Research About The Operation Performance Of The Cross Border M&A Of Chinese Listed Company

In the sixth global wave of mergers and acquisitions, as the representative of emerging economies, China is becoming more and more important in the global cross-border M & A market. This thesis researches Chinese enterprises’cross-border M & As to inspect the cross-border M & A activities operating performance of Chinese enterprises under the new economic situation.First of all, this thesis defines cross-border M & A and related important concepts. By using two related theories:foreign direct investment theory and the theory of enterprise M & A theory, this thesis reviews the cross-border M & A theory, analyses research results of domestic and foreign scholars on how the cross-border mergers and acquisitions effect the operation performance.Then, based on the review of the theoretical research and practical analysis, this thesis selects 2008-2012 Chinese listed enterprises’ cross-border M & A cases as samples, set the case of Hong Kong listed companies’ cross-border mergers and acquisitions for comparative analysis. This thesis constructs a comprehensive operation performance evaluation system of listed companies, and establishes a multiple regression model to analyze the impact of the cross-border mergers and acquisitions on the financial indicators of the listed companies in order to verify the effectiveness of the comprehensive evaluation system of cross-border M & A performance of listed companies. By using the factor analysis method and the comparison of comprehensive operation performance scores of cross-border M & As in the window period, [-1,+2], we conclude that:(1) Listed companies M & A comprehensive operation performance just like a "V" trend; (2) Cross-border mergers and acquisitions do not substantially improve in China’s listing companies’operation performance, but there are short-term negative effects on operation performance; (3) Hong Kong listed companies’operation performance of cross-border M & A outperformed Chinese listed companies’operation performance of cross-border M & A.Finally, based on the comprehensive scores of operation performance, this thesis further analyzes the cross-border M & A s of Chinese enterprises in different industries, different subjects, different M & A ratio and different location distribution. And according to the empirical analysis results, this thesis gives relevant strategies and suggestions of two aspects:the enterprises and the government, hoping to provide some effective decision references and practical guidance for Chinese cross-border M & As.