Research On The Performance Of Chinese Listed Companies' Transnational Mergers And Acquisitions

With the continuous enhancement of Chinese enterprises' own strength and the development of economic globalization,cross-border mergers and acquisitions have become more and more common means for Chinese enterprises to increase their productivity and expand their production scale.However,not all acquisitions can achieve the intended purpose and achieve success.Therefore,the evaluation of M&A performance has become a topic of constant concern.Most of the previous literature is about the stock market or financial performance after mergers and acquisitions.This kind of research mostly uses the event research method or the accounting research method to conduct the empirical analysis.There are many shortcomings.Or it is too focused on looking at investors' reactions on the day of the incident,or over-emphasizing financial indicator data.In order to avoid the onesidedness of past research,this study explores the success of mergers and acquisitions by examining the productivity of the main companies.This article first introduced the related background of cross-border mergers and acquisitions,and then reviewed the international and domestic literature in the field of cross-border mergers and acquisitions.The topics were distributed in the motivation research,performance research and influencing factors.Next,this article reviews the relevant theoretical knowledge of cross-border mergers and acquisitions,and summarizes the mechanism of cross-border mergers and acquisitions that affect productivity.And then I summarize the models and variables that are used in the research.The empirical research partly adopts the PSM Mahalanobis distance matching method to establish a model to verify the productivity effect of cross-border mergers and acquisitions,and conducts the annual lag regression to explore whether there is a lag effect in productivity change.Then the original samples were divided according to the M&A experience,state-owned enterprises and private enterprises,research and development costs,cultural distance,whether wholly-owned acquisitions,the M&A motivation,the host country of the target corporate and the stability of customers.The results show that the overall performance of Chinese companies from overseas mergers and acquisitions has been improved,but this increase is not comprehensive.It depends on certain conditions,such as whether the company is a state-owned enterprise and the cost of R&D.Finally,this paper gives the macro and micro recommendations for government and enterprises as well as the conclusion of the research.