Empirical Research On The Factor Of Chinese Enterprise Cross-border Investment

Since the20th century,90years, China’s Foreign Direct Investment (FDI) has high-speedily developed. Green-field investment of Chinese enterprises has been the main foreign direct investment, but as the wave of the Fifth Global rise of cross-border M&A, cross-border M&A of Chinese enterprises in the number and amount were significantly increased. Visible, cross-border M&A in China is gradually becoming an important way of foreign investment enterprises.In this paper, based on economic globalization, cross-border M&A of Chinese enterprises to accelerate the wave, and the reality of cross-border&A, we explore the impact factors of cross-border M&A of Chinese enterprises. This article is divided into six chapters, the main contents include:The first chapter, mainly on the background of the of cross-border M&A of Chinese enterprises’rapid development. On this basis, will focus on the many Chinese companies deal in trouble after the operation, in order to produce large cross-border M&A fees in the reality that the purposes of this article, writing ideas, this basic framework and research methods.Chapter Ⅱ, mainly on the related concepts chapter and literature review, including two aspects, one definition of foreign direct investment, transnational mergers and acquisitions and green-field investments and other concepts. Second is the impact of factors related to cross-border M&A reviewed the literature. Include:the theory of foreign M&A review of the domestic review of the theory of cross-border mergers and acquisitions, domestic and cross-border M&A model, domestic and international empirical research on cross-border mergers and acquisitions.Chapter Ⅲ of the status and characteristics. Analysis of the financial crisis the main enterprises in China since the case of cross-border M&A, from the general situation of cross-border mergers and acquisitions, investment areas, the parent company belongs to industry, trade statistics on the scale of the four angles, a more complete summary of the status quo of corporate cross-border mergers and acquisitions. Transnational mergers and acquisitions in the analysis of the characteristics of China, this paper will be Chinese companies with cross-border mergers and acquisitions between developed countries and between developed countries or regions cross-border M&A activity were compared.Chapter IV study design, including assumptions made, data sources, sample selection, variable selection and so on.Chapter V. This paper selects between2000.1.1-2009.12.31A share listed companies in China have disclosed foreign direct investment norms in the sample companies as the research object, this paper examines the experience of the host country, international experience, investment firms scale, diversification, product correlation, R&D investment, the economic level of the host country, cultural differences, eight factors of foreign direct investment enterprises in selected cross-border M&A. The greater the company’s products correlation, the more extensive international experience, more experience the host country, the smaller the cultural differences with the host country and host country the higher the economic level, the more preference for cross-border mergers and acquisitions business.Chapter VI Conclusions, limitations and recommendations, in this summary and the full text and summarized from the perspective of government and enterprises interested in cross-border mergers and acquisitions of Chinese companies for suggestions, and pointed out the article and the subsequent lack of research.The main contribution of this paper, in the following two aspects:(1) A unique research perspective.(2) Using the new data.