Research Of China’s Private Enterprises’Cross-Border M&A Defeat’s Factor

In our implementation of a comprehensive "going out" strategy for economic development, the development of a better group of private enterprises in China gradually to implement enterprise internationalization strategy through cross-border mergers and acquisitions in this way. However, I owned enterprises is not efficient cross-border M&A strategy, most private enterprises through cross-border M&A strategy did not achieve the desired objectives. Therefore, the possible factors of China’s private enterprises to analyze cross-border mergers and acquisitions defeat discuss countermeasures and suggestions to promote China’s private enterprises to improve the efficiency of cross-border mergers and acquisitions, it is very important.On the basis of the relevant domestic and international mergers and acquisitions defeat multinational research literature to sort out the analysis, in order of TCL Group, Huawei, Holley and three engaged in cross-border M&A activities of private enterprises is analyzed, through its cross-border mergers and acquisitions driven, post-merger integration process and the detailed analysis stage to explore, to tease out the main factors affecting cross-border mergers and acquisitions of private enterprises in defeat, and to "5W1H" analysis of these factors are summarized, China’s private enterprises to build a cross-border mergers and acquisitions failure models.Research findings indicate that lead to cross-border mergers and acquisitions of private enterprises defeat factors can be analyzed from pre-merger and post-merger of two phases:the pre-merger factors including the host country political environment characteristics, M&A target company is not accurate enough to assess mergers and acquisitions as well as cross-cutting brought after the merger of factors including the presence of anti-merger behavior, difficulties in cultural integration and cross-border mergers and acquisitions, such as the shortage of talent in three aspects;’s three risks. In this paper,"5W1H" analysis on cross-border mergers and acquisitions of private enterprises defeat a comprehensive analysis of the factors, the conclusions of this study extensive corporate cross-border M theory, China’s private enterprises to expand cross-border M&A-related research to improve the efficiency of private enterprise has a positive cross-border mergers and acquisitions the theoretical and practical value.