Chinese Listed Company Cross-border M&A Performance Study

Since joining the WTO in 2001,Chinese companies are involved in the global economy with positive attitude.Cross-border m&a scale is increasing.For an emerging market economies, to gain a foothold in the global wave of mergers and acquisitions and even success, all this will surely need trials and hardships of Chinese enterprises.In 2008,the United States began financial crisis swept all over the world, that brought the west of the virtual and real economy a heavy blow,the captital chain of many western companies capital was ruptured,enterprise value, m&a threshold is reduced, merger and acquisition cost less.Our country enterprise took this opportunity to intensify the pace of cross-border m&a.However, in the process of cross-border m&a enterprises encountered many obstacles in our country.In addition to risks of the country’s political, cultural, and other external environmental factors,many internal factors also affected the implementation of the cross-border m&a performance,so based on the corporate level factors,to research our country enterprise transnational merger and acquisition is very necessary. However, compared with domestic mergers and acquisitions,Chinese scholars on the corporate level research on the effects of factors on the cross-border m&a performance is much less. Therefore, in this paper, based on the theoretical research at home and abroad, several important index analysis of the company’s own internal factors, namely the first big shareholder shareholding ownership, management, enterprise scale and nature of the four factors that affect the performance of Chinese enterprises transnational mergers and acquisitions.This paper uses the accounting method of Chinese enterprises transnational m&a performance study by using multiple regression analysis to conclude that the first big shareholder shareholding ownership, management, state-owned holding company are negatively related with enterprise long-term performance.Enterprise scale and enterprise long-term performance was positively related to relationship. To come to the conclusion that when the proportion of the first largest shareholder is higher, the management ownership is higher, the state-owned enterprises transnational mergers and acquisitions, cross-border m&a performance, the worse for a long time. The long-term performance of the company’s size, the greater the m&as, the better. Based on the conclusion, further to realistic Suggestions of transnational m&a in our country.