Empirical Research On Influence Factor Of Chinese Enterprises Cross-border M&A Performance

With the acceleration of global economic integration, cross-border M&A has led to aglobal M&A wave, and highly anticipate by the world economic stage. Compared to developedcountries, cross-border M&A of Chinese enterprises had a late start. Entering the twenty-firstcentury, Chinese enterprises began to show enthusiasm for cross-border M&A, and the pace ofdevelopment is amazing. Chinese enterprises are increasingly using cross-border M&Afrequently to gain advanced technology, expand the international markets, and promoteinternational influence. At the same time, Chinese cross-border M&A lasted only a short twentyyears and the experience is not enough. However, we can see sums of cross-border M&Afailures in these years. What is the currenr situation of cross-border M&A failures of Chineseenterprises? What is the performance behind the transacions? Is there a correlation betweendifferent characteristics and performance? This paper attempts to answer these questionsthrough theoretical and empirical research.This paper summarized the studies on the acquisition performance of cross-border M&Aand related factors, and on this basis collect the key factors and build the model. Next, thispaper collect792Chinese Enterprises cross-border M&A cases from ZEPHYR global M&Aanalysis database, analysis of the status and trends of cross-border M&A of Chinese enterprises.The thesis extract38samples of Chinses companies listed in mainland, use the EVA to test thefinancial performance of the company a year ago, M&A year, one, two, three year after M&A,set hypothesis and establish model according to the characteristics of M&A. Using the SPSSsoftware package to explain what factors affect cross-border M&A performance of Chineseenterprises. The results show that there is a significant correlation between the national culturaldifferences, industry, and the acquisition of the scale, payment and acquisition performance.Finally, this paper summarizes the conclusions of empirical research, analyze problemsfaced by cross-border M&A performance of Chinese enterprises, and offer somerecommendations for the government and enterprises to improve cross-border M&Aperformance of Chinese enterprises. This paper pointed out shortcomings of this study and theprospect of future resesrch dirctions in the end.