The Research On Performance Evaluation Of Private Enterprises Overseas Mergers And Acquisitions Based On Innovation Capability

Since China took part into the WTO organization,Chinese enterprises are becoming more and more active on the international stage,and the frequency of international investment activities is becoming faster and faster.The most important of these is the overseas mergers and acquisitions activity.State-owned enterprises once dominated the overseas mergers and acquisitions of Chinese companies,but in recent years,with the rise of private enterprises,the number and amount of transactions in overseas mergers and acquisitions activities have been fully surpassed,and private enterprises have started to dominate Chinese companies overseas mergers and acquisitions.Innovation ability is the decisive factor for the sustainable development of enterprises.Private enterprises can acquire innovation capabilities from external channels through overseas mergers and acquisitions.Therefore,from the perspective of innovation ability,this paper conducts a comprehensive and scientific evaluation of the performance of private enterprises overseas mergers and acquisitions,and provide recommendations and countermeasures to improve the performance of private enterprises post merger.First of all,by reviewing and combing domestic and foreign literatures,this paper finds the shortcomings of previous studies and the starting point of this article.Then,this paper expounds the related concepts and theories to lay the theoretical foundation for the following research.Secondly,this paper analyzes the status and characteristics of overseas mergers and acquisitions of private enterprises in China and points out the problems that existing in the emergence stage.Thirdly;this paper construts an evaluation system for the performance of overseas merger and acquisition of private enterprises based on the perspective of innovation ability.The paper requires the relative efficiency score of the overseas merger and acquisition of private enterprises by using the data envelopment analysis method.On the basis of this,the overall situation and the classification of them are evaluated,and the following conclusions are drawn: Overall,the performance of private enterprises was declined in the year of taking overseas mergers and acquisitions and the first year of after taking overseas mergers and acquisitions,the performance of private enterprises began to rise in the second year of aftertaking overseas mergers and acquisitions,and returnd to the level of the year of taking overseas mergers and acquisitions.From the classification point of view,the implementation of a minority stake in private enterprises overseas mergers and acquisitions,overseas mergers and acquisitions in North America and the performance of mixed mergers and acquisitions are better.Finally,according to the existing problems and empirical conclusions of the overseas merger and acquisition of private enterprises,the paper puts forward the countermeasures and suggestions from the two levels of the government and the enterprises,hoping to provide the reference for the private enterprises to carry out overseas merger and acquisition in the future.