Research On The Relationship Between M&A Experience And The Completion Of Chinese Enterprises' Overseas M&A Deals

Overseas M&As have gradually become an important form of Chinese enterprises' foreign investment.But because of the uncertainty of the international environment and the differences between countries,overseas M&As of Chinese enterprises have shown difficulties in deal completion,which is worth exploring.The impact of M&A experience on the completion of Chinese enterprises' overseas M&A deals has been widely recognized,but the academic research mainly focuses on overseas M&A experience,and does not study the relationship between domestic M&A experience,M&A experience of the same industry and the completion of overseas M&A deals in detail.Resolving it will help enterprises to properly apply different M&A experience and reduce various risks in overseas M&As,which will ultimately benefit Chinese enterprises' overseas M&A deals.This paper firstly reviews the various factors affecting overseas M&A deals,especially the M&A experience.After that,the research hypothesis is proposed mainly by organizational learning theory,and then 612 samples of Chinese enterprises' overseas M&A deals from 1999 to 2015 are selected in the Thomson M&A database,using logistics regression model to analyze the relationship between different types of M&A experience and the completion of Chinese enterprises' overseas M&A deals.The empirical results show that overseas M&A experience and overseas M&A experience in the same industry both have a positive U-shaped relationship with the completion of Chinese enterprises' overseas M&A deals;in cross-industry overseas M&A,overseas M&A experience in the same industry has a positive correlation with the completion of Chinese enterprises' overseas M&A deals;in the absence of overseas M&A experience,domestic M&A experience and domestic M&A experience in the same industry have no significant relationship with the completion of Chinese enterprises' overseas M&A deals,and if the enterprise has at least one overseas M&A experience,domestic M&A experience and the completion of Chinese enterprises' overseas M&A deals reach an inverted U-shaped relationship,but the domestic M&A experience in the same industry has a positive correlation with the completion of Chinese enterprises' overseas M&A deals.The reason for the difference may be that the mean number of Chinese enterprises' domestic M&A experience in the same industry is less than the domestic M&A experience,which has not formed organizational inertia that is not conducive to the completion of M&A deals.At last,this paper gives policy recommendations and puts forward research limitations and research prospects.