Policies Of Cross-Border M&A Of Chinese Enterprise And Internationally Comparative Research

Cross-border M&A has gradually become the main form of global foreign investment, which play a decisive role in promoting the integration and economic development in the global. It is not only national strategic choice, but also the way of enterprise’s development. The growth of the Multi-National Corporation mostly depends on merger, rather than internal expansion. With the waves of cross-border M&A, Multi-National Corporation that enhanced strength make their mother country’s economic strength expansion. In order to obtain the strategic initiative in the international competition, and to explore the global market, the developed countries and emerging market economies have adjusted strategy, adopt a positive attitude to encourage enterprises to carry out cross-border M&A, make full use of foreign resources and markets, promote local economic development. Britain is the earliest capital exporting country, but more is the emergence of the loan capital. In the contrary. United States has more experience to open the foreign market after five waves of domestic M&A, and then implement cross-border M&A successfully. Asian countries such as Japan, South Korea, Singapore are also actively promoting the enterprises to go abroad for international markets and resources, promote the transformation and upgrading of industrial structure. Governments promoted the Cross-border M&A to the height national strategic, and realized it is the inevitable trend of globalization that enterprises expand the scale through the implementation of transnational mergers and acquisitions. The policy research on Cross-border M&A of academic circles is about the home country investment promotion, as well as for overseas enterprises to enter the domestic implementation of the supervision and protection of M&A. There are not enough policy research how to guide and support local enterprises to go abroad. Based on the above background, this paper based on the summary of Cross-border M&A policy, and improve the home country policies to guide and support domestic enterprises to go abroad to Cross-border M&A and put forward reasonable proposals. This article uses the literature research, comparative analysis, investigation and research, the secondary data analysis method. The typical countries of mergers and acquisitions carried out, forming the Science understanding on the development of Cross-border M&A, learn the influence of the process of the government policies’ implementation in the cross-border mergers and acquisitions, especially our current implementation of the transnational Cross-border M&A and it’s influence; the Cross-border M&A policy from different supervision, protect, promote, through comparative analysis method and theory analysis method plays an important role in further understanding of government policies to transnational merger and acquisition of enterprises in different aspects of national policy, the similarities and differences in both developing and developed countries, and more suitable policies for Chinese enterprises Cross-border M&A at present based on this comparison, and the successful experiences to our government. On this basis, make further understanding of China to promote the fit policy and foreign investment enterprises to go out. this paper puts forward the policy recommendations of the interface. Finally, we put forward Chinese enterprises encountered problems in transnational mergers and suggestions of the correspondence.This paper summarizes three important conclusions of the cross-border M&A policy:firstly, understand the historical background of the foreign direct investment and cross-border M&A, and the evolution process of the implementation of different policies in different phase of the government. Then analyze the reason of difference between foreign investment and cross-border M&A. base on those studies it compare to policy system of cross-border M&A from three perspectives, include regulation, promotion and protection. According to the situation in our country, and study the successful experience to improve our policy of cross-border M&A. The paper further summarizes host country’s political environment and the political game of both sides, how to seek a better interface to enable enterprises to successfully go out of the country, help enterprises to avoid the problems in mergers and acquisitions due to the law and policy, and for the host country’s policies, properly adjust their strategy, so as to successfully implement cross-border M&A. Finally, the conclusion point out that the current our country enterprise implementation problems of mergers and acquisitions, put forward a series of appropriate recommendations to improve our policy support.