A Study On The Differences Of Chinese Enterprises' Overseas M&A Targets And The Allocation Of Control Rights

In recent years,thanks to China's overall economic strength and favorable international economic policy environment,a large number of Chinese state-owned and private enterprises have made overseas acquisitions to achieve scale expansion,technology upgrades and internationalization strategies.The two most typical types of overseas mergers and acquisitions are The acquisition of overseas acquisitions of natural resources led by state-owned enterprises and intangible resources dominated by private enterprises have acquired overseas acquisitions.However,due to the lack of international project operation experience and capability,many companies place their focus on the completion of M&A transactions during overseas M&A and ignore the problem of control configuration of target companies in M&A.Chinese companies tend to have more similarity over the allocation of control rights,and less personalization.There are many typical and common problems that ultimately lead to the failure of mergers and acquisitions and the transfer of resources.In order to solve these problems,this paper first sorts out the theoretical literature on the allocation of control rights in general enterprises,and paves the way for the research on the allocation of control rights in overseas mergers and acquisitions.Then,taking obtaining strategic resources as the starting point and combining corporate cross-border M&A governance issues,a theoretical framework model for overseas M&A control rights allocation is established based on the research of relevant literature.Again,using the above theoretical model and combining the characteristics of the two types of overseas M&A,this paper theoretically analyze the allocation of control rights in the two major overseas M&As,and illustrate the theoretical results by using two representative overseas M&A cases of CNOOC and Wanda Group respectively.Research shows that the above two types of overseas mergers and acquisitions are subject to internal and external factors to varying degrees in the allocation of control rights,and they also have different characteristics in the specific allocation of control rights.The main innovation of this paper is to establish a relatively perfect overseas acquisition control rights allocation model.At the same time,relevant suggestions on the allocation of the two types of overseas merger control rights are proposed,which have both theoretical and practical significance.