Operating Performance Of Chinese Overseas Mergers And Acquisition

Entering into the21st century, especially after the2008global financial crisis, Chinese enterprises’ internationalization strategies come into a new stage. A large number of Chinese enterprises walk out and begin the foreign direct investment,in which of in our country’s enterprise, the proportion of cross-border mergers and acquisitions gradually increases, and the same time the business conditions are brought to the attention of the government and business gradually after Chinese enterprises overseas mergers and acquisitions. Therefore, the operating performances of Chinese enterprises overseas mergers and acquisitions become the important topic of academic research.The paper induces and summarizes the theory of the foreign direct investment and the theory of the enterprise transnational merger and acquisition,and on the basis unfolds the study of chinese enterprises overseas mergers and acquisitions. Firstly the paper make detailed description and statistics for the general situation of chinese enterprises transnational mergers,and collects large amounts of data,counts up and analyses the present situation and characteristics of the Chinese enterprises overseas merger and acquisition. Through the data statistics, we found that in the context of industry distribution, energy、resources and manufacturing industry are the concentrated busineess of our country enterprise overseas mergers and acquisitions, but the lead industry of the global cross-border merger and acquisition is service industry; in the context of merger and acquisition target region, north American is the favorite region of our country enterprise mergers and acquisitions investment; in the context of mergers and acquisitions subject, the large state-owned enterprises still dominate our country’s enterprises overseas mergers and acquisitions, but the overseas mergers and acquisitions of private enterprises are becoming increasingly active; in the context of Chinese enterprise merger and acquisition motivation,our country motivation of mergers and acquisitions experienced the transformation of obtaining resources,gaining brand and achieving intellectual property rights.The paper adopted factor analysis method and used SPSS17.0software for14financial indexes of23Chinese enterprises which happened overseas merger and acquisition events, proceed principal component analysis, inspected the synthesis score of the sample enterprise each year, comparing the performance change during the merger and acquisition by difference analysis, this paper draws the following conclusions:(1) In general, Chinese enterprises transnational mergers and acquisitions performance changed a little in the short term, even fell, but in the long run it is helpful for the improvement of the our country enterprise performance;(2) From the point of view of divisions, manufacturing enterprise’s cross-border merger and acquisition can effectively improve enterprise performance in the short term, but the performance decline in the long term, it is lower than it before the merger and acquisition enterprise performance; Non-manufacturing enterprises through transnational merger and acquisition are difficult to improve their own performance in the short term, instead of the performance decline, but in long term, cross-border merger and acquisition can effectively improve the overall performance of the non-manufacturing enterprise;(3) According to the countries and regions of the acquired enterprise subordinate, merger and acquisition enterprises of developed countries in the short term, the performance of merger and acquisition enterprises decline, but the long term it will contribute to improve the performance of merger and acquisition; merger and acquisition enterprises of developing countries in one to two years after the merger is beneficial to improve the overall performance of merger and acquisition enterprises, but in3or4years after the merger, business performance will decline, instead of its overall performance is lower than it before the merger acquisition enterprise overall performance;(4) From the perspective of corporate ownership, overall performance of the central enterprises after transnational mergers and acquisitions appeared a significant decline, the cross-border merger and acquisition is not conducive the central enterprises to improve the overall performance; Local state-owned enterprises in four or five years after the merger appeared a drop in the performance of the enterprise, but after that its overall performance compared with the prior to the merger and acquisition has the obvious improvement; Private enterprises cross-border merger and acquisition performance change have the same as the local state-owned enterprises.