| As an important means for enterprises to promote international operations and integrate global value chains,cross-border mergers and acquisitions entered the field of Chinese enterprises in 1984.In order to adapt to the development of economic globalization and make up for the shortcomings in local operations,many Chinese companies participate in cross-border mergers and acquisitions,and hope to overcome the disadvantages of post-entrants in the international market through cross-border mergers and acquisitions and enhance international competitiveness.After decades of development,cross-border mergers and acquisitions have gradually become an important way for Chinese companies to occupy a place in the international market.When companies see the positive side of cross-border mergers and acquisitions,they tend to ignore the high risks associated with them.The failure rate of cross-border mergers and acquisitions by Chinese companies is as high as 80%.Among them,only 20% of the failures were due to the improper transaction structure and trading strategy in the pre-merger period.Most of the failures were due to the lack of integration of the target companies in the later stage of the merger.It was mainly attributed to the late start of cross-border mergers and acquisitions by Chinese companies,underestimating the high risks of mergers and acquisitions,and lacking mature integration experience and international management concepts.Therefore,if companies rush to carry out cross-border mergers and acquisitions,they will not stimulate their development potential,but will increase their business risks and pressures.As a pioneer of cross-border M&A in China,the petroleum industry reflects to some extent the characteristics and problems of Chinese companies in cross-border mergers and acquisitions.Therefore,I chose the CNOOC Nikesen case,the largest cross-border M&A of Chinese oil companies,for analysis.Chinese oil companies provide reference for cross-border M&A activities. |
PDF Full Text Request