The Research On Chinese Enterprise’ Overseas M&A Motivation And Performance

Since the end of20thcentury, there appeared two remarkable trends for the world economydevelopment, one was the economic globalization, the other was that Enterprise merger expanding to theoverseas constantly, and then causing the wave of the global merger, influences the economic developmentof each country deeply. There were five big wave of merger in the developed countries from the end of19thcentury and the beginning of the20thcentury to the present, the process of the developed capitalistcountries’ mergers show that enterprise merger is the effective means of the company’s expanding to theoverseas and realizing the resources optimization allocation.As the quickening of the process of globalization and the growth of our countries’ economy, ourcountries’ opening to the outside is experiencing the process that is from the introducing the foreign capitalto the capital output mainly, our countries’ foreign investment appears in the form of foreign merger theseyear. Especially, as the economic power is enhancing constantly, many domestic enterprises are upgradedand transformed and their globalization consciousness are also improved, they begin to search the resourcesintegration in the global scope, by the big activities of foreign merger to expand to the overseas and realizethe fast development in the short term. It come out in80s of20thcentury for our countries’ enterprisemerger, compared to the western developed countries with more than100years’ merger, our countries’enterprise merger starts late and there are still many merger theory and practice problems to be solved.This paper mainly using theoretical analysis and empirical analysis, Based on the theoretical analysisand focusing on the empirical analysis, studies our countries’ foreign merger deeply by the followingseveral materials: comparing the reasons of the domestic and foreign enterprise of cross-border mergers andacquisitions; The target enterprise value appraisal method analysis. By analyzing our country enterpriseacquisitions overseas agent and performance, We are mainly focus on the empirical study of the reasonsand the performance about overseas merger and deeply study the acquisition performance deeply, in theview of industry diversified pattern, the choice of industry location and different motivations, we think thatthe performance of our company’s overseas acquisitions is obvious, and deny parts of people’s opinions offailure of our company’s overseas acquisitions, the companies that merger energy sources are mostly central state-owned enterprises, load governmental task with good acquisition performance, theperformance of state-owned enterprises’ acquisitions are over the private enterprises, the financial of thethird industry ‘s involvement to the overseas acquisition and getting good performance becomes the mainforce of our company’s overseas acquisition gradually. provide the reference for our country enterpriseoverseas merger and acquisition activity.