The Study Of Cross-border M&A Performance Basd-EVA Of Listed Companies In China

In recent years, the number and size of transactions of Chinese enterprises’ overseas merger&acquisition is increasing, the industry and the sector is also expanding. Overseas Merger&Acquisition is becoming an important form as Chinese enterprises "going out" strategy. However, how the performance has become of the overseas merger&acquisition becomes the hot issue of debate. Based on the performance of listed companies in China overseas merger&acquisition of empirical research, trying to answer this question and provide countermeasures to improve the M&A performance.This paper first reviews relevant literature and then summarizes the characteristics of overseas mergers and acquisitions and the factors. Pointing out that M&A performance not only by macroeconomic factors, industry, nature and development of overseas M&A performance differences also play an important role. In addition, the size of the different capacity of Chinese enterprises in overseas mergers and acquisitions experience in operation and mutual differences, both with the target company’s corporate culture and management style are quite different, these factors may be affecting M&A performance. On this basis, the paper put forward three hypotheses. Assumption1:China’s listed companies overseas mergers and acquisitions, M&A performance will be improved, and its overall performance will experience the ups and downs during the process. Assumption2:For different industries overseas mergers and acquisitions, its performance changes with significant differences. Assumption3:For different acquisitions of the main overseas mergers and acquisitions, its performance changes with significant differences.Secondly, the paper selected overseas mergers and acquisitions occurred in2000-2008for the study sample of listed companies, excluding the major shareholder in the window period change, financial securities and incomplete data samples, obtained46as a research sample of listed companies, Using the advanced western evaluation tools EVA evaluation system to evaluate the overseas M&A performance. For performance evaluation, from a different perspective on the overall performance of the selected samples, different overseas mergers and acquisitions industry mergers and acquisitions of listed companies and the different overseas M&A performance analysis of the theme of M&A performance analysis, we found the performance of overseas mergers and acquisitions is not ideal. On overall performance, EVA mean rise after the first drop, but still did not meet the pre-merger level of EVA. Overseas Mergers and Acquisitions in different industries on the performance of the EVA, the EVA is only extractive industries in the four-year window period values are positive, and toward the desired direction, average EVA in other industries have suffered declining trend. Overseas Mergers and Acquisitions in different subjects on EVA performance, found that non-state-owned enterprises better than overseas M&A performance of state-owned enterprises.Finally, this paper analyzes the results of empirical research to identify causes, and targeted on the development of the right M&A strategy, mergers and acquisitions to strengthen the management of integration and cross-cultural integration, the implementation of the localization strategy and choose a flexible ownership structure in order to avoid foreign assets risk recommendations.