An Empirical Study On The Performance And Influencing Factors Of Overseas Mergers And Acquistions Of Listed Companies

Since the late twentieth century,with the competition becoming increasingly fierce,enterprises are trying to grow.Because the international capital flows in different regions and countries,overseas mergers and acquisitions of enterprises has become the rapid expansion of their economies of scale and enhance the competitiveness of the only way.In the context of the world's overseas mergers and acquisitions,in our government "The Belt and Road" policy under the leadership,with the strategy of "going out",China's overseas mergers and acquisitions activities have become increasingly frequent.In 2016,China's GDP growth rate is 6.7%.The government goal is expected to be 6.5% in 2017.However,because our country enterprise's transnational merger and acquisition activity started late,at this stage in the transition period of China's economic development,cross-border mergers and acquisitions after the performance is how to change it,up or down,and what are the factors contributing to the performance of running such changes.The above is the main point of this paper.The first chapter is the introduction,which introduces the research background and significance,research content,ideas and research methods.At the same time,on the basis of combing the domestic and foreign literature,the paper puts forward the innovation of this paper.The next chapter is to define the related concepts,such as mergers and acquisitions,cross-border mergers and acquisitions and cross-border M & A performance.This paper makes a theoretical analysis on the performance of overseas M & A by using the eclectic theory of international production and economies of scale.The next chapter is the use of factor analysis,using the selection of the 80 listed companies as a sample.Through the analysis of the company's profitability,solvency,operational capacity and growth ability of the four aspects of the 12 financial indicators,the paper uses these 12 financial indicators and reduce the dimensions to build a comprehensive scoring model to evaluate the performance of mergers and acquisitions,and analyze the changes of the average operating performance of listed companies before and after the overseas mergers and acquisitions.The research result shows: China's listed companies after hip acquisitions annual performance is increased after the first drop,in the first year after the merger and acquisition of the year performance is rising,second years after the merger performance fell significantly and less than a year before the average performance of mergers and acquisitions.This shows that the cross-border M & A activity does not change the operating performance of Listed Companies in China.Once more,the chapter uses the multiple regression analysis method to find the influence of those factors on China's cross-border mergers and acquisitions of listed companies performance.The results are as follows: significant positive correlation of China's overseas mergers and acquisitions of listed companies performance and the merger of the Target Corp development level;different methods of payment in cash payments and cross-border mergers and acquisitions performance was negatively correlated,and the main party the cash that enterprises have no more liquidity,which affects the performance of the enterprise;transaction scale and overseas mergers and acquisitions performance significantly negative correlation,transaction size is larger,the late integration more difficult;state shares and transnational mergers and acquisitions performance is negatively correlated,state the proportion of shares is relatively high so all kinds of decisions of enterprises are vulnerable to the influence of the state,and the state and no supervision and guidance in place,so it is not conducive to overseas mergers and acquisitions to improve performance;in terms of concentration of equity,the proportion of the first shareholder is higher,more is not conducive to the management decision is fully open,so that the first big proportion of shareholders and transnational mergers and acquisitions performance is negatively correlated.The last chapter is based on the above analysis and empirical research on how to improve the performance of mergers and acquisitions of Listed Companies in China and put forward corresponding countermeasures and suggestions.The innovation of this paper is to put forward the relationship between the level of development of the country where the Target Corp is located and the performance of M & A.That is,the higher the level of development of the country where the Target Corp,the more help to improve the performance of mergers and acquisitions.There is no association analysis in previous literature.This study provides a new point of view for the listed companies to choose the Target Corp in the overseas merger and acquisition activities,which has practical significance.