Research On The Influencing Factors Of Cross-border M&A Performance Of Listed Companies In China

Under the background of “the Belt and Road”,cross-border merger and acquisition(M&A)has become one of the important strategies for Chinese enterprises to improve their global competitiveness.Although many scholars have done a lot of researches on the relevant factors influencing Chinese enterprises' cross-border M&A,these studies mainly consider the impact on the performance of cross-border M&A from one or more perspectives.Cross-border merger and acquisition is an enterprise internationalization activity that involves many factors,and it is necessary to consider the comprehensive impact of relevant factors.On this basis,this study explores the comprehensive effects of corporate internal characteristics,transaction methods,and external environment on cross-border M&A through a qualitative comparative analysis of 62 cases of crossborder M&A of listed companies in China.This paper obtains six antecedent configurations:(1)The paper proposes the combination strategy of improving the performance of cross-border M&A under the three M&A modes of "non-resource-similar","resource-complementary" and "resource-similar and non-resource-complementary".(2)Absorptive capacity is one of the factors that enterprises need to focus on when making cross-border M&A.(3)Most of the time,the use of cash for M&A transactions has a positive impact on mergers and acquisitions performance.(4)Even if the company conducts M&A in host countries with large cultural differences,it can obtain better M&A performance under the combined effect of other factors,such as selecting target enterprises related to its own resources for M&A.The conclusions of this paper can provide reference for Chinese enterprises' cross-border M&A.