization and the "going out" strategy, a growing number of enterprises of our country take Cross-border mergers and acquisitions as new strategies of the foreign direct investment and developing the international market. Financial crisis and RMB appreciation have provided favorable conditions for Cross-border mergers and acquisitions for China's enterprises. Since the outbreak of the financial crisis, when countries around the world economy is in deep downturn, our business is very active in cross-border M & A activity, the number and size of cross-border mergers and acquisitions have made tremendous progress. Cross-border mergers and acquisitions are becoming the main form of foreign Investment. However, due to a late start,our enterprises lack the experiences of Cross-border M & A, so there are many cases of Cross-border M & A failures such as CNOOC's failed bid for Unocal, SAIC's "Double Dragon " trap, Rio Tinto-Chinalco deal collapses and so on. By analyzing the process of Cross-border M & A in China business, this paper aims to point out the main problems of China's enterprises and make recommendations for the problems.First, this paper make a simple introduction of the current situation and characteristics of China's Cross-border M & A, so that readers have a general understanding to Cross-border M & A. Second, based on summarizing the related theory and the classic cases of Cross-border M & A, this paper point out the problems in the process of Cross-border M & A of China's enterprises by discussion and analysis of M & A strategy, selection and valuation of target enterprises, financing payment and M & A integration. Third, this paper proposes the recommendations according to four aspects in the problems. Finally, this paper analyzes a case form the above four aspects, and point out that the acquisition of Sinopec in the place that we can learn and disadvantages.