Research On The Obstacles Of Cross-border M&A Of Chinese Resource-based Enterprises

With the development of the economic globalization,many modern enterprises choose the cross-border mergers and acquisitions as an important way of foreign economic cooperation.Chinese enterprises have joined the tide of cross-border mergers and acquisitions since the reform and opening up of China.The Chinese resource-based enterprises are the forefront of Chinese enterprises that participate in cross-border mergers and acquisitions in quantity and amount.With the growing demand for energy and minerals,Chinese dependence on energy imports have gradually deepened,coupled with the monopolized global resource price,Chinese resource-based enterprises need to carry out global resource distribution.However,Chinese resource-based enterprises have encountered many obstacles in the process of cross-border mergers and acquisitions,and Chinese resource-based enterprises need to face and solve the problem.Except the introduction of this part,this paper is divided into five parts.The second part is the analysis of the status and features of cross-border M&A of Chinese resource-based enterprises.In this part,this paper analyzes the current situation of cross-border M &A of Chinese resource-based enterprises and analyzes the changes in the scale and amount of cross-border M &A.It can be concluded that Chinese resource-based enterprises are the main force of cross-border mergers and acquisitions in China,Mineral products and other prices in the doldrums,Chinese resource-based cross-border mergers and acquisitions in 2015 the size and amount are significantly reduced.Then,it summarizes the features of cross-border M&A of Chinese resource-based enterprises,such as the main force of the Chinese resource-based enterprises are state-owned enterprises and the target areas are concentrated.The third part is the analysis of the external environment of Chinese resource-based enterprises’ cross-border M&A obstacles.This part mainly analyzes the external environment of cross-border M&A of Chinese resource-based enterprises from the aspects of the host country,the international environmental change and resource industry competitors and domestic factor.From the perspective of the host country,there are political obstacles,legal and policy obstacles,and social and cultural environment obstacles.From the perspective of international environmental change and resource industry competitors,there are macroeconomic factors obstacles and resource industry competitors obstacles.From the aspect of domestic point,there are unreasonable barriers to government approval procedures and domestic intermediaries immature obstacles.The fourth part is the analysis of the internal obstacles of the Chinese resource-based enterprises,such as M&A pricing obstacles,financing obstacle,management efficiency barriers,cross-border M&A experience and lack of international talent,lack of technological innovation.The fifth part this paper takes CNOOC ‘s acquisition of Nixon as an example to analyze the obstacles of CNOOC encountered and the measures CNOOC adopted.This paper draws a conclusion that CNOOC ’s obstacles are political obstacles,environmental obstacles,nationalist obstacles,M&A pricing obstacles,financing obstacles,and integration obstacles.CNOOC take measures such as make a full assessment of political obstacles,maintaining the ecological environment and the implementation of crisis public relations,rational design of the financing structure and the implementation of active cultural integration and human resources integration measures to resolve the obstacles.The sixth part gives the countermeasures and suggestions from the aspect of the government and the enterprises.The innovation of this paper lies in: First,this paper gives a comprehensive analysis of the obstacles of Chinese resource-based enterprises during the process of cross-border mergers and acquisitions.Second,this paper takes CNOOC ‘s acquisition of Nixon as an example this paper,It the combines the macro-industry analysis and micro-case analysis.The shortcomings of this paper are the limited data of the mergers and acquisitions,the statistical results may be biased.and this paper may be not practical.