Research On The Path And Operating Performance Of Overseas M&a For Listed Enterprises In China

Transnational M&A is one of the important way for enterprises to develop foreign investment, it is a effective capital operation mode that enterprise to achieve maximum value and develop through the external expansion. Through cross-border mergers and acquisitions, enterprises can open up foreign markets, enhance the international competitiveness of themselves, but also can integrate high quality resources, to promote the technology and management innovation, and even can quickly into new territory, realize the diversified development of enterprises. Chinese economy has experienced more than thirty years of rapid development, a large number of powerful enterprises have emerged, they have advantages in capital and national policy, and begin to seek to expand overseas to expand its business scope and influence. Especially since the 2008 financial crisis, more and more Chinese enterprises carry out the plan of overseas mergers and acquisitions or take the action, their merger motivations are also more inclined to get the strategic resources such as brand technology, channels,human resources and non renewable energy and mineral resources. It is consistent with our country’s strategy of changing the mode of economic development, promoting the upgrading and energy security strategy.However, previous studies showed that the success rate of Chinese enterprises overseas M&A is very low, which makes many enterprises did not dare to take real action, so the analysis of whether China’s overseas M & A can improve enterprise performance and discuss the key link in the process has important meaning.This paper analyzes the opportunity and risk factors for Chinese enterprises to carry out overseas mergers and acquisitions since 2009 years. We take 108 cases in the 2009-2013 of our country as our research sample, to investigate the present situation and characteristics of overseas mergers and acquisitions carried by China’s listing Corporation in recent years. We use the research methods of factor analysis, which makes an empirical research on financial data of the 99 overseas M & a performance, straighten out overseas M&A process combined with cases and analyzes the key points should be paid attention to in this process.The main conclusions of this paper are as follows: the general point of view, since 2009, despite the overseas expansion of Chinese enterprises enthusiasm, the performance of M&A did not improve, but decline. In the two years after the completion of the meger, the enterprise financial performance continued to decline, but gradually stabilized; Control have the right to influence the performance of M & A, it means the listed enterprise have the ability to determine the process of integration and the operation in the future. Listing Corporation to take direct acquisition compared with the subsidiaries to carry out M & A can have better performance. This may be because the ability and talent is very important to the performance of mergers and acquisitions,or the performance of subsidiary company is not included in the combined statements of the shares of the company.