Performance Research On Cross-Border Mergers And Acquisitions Of China's Manufacturing Listed Companies

Since joining the WTO in 2001,China's economy has continued to be good,and Chinese enterprises,especially private enterprises,have been able to develop rapidly.At the same time,the strategic layout of Chinese enterprises is no longer limited to domestic,more and more enterprises have the willingness and ability of cross-border M&A.Since 2011,China's cross-border M&A development has been more rapid.The "Belt and Road" policy put forward in 2013 has motivated the development of Chinese enterprises and cross-border M&A.Since 2016,China's private enterprises overseas mergers and acquisitions have exceeded the state-owned enterprises.Therefore,this paper selects the private manufacturing listed enterprises in China as a sample to study the short-term and long-term performance of their cross-border mergers and acquisitions.Taking the private listed enterprises of China's manufacturing industry for cross-border M&A during 2011-2017 as the research object,this paper first analyzes the main drivers of cross-border M&A in Chinese enterprises,and draws the main reasons for improving market share,improving core competitiveness and obtaining synergy.Secondly,it analyzes the short-term performance of 101 transnational M&A events successfully carried out by private listed enterprises in China's manufacturing industry from 2011 to 2017,and finds that the cross-border M&A events have a positive impact on the sample enterprises in the short term,and the sample performance under different classifications is quite different.Finally,this paper analyzes the long-term performance of 66 transnational M&A events successfully carried out by private listed enterprises in China's manufacturing industry in the 2011-2015 years,and concludes that from the perspective of changes in financial capacity,cross-border mergers and acquisitions promote the rapid growth of total assets and operating income of enterprises,but weaken the profitability and solvency of enterprises.The cross-border M &A have no obvious positive impact on the long-term performance as a whole.There was a downward trend in performance over the five years before and after M&A,and there were significant differences in the long-term performance of various samples under different classification samples.