The Empirical Study On Performance Of Cross-border Mergers And Acquisitions For Chinese Resource-based Enterprises

Under the background of economic integration, cross-border M&A has become the important way of Chinese resources-based companies“going out”.To these Chinese resource-based enterprises, going outside is a must. However, the road that Chinese resource-based enterprises’ successfully realizing their overseas expansion is not flat. Although some companies fail and do not achieve the expected effect, but there are quite a number of companies success, and also enhance their international competitiveness. Therefore, research on cross-border M&A effect among Chinese resource-based enterprises is particularly urgent. In recent years,more and more Chinese resources-based company has accomplished their cross-border mergers and acquisitions.In this article, we focus on the change of performance before and after the activities, and analyze the influencing factors of M&A on the basis of predecessor among the Chinese resource-based enterprises,hopefully to sum up some useful suggestions in the end. In the first, we expound the historical period of Chinese resource-based enterprises and summarize the main existing problems in the process of cross-border M&A among our resource-based enterprises. Secondly, this paper,based on the data of listed companies both in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2001 to 2014. Again, we further analyze the six factors that affect the performance, to find out that correlation and equity structure have significant effect. At last, this paper put forwards some corresponding counter measures to improve M&A performance of Chinese resource-based enterprises, at the same time, this paper points out the restrictions and the future direction.