| After the 2008 financial crisis, the global economy has been heavily hit.However, it provides unprecedented opportunities to the enterprises of our country to "go abroad" precisely.Chinese enterprises actively participate in the overseas mergers and acquisitions(M&A). Overseas M&A covers many aspects,such as diversity of main body, large transaction amount, complex structure and so on.If there’s any effect of overseas M&A? the management and operational efficiency is improved or not from overseas M&A? All these need to further study.This article takes Chinese listed companies to study its financial performance after overseas M&A. The empirical analysis is on the basis of reviewing related literature and theories, using 82 overseas M&A of listed companies cases(2008-2011) as samples, and selecting the four-year window data before and after M&A. Through the factor analysis method to build the financial index evaluation system model,to evaluate the change of the financial performance after overseas M&A from the perspective of overall and classification samples.To give the suggestions to future overseas M&A.The conclusions are as follows: 1.The financial performance of listed companies in our country has not been effectively improved, and profitability declined significantly. 2.The financial performance of the resources industry enterprise after M&A decreased significantly in the short term; The financial performance of machinery manufacturing enterprise improved after M&A; The financial performance of communication technology industry did not improved after M&A.3.The financial performance of the non-control transfer enterprises related to the control transfer enterprises improved after overseas M&A 4. The financial performance of the state-owned enterprise compared with non-state enterprise overseas improved after M&A, with the abundant resources and strong management ability of the state-owned enterprises. |
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