Based On DEA Cross-border M & A Performance Of Chinese Manufacturing Enterprises

In terms of the overwhelming economic globalization, the cross-border mergers and acquisitions has been the important form of the FDI. In recent years, more and more Chinese manufacturing enterprises have conducted cross-border Merger and Acquisitions. The cross-border Merger and Acquisitions not only makes the enterprises effectively integrate the global industry resource and the structure,but also steer clear of the investing restriction and trade barrier coming from the host country, with a result of breaking into the market quickly. This kind of function can manifest in the performance of the cross-border mergers and acquisitions among enterprises how to evaluate the performance and whether the performance of cross-border mergers and acquisitions is enhanced becomes the focus in the theory and the fact circle. If the performance of the cross-border mergers and acquisitions gets the right evaluation, and find out what factors determine the performance to enhance or drop, and furthermore test these factors with paired T test to link the test results with the performance of the cross-border mergers and acquisitions, then we can better explain the performance question for the enterprise and government, providing the effective suggestions for the cross-border mergers and acquisitions to both Chinese company and the Chinese government, and enriching the relative theory. First of all, this paper defines the concept of cross-border M&A, and the M&A theory and Performance of the domestic and international. We find the law of the existing research methods and the lack of research and design flaws, therefore the paper does a comprehensive analysis of the characteristics of performance evaluation methods. Combining the main business costs,the main business taxes and surcharges, the cost of total assets, the overhead expense, the operating expense, the financial expense, the main business revenues, net margin, we design a method based on the super efficiency DEA Performance Evaluation System, and use listed manufacturing companies which had conducted cross-border M&A during 2001-2006 as the research Samples. From different points of view,this paper in-depth analyze the changes in performance before and after the cross-border M&A, and also make use of independent T test by SPSS do statistical significant test. Overall, the test samples can not improve the performance. For different ownership, the state-owned enterprises are more outstanding than non-state-owned enterprises in cross-border M&A. For different control, the enterprises owning the control do not have more outstanding performance in the consolidation period, the performance of the other samples is in a more balanced state ; For different overseas acquisition experience, In the first year, more rich experience do help the enterprise get better performance, but after that ,there is no unique advantage for the enterprise of rich experience. In the first year, the performance from the Asia is better than the others. However, in the consolidation periods, the performances from these three locations have no apparent differences.