Research On Performance Evaluation Of Cross-border M&A Of Resource-based Enterprises In China

China's resource-based enterprises' cross-border M&A activities started relatively late.Since 2005,cross-border M&A activities have experienced four stages: germination,start-up,development,and rational periods.After steadily developing,the number of cross-border M&A events and transaction amounts have reached their peak.These successful M&A cases have provided valuable experience and lessons for resource-based companies to look at cross-border M&A activities in the future.Cross-border mergers and acquisitions have certain risks.The academic community has been controversial about whether cross-border M&A events can affect corporate performance.Through reviewing and summarizing the relevant literatures on cross-border M&A performance research,this paper selects the evaluation method suitable for multinational and performance evaluation of resource-based enterprises in China,Financial indicator method and Factor Analysis.This paper selects the sample companys those completed M&A cases in 2008-2014 to research.The evaluation index system was established in four aspects: profitability,operational capability,solvency and development capability.The conclusion is as follows: the performance of crossborder M&A of resource-based enterprises in China decreased before the M&A and then rised faster.In the M&A period,the performance of the company dropped to a minimum.At the same time,the evaluation of indicators on the factors affecting cross-border mergers and acquisitions indicates that the scale of enterprises is the positive factors on multinational mergers and acquisitions.In the cultural difference index,lower level of difference in individual rights and the masculinity will Improve M&A performance.And the destination country development level is the influencing factor which will promote corporate performance improvement after mergers and acquisitions.