Research On The Performance Of Chinese Enterprises In Transnational Mergers And Acquisitions In The Context Of "Belt And Road"

The rapid development of the global economy and the increasing interdependence of economies have been accompanied by growing competition.In order to open up markets,obtain resources,and improve international competitiveness,companies in various countries have set their goals on transnational markets and courageously"go out".Therefore,multinational M&A s have become an important means to enter international markets.The Belt and Road Initiative is an important strategy for China to participate in the construction of the world economy.It not only provides broad space for Chinese companies to invest in the Eurasian continent,but also provides opportunities for Chinese companies to carry out cross-border mergers and acquisitions.This paper focuses on the performance of long power technology in the context of"Belt and Road",with Jinpeng as the main case.The case is a cross-border merger that took place in the semiconductor integrated circuit packaging and testing industry at the end of 2014.Changdian Technology is the leading company in China.Jinpeng is established in Singapore and has mastered the top international technologies.Singapore is also a key partner of countries along the Belt and Road.Therefore,the merger and acquisition case is very typical.Based on the theory of mergers and acquisitions and the strategic background of the Belt and Road,this paper first introduces the development process,characteristics and risk factors of Chinese cross-border M&A s.Then we analyze the performance of M&A from four dimensions.Firstly,the market response analysis is carried out by using the event research method.Secondly,using the financial index research method to analyze the merger synergy effect from three aspects:management synergy,management synergy and financial synergy.Thirdly,in order to make up for the shortcomings of the above indexes,the EVA index has been added to the performance analysis.Fourth,on the basis of analyzing the performance of M&A,we also use non-financial indicators to obtain objective and effective performance analysis results.The study found that from the perspective of market response,the stock price of long power technology cross-border mergers and acquisitions rose in the short term and was favored by the capital market.The excess return rate and the cumulative excess return rate were also greatly improved,and the short-term wealth effect brought by shareholders was more obvious.From the perspective of synergy effect,enterprises have achieved synergy in management and management,and hope dawned after taking risks.From the perspective of EVA indicators,the large amount of capital invested by enterprises in the early stages gradually began to create profits.From the perspective of non-financial indicators,after the acquisition of Changdian Technology,it has obtained the top international technology,optimized the human resources structure,complemented the business areas of the merger and acquisition,and consolidated the position of the industry.Finally,it summarizes the successes and shortcomings in the process of long power technology's cross-border mergers and acquisitions,so as to provide reference for the latecomers to "go out"in accordance with the"Belt and Road" initiative.