The Research On The Value Creation Ability Of Private Enterprises Transnational M&a Based On The Perspective Of Core Competitiveness

With the implementation of the strategy of going out and in the background of the state-owned enterprises transnational M&A trend began to decline, private enterprises whose comprehensive strength is growing rapidly actively participates in the merger of the world economy and gradually become the main force in Chinese transnational M&A wave. The purpose of private enterprise is to participate in the integration of the world economy,access to strategic resources needed for enterprises,foster or enhance the core competitiveness of enterprises. Therefore, based on the core competitiveness, this study desperstes to provide some countermeasures and suggestions for the promotion of private enterprise transnational merger success rate by doing a deep research on the present situation and the value creation ability of private enterprises cross-border M&A.First, this paper found the previous studies insufficient by carding the related literature at home and abroad projecting to explore the opportunity to explain the concepts and basic theory to make contributions to further study. Second, this paper aimed at identifying problems by analyzing the present situation of private enterprise transnational M&A. Third, based on core competitiveness theory to build private enterprises transnational value creation ability evaluation system, this paper uses factor analysis and data envelopment analysis method to get the value of cross-border mergers and acquisitions businesses around the ability to create composite score.Finally, it draws some Conclusions by evaluating the value creation ability of private enterprises cross-border M&A. Based on the classification of M&A type,it draws a conclusion that longitudinal or mixed transnational M&A are more beneficial to the development of the enterprise’s value creation ability; Based on the classification of payment, it draws a conclusion that cash payment type of the transnational M&A is more conducive to the development of the enterprise’s value creation ability; Based on the classification of shareholding ratio, it draws a conclusion that a minority stake in cross-border M&A is more interested in the development of the enterprise’s valuecreation ability; Based on the classification of different investment, it draws a conclusion that the transnational M&A in Non-Asian region is more conducive to the development of the enterprise’s value creation ability. In general,private enterprises improve its value creation abilityby using M&A.