An Empirical Analysis Of The Performance Of Cross-border Mergers And Acquisitions Between Chinese State-owned Enterprises And Private Enterprises

In recent years,Chinese enterprises' cross-border investment and merger and acquisition(M&A)transactions have experienced a spurt growth,and private enterprises have become the main driving force for Chinese enterprises'cross-border M&A.Therefore,the performance of Chinese enterprises in cross-border mergers and acquisitions and whether corporate ownership will affect the performance of mergers and acquisitions are worthy of our in-depth study.This paper selected the transnational mergers and acquisitions of listed companies in China's a-share market from 2007 to 2016 as the research sample,analyzed the performance of transnational mergers and acquisitions of enterprises by combining the event research method and accounting index method,compared the difference between the performance of state-owned enterprises and private enterprises in mergers and acquisitions,and analyzed the factors affecting the overall performance of enterprise mergers and acquisitions.Performance in the short term,event study method,this paper estimates the 228 samples in cross-border M&A announcement excess returns after A few days ago,the results showed that the market of a-share listed company's information has made the positive reaction of transnational M&A,shows that investors think cross-border M&A activities create wealth effect for the company,shares of private enterprises and investors expected in state-owned enterprises.Compared with non-manufacturing enterprises,manufacturing enterprises can create more value for enterprises in cross-border mergers and acquisitions.Using the multiple regression model and Probit model,the empirical analysis of the short-term performance of listed companies in cross-border M&A shows that the short-term transaction performance of private enterprises in cross-border M&A is superior to that of state-owned enterprises,the capability performance of the management level is significantly positively correlated with the performance of cross-border M&A,and the institutional environment is significantly negatively correlated with the performance of M&AIn long-term performance-accounting index method,this paper studies the 161 completed before the company's mergers and acquisitions of transnational M&A from 1 to 3 years after the merger,a total of 5 years of return on equity(ROE)change trend,the results show that the transnational mergers and acquisitions of listed companies can brings to the company's operating performance of the improved greatly,after declining performance.In order to compare the performance differences between state-owned enterprises and private enterprises,Wilcoxon rank-sum test was conducted.The results showed that there were significant performance differences between state-owned enterprises and private enterprises in the year of merger and acquisition,and private enterprises' operating performance was better than state-owned enterprises,but there was no significant difference in the performance of merger and acquisition after the first year of merger and acquisition.The empirical model was established for regression analysis,and the research results further verified that private enterprises performed better in the year of merger and acquisition,and the research also found that the relative size of merger and acquisition,horizontal merger and acquisition,and the growth rate of total assets were related to the performance of merger and acquisition.Finally,this paper summarizes the main content,and from the national level,enterprise level for Chinese enterprises to better"go out" put forward Suggestions.