Research On Performance Evaluation Of Cross-border M&A Of Resource-based Enterprises

In recent years,the development of Chinese capital market provides a good environment for China corporate mergers and acquisitions activities,the Ministry of Commerce statistics show that since 2000,cross-border mergers and acquisitions have become China's most important foreign investment enterprises.Since the first1991 deals in the beginning,China overseas mergers and acquisitions after 20 years of development has gradually stepped into the normal track,the number of cross-border mergers and acquisitions transactions from 6 in 1991 rose to 288 in 2016,the transaction amount increased from $185 million in 1991 to $42 billion in 2016.According to China Venture(investment in China)statistics,2006-2016 China's cross-border M & A transactions,the number of energy mining industry and the proportion of the size of the share reached 28% and 72%,respectively.The increase in the number and size of cross-border mergers and acquisitions,and cannot show the effectiveness of cross-border mergers and acquisitions.M & A cases in China2010-1016 statistics show that only 23% of enterprises have achieved a clear benefit,mergers and acquisitions failed to reach up to 61%.Because of mergers and acquisitions leading to a significant decline in the number of cases occur frequently,making it the meaning and value of cross-border mergers and acquisitions of enterprises questioned.Some enterprises,transnational mergers and acquisitions,but business performance is not satisfactory,the majority of enterprises in the nonprofits or even losses,to resource-based enterprises after the merger and acquisition performance,which factors are restricting the performance of enterprises and how to improve the performance of mergers and acquisitions of enterprises,aiming at these problems,on the basis of literature review,this paper the resource type enterprise management level as the breakthrough point,analysis through the analysis of the resources of enterprise merger and acquisition events before and after 5 years of operating performance change and to investigate the effect of factors with theacquisition of current period of performance.This paper selects the listed resource-based enterprises completed in 2008-2013 years of mergers and acquisitions as samples,mainly using the research method of financial indicators,conducts the research from the four dimensions of corporate profitability,assets operation ability,solvency and development ability of enterprises.In the performance analysis of cross-border mergers and acquisitions of resource-based enterprises,the firms in merger events before and after 5 years as the study period,focusing on mergers and acquisitions will help enhance business performance,the conclusion is: in the short term,in the event of cross-border mergers and acquisitions mergers and acquisitions business performance began to decline and in the next period of mergers and acquisitions reached its lowest point but,in the long term,enterprises in the post-merger period began to improve significantly,showing the overall upward trend after the first drop;in the comparative analysis of the resource-based enterprise merger performance influence factors,as the study period to the current mergers and acquisitions,according to state-owned shares after the merger,ownership and the nature of state-owned enterprises will be classified in the second sample.The classification of samples,the proportion of state-owned shares,the shareholding ratio of the size of size after the merger and the nature of state-owned enterprises subdivided by,in the same factors under the Influence on the performance of Mamp A concluded that the state-owned shareholding proportion is higher,the better business performance after the merger;shareholding proportion is low,the business performance is better;the local enterprises and the central enterprises in the business performance gap is not.