The Performance Of Cross-Border M&As By Chinese A-share Listed Enterprises:An Empirical Analysis Based On Factor Analysis

In the era of global economic integration,the restructuring and merger hardly be avoided between enterprises in different countries.With the national strategy,"Going out",Chinese enterprises should move forwardquickly to enter the international market.However,in China,the development of cross-border merger and acquisition be started recently,it is at a primary stage and lack of theory and experience.Therefore,this article will provide some suggestions of the corporate merger policy to Chinese enterprises through the analysis of existing data.Along with the order of concept,theory,case,and conclusions,this article will analyze the performance of cross-border merger and acquisition of Chinese enterprises that are financing in the A share market by usingthe theories of economics and management and statistics methods.With the concept and related theory,the factors affecting the performance will be analyzed on a theoretical level to build the performance evaluation model for research.The study in the fourth chapter found that the main differences between state-owned listed enterprises and the non-state-owned listed enterprises appeared in the next three years after the acquisition.The performance of non-state-owned listed enterprises first decreased and then increased,and the state-owned listed enterprisesincreased steadily.This may be due to the strong state-owned capital background of the state-owned listed enterprises,so that they could quickly fix the initial decreases and develop steadily by using the advantages of policy,capital,and human resources.The average score of comprehensive performance of cross-border merger and acquisitiondecreased slightly during the first after acquisition than before.The score of performance will be a flat U-shaped only when corporate use the horizontal merger mode in merger and acquisition activities.Because the horizontal merger models more appropriate for Chinese enterprises,which search for the combination of high market shares,scale economics effect,patent right,human resources,and management technology.However,for Chinese enterprises,the primary understanding of vertical merger and conglomerate merger sometimes will cause the blindness problem in the merger activities.Therefore,enterprises should confirm the targets and strategic purpose in the cross-border merger and acquisitionwhile using a variety of methods to evaluate the targets,and implementing appropriate merger and payment method for enhancing the internal synergies of enterprises.The government should reduce intervenes for the state-owned listed enterprises and reinforcethe support for private enterprises,such as the establishment of overseas investment insurance system,the support of finance,tax,and monetary policies.Also,government could simplify examination and approval procedures,offer diplomatic support,and improve overseas investment intermediary service system.