| One basic characteristics ofeconomic globalization is multinational companies through cross-border merger or create enterprise become a global company, so that all the production factorsget moreeffective configuration through the world, and with the development of economic globalization, cross-border mergers and acquisitions has gradually become the main way of external investment. As cross-border mergers has become the mainstream of investment abroad, our country also issued a series of laws and regulations about investment in foreign countries, these rules accelerated the pace of our country enterprise in foreign mergers and acquisitions. As the financial crisis, broughtopportunities to our enterprise overseas investment, our countryenterprisemerger and acquisition activity will go further.For the worldwide, merger is not a new topic, but for the Chinese government and enterprises, is a new thing. Despite the domestic experts and scholars has set about this aspect, still in a preliminary stage. More importantly, how to make use of mergers and acquisitions to make ourcompanies further develop and strengthen, government how to implement the transnational mergers and achieve win-win between our companies and foreign country, we need to studym&a theory and successful cases of the developed countries, combined with the reality of our country to study m&abecome the vital significance.This article is divided into five parts. The first part is the introduction, this part expounds thebackground and research significance, then introduces the research content and method of this article. The second part is literature review, this part introduces the related concepts of overseas mergers and acquisitions, and collect market effect and performance of overseas mergers and acquisitions at home and abroad. The third part is the theory analysis, first introduces the general theory of overseas mergers and acquisitionsbriefly, thenintroduces developed countries and developing countries of foreign investment theory. The fourth part is the empirical analysis, bases on China’s listed companies overseas mergers and acquisitions between 2001 and 2010 events as sample, collecting the data of the sample companies from 2001 to 2013, using the event study method and principal component analysis method to study the sample firms before and after the market effect and performance of overseas mergers and acquisitionsrespectively. Fifth is conclusion and suggestion part, in this part, we found that during the window period within [20,20], overseas m&a events can bring sample companies overall cumulative excess yield of 7.81%, as the target of state-owned listed companies for the accumulation of excess yields higher than the private listed companies, and m&a target companies in the developed countries have accumulated excess yields significantly higher than the m&a enterprises in developing countries.The result shows that the incident to the main overseas m&a and corporate can create positive market effect, at least in the short term, investors is promising for the benefit of the merger and acquisition enterprise, and the state-owned listed companies are more popular than private listed companies, investors are more bullish on overseas mergers and acquisitions in developed countries. The performance after m&a, foreign mergers and acquisitions after the sample is on the decline of the company’s financial performance, though recovered after 2 years, but still negative, overall effect is not good after the merger, but private companies after m&a financial performance are better than state-owned companies. As for this reason, the author thinks that the private enterprises in overseas mergers and acquisitions appears more careful and detailed. Based on the above conclusions, this part combines the actual conditions of our country enterprise overseas mergers and acquisitions, from two aspects:government and enterprises put forward the corresponding policy recommendations. |
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