The Research On The Merge Modes And Performance Of Chinese Listed Companies Which Happened Cross-border

M & A is a way of the rapid expansion.In 1984,the first M & A event which appeared in china opened the curtain of China's mergers and acquisitions.With the emergence of China's securities market in 1990,mergers and acquisitions of Listed Companies in China gradually appeared.Nowadays,the merger and acquisition of Listed Companies in our country have been ordinary things.The initial purpose of mergers and acquisitions of Listed Companies is mainly horizontal adjustment of the industry,so there is no cross-border mergers and acquisitions event.In recent years,with the development of economic globalization,China's Listed Companies gained greater opportunities and challenges,in mergers and acquisitions,some companies are for business transformation,some companies are based on diversification strategy,some mergers and acquisitions is the first step in the backdoor listing of non-listed company.Under the diversification of the purpose of the acquisition,cross-border mergers and acquisitions have become a common practice.At present,in the academic circles there is no clear definition of cross-border mergers and acquisitions,also there is no scholar do further discussion about the span of cross-border mergers and acquisitions.First of all,this paper defines the definition and span of cross-border mergers and acquisitions,analyzes the purpose and mode of cross-border mergers and acquisitions of Listed Companies in china.Secondly,this paper uses the empirical research method to study the impact on corporate performance of cross-border mergers and acquisitions of listed companies.The sample is the 2012 cross-border mergers and acquisitions of listed companies(Shenzhen,Shanghai)in China,using event study method(the market adjustment model)to research the impact on the short-term performance,using accounting method(financial indicator): Rate of Return on Common Stockholders' Equity(ROE)to research the impact on the longterm performance.Furthermore,based on the empirical data,this paper analyzes the impact of cross-border mergers and acquisitions with different spans or different modes on performance.The empirical results show that:(1)enterprise cross-border mergers and acquisitions listed on the China(Shenzhen and Shanghai)have a positive impact on the short-term performance of the company;(2)enterprise cross-border mergers and acquisitions listed on the China(Shenzhen and Shanghai)do not have a significant impact on the long-term performance of the company;(3)cross-border mergers and acquisitions with different spans(span1,span2,span3)have different results;(4)crossborder mergers and acquisitions with different modes have obviously different results.