Study On The Motivation,mode And Integration In Cross-border Merger & Acquisition Of Chinese Engineering Machinery Industry

Along with the quickening pace of economic globalization and the implementation of the strategy of "going out", more and more enterprises of our country choose the Cross-border M&A as the new strategy of foreign direct investment, opening up the international market and enhancing the competitiveness of enterprises. After the outbreak of financial crisis of 2007, the construction machinery giant of china launched overseas acquisitions, raised a hot wave of an overseas mergers and acquisitions, including ZOOMLION acquiring CIFA, Liu Gong acquiring Poland HSW, Sany acquiring Putzmeister, XCMG acquiring SCHWING GROUP and so on, which not only improved the level of engineering machinery research and development in our country, but also brought the Chinese brand into the world. However, compared with the western developed countries, cross-border M&A in China started late, still in its infancy. Although the cross-border M&A behavior of construction machinery industry in China is increasing, the lack of comprehensive, profound and systematic understand of Cross-border M&A caused lots of failures. Therefore, further study of cross-border M&A theory, and connecting with the practice of engineering machinery enterprise cross-border M&A in our country, the Chinese construction machinery enterprises conduct the thorough research to the problems arising from the transnational merger and acquisition, and draw lessons from the experiences, which is of great significance.At first, this thesis introduced the theory of Cross-border M&A in detail.Then combined with the present situation of Chinese construction machinery industry and the characteristics of transnational merger and acquisition, this thesis mainly analyzes the similarities and differences of motivation, mode and integration of three Cross-border M&A as well as how the Chinese engineering machinery enterprises go abroad,which can draw on lessons and provide reference to future Cross-border M&A of machinery industry of china.In order to study usefully, this thesis chose three domestic construction machinery giant acquired the world’s top three concrete companies as the object, including ZOOMLION acquired CIFA, Sany acquired Putzmeister, and XCMG acquired SCHWING GROUP. The three acquisitions represent the future development direction of the construction machinery industry. Their M&A behavior must have something to study for other engineering machinery enterprises.So this thesis is of long-term significance.