Performance Research On Oversea Mergers And Acquisitions Of Chinese Listed-Companies

Firstly, in the paper, the hypothesis that the business performance of Chinese enterprises which carry out overseas M&A is better than those do not is drew from the purpose and agent of overseas M&A and literature review on current overseas M&A situation of Chinese enterprises. After that, the paper analyzes and describes the overseas M&A trend and current situation of Chinese enterprises by means of basic statistics as well as points out the cause behind it. In the empirical analysis, the thesis adopts PSM to match comparable Chinese enterprises which have carried out overseas M&A and those did not, to know the performance effect of overseas M&A on enterprises and answer the hypothesis proposed in the literature review. At last, the paper points out current problems combining the analysis to overseas M&A of Chinese enterprises and offers relevant proposals in the hope of bringing about some reference value to overseas M&A. In addition, the paper strives to bring forth new ideas for research method. Firstly the paper enlarges empirical research in the field. Secondly, the paper adopts M&A cases of overseas widely-used Thomson Reuters Data base to exploit new data sources. However, owing to the limitation of the author’s knowledge and competence, the performance research of the paper is to be improved, for example the influence brought forth by payment pattern of M&A and exchange rate fluctuation to M&A performance have not been included in the study of the paper. The author hopes that these problems can be solved through future study.