The Research On Cross-Board M&AS Performance Of China's Listed Company

With the development of economic globalization and integration, economic and industrial structure need restructuring, China's listed companies face the problem of how to achieve effective transformation. The cross-border mergers and acquisitions has become one of the most mainstream form of international direct investment, and plays a vital role in the enterprises'international expansion and transformation. However, compared with western developed countries'cross-border M&A activities, cross-border M&As start late and have a comparatively short development history in china. As cross-border M&As is still a new economic phenomenal in China, many enterprises lack of a comprehensive profound and systematic understanding to it. There are many related parts of Cross-border M&As that need us to study.Based on the analysis of performances of the current China's listed company's cross-border M&As activities, we takes 41 China's listed company as the research samples which occurred cross-border M&As activities from 2001-2007. This paper first reviewed the main theory of cross-border M&As and performance evaluation. Secondly, based on the theory of cross-border M&As motivation and indicator method of accounting, this paper constructed the cross-border M&As performance evaluation matrix model, and used the model to analyzing the Cross-border M&A performance of China's listed companies. Based on the results, the paper concludes some main influence factors of cross-border M&As performance. At last, this paper give some suggestions to promote cross-border M&As activities of China's listed company.The innovation of this paper lies in the process of cross-border M&As, combining the enterprise M&A real motives, constructed the performance evaluation matrix model, not only combining qualitative and quantitative index, but also considering the short-term motivation and long-term strategy of enterprise, amended the deficiency of the traditional evaluation method.