Analysis On The Serial Cross-border Mergers And Acquisitions Performance Of Chinese Companies

Since the 21 st century,with the rapid development of China's economy and the quick expansion of Chinese companies,cross-border mergers and acquisitions(M&As)have become a hot topic.HNA Group,as one of the leading companies in cross-border M&As of Chinese companies in recent years,has experienced a substantial increase in both the number and amount of cross-border M&As transactions.There are opportunities as well as risks in cross-border M&As since different countries has different economic and political environment.The performance of overseas M&As vary according to different situation.Therefore,this paper innovatively selects HNA Group as the research object of serial cross-border M&As performance,to study the serial cross-border M&As performance of Chinese companies.The research process: First,introduce the M&As motivation theories and HNA Group's serial cross-border M&As transactions,analyzing three motives of HNA Group's serial cross-border M&As.Second,event study method is used to analyze and evaluate the short-term cross-border M&As performance of HNA Group.The results show that short-term cross-border M&As performance is better in the core industry of aviation and tourism and the core industry of modern financial services,and performance in the core industry of modern logistics is poor.Overall,the short-term cross-border serial M&As performance of HNA Group's is good.Next,based on the motives of HNA Group's serial cross-border M&As,study the long-term cross-border M&As performance of HNA Group.As a whole,the long-term performance of HNA Group's serial cross-border M&As is uneven,both positive and negative performances existing at the same time.Economies of scope effect is unsatisfying.Synergy effect should be improved.The market power gained in several industries has greatly enhanced the company's international competitiveness.Then,from the cross-border M&As performance analysis,it was discovered that the HNA Group's serial crossborder M&As has three weakness points.Based on the weakness points,three pieces of countermeasure recommendations are issued.Finally,summarize the research conclusions and limitations of the study.