The Research On The Performance Of China's Transnational Mergers And Acquisitions

In recent years,with the continuous development of China's opening to the outside world,China's enterprises are also gradually moving towards the international market,and cross-border merger and acquisition has become an important way for Chinese enterprises.Therefore,combined with the recent trend of cross-border merger and acquisition,this paper will focus on cross-border merger and acquisition across the whole of industry.It is analyzed and discussed that whether the performance of Chinese enterprises has been improved after cross-border merger and acquisition and what are the factors behind the change in overall performance and how to improve the merger and acquisition performance of enterprises in China.Specifically,in this paper,first collates the relevant literature,and then leads to the situations of cross-border merger and acquisition of Chinese enterprises on the basis of expounding China's foreign investment.This paper selects the sample cases of cross-border merger and acquisition in Chinese enterprises from 2006 to 2017,and calculates the comprehensive performance score of the year before merger and acquisition,the year of merger and acquisition and one year after merger and acquisition by using the financial Analysis research method from four aspects of enterprise profitability,operation capability,solvency and development ability.Evaluate the performance changes of Chinese enterprises in cross-border merger and acquisition.The results show that the performance of transnational merger and acquisition in Chinese enterprises shows a downward trend,which shows that the cross-border merger and acquisition behavior of Chinese enterprises has not produced the effect of improving the performance of merger and acquisition enterprises.Then,Find the financial influencing factors that change the performance through the parameter or non-parametric pairing test method of the overall sample.Then analyze the merger and acquisition scale,purpose on the impact of cross-border merger and acquisition performance.After summarizing conclusion,this paper puts forward some suggestions on how to improve the performance of merger and acquisition by governments and enterprises: for enterprises,the strategy design before merger and acquisition and the integration after merger and acquisition.This paper puts forward some policy suggestions from the aspects of creating a good merger and acquisition market environment and external coordination and communication with the host country.Finally,this paper looks forward to the future research direction.