The Research On The Performance And The Factors Of The Cross-border M&A Enterprises In China

With the deep development of global economic integration,cross-border mergers and acquisitions is not only an important way for companies being involved in foreign markets to seek development opportunities,but also an inevitable choice for completing industrial upgrade and enhancing own competitive ability.As an important way of foreign investment for countries,cross-border M&A is playing a more and more important role in the engine of the economic growth.The Chinese government clearly put forward to the implementation of the "going out" strategy.Since the 80's of last century,the cross-border M&A activities of Chinese enterprises have been greatly developed.There has been a base for Chinese enterprises to summarize and study the effect of cross-border M&A.This study has an important meaning for the development of China's enterprises.On one hand,the study is of great significance for enriching and perfecting the theory of Chinese companies' cross-border M&A,on the other hand,the conclusion of this article would be guidance and reference for Chinese companies making cross-border M&A,to make decision more scientific and to make behavior more rational.Accounting study is adopted to inspect the performance of 74 companies' cross-border M&A in this paper.And multiple regression analysis is applied to assess the main factors affecting performance of cross-border M&A.The conclusion shows that cross-border M&A plays an important role in the development of China's enterprises.And the main factors affecting performance of cross-border M&A are merger type,mode of payment and cultural difference.Horizontal M&A way significantly positively relates to M&A performance,while mode of payment and cultural difference significant negatively relate to M&A performance.The correlation of M&A performance with the nature of the enterprise,enterprise scale,experience of M&A,transaction value,the level of economic and political development in host countries is not significant.Based on the study,this paper suggests that in order to advance the strategy of "going global",the government should do something from four aspects,to make legal system of cross-border M&A sound,to optimize financial environment of cross-border M&A,to encourage private enterprises to get involved in cross-border M&A,to establish and perfect the social intermediary service system.On the other hand,enterprises also should do something from four aspects,studying and formulating appropriate cross-border M&Astrategy,seeking support from social intermediary service system,attaching great importance to the integration process of cross-border M&A,strengthening the risk prevention of cross-border M&A.The main innovation of this paper is reflected in the following two aspects : First,this paper chooses the accounting research method to study the performance of Chinese enterprises' cross-border M&A,which is different from other authors' event study method.Second,There is Only influencing factors on the micro of cross-border M&A of Chinese enterprises,in this paper,the macro factors that affect the performance of Chinese enterprises in cross-border M&A are also included in the research field of vision.