The "inverse Gradient" Of China's State-owned Enterprises In Cross-border Mergers And Acquisitions Under The Background Of “The Belt And The Road”

Since the reform and opening up,state-owned enterprises have been the lifeblood and pillar of China's economic development.Relying on a solid foundation,they have kept a low profile and achieved steady development.Since the 1990 s,Chinese state-owned enterprises have been looking to the international market for further outward direct investment,an important form of which is cross-border mergers and acquisitions.At present,the development of China's state-owned enterprises is facing more stimulating competition and a complex and volatile international environment,but many development opportunities have also been ushered in.The reform process of state-owned enterprises has been continuously promoted."One Belt And One Road" policy provides new mergers and acquisitions hot spots and opportunities;The supply-side structural reform helps it to explore new ways of development.Under the background of these times,it is of great academic value to analyze the "inverse gradient" cross-border mergers and acquisitions of state-owned enterprises.The writing of this article is mainly divided into six parts,the first part is about the research of this topic background,research significance,research content,research method statement,then the author from the overall situation of the foreign direct investment,the influence factors of transnational mergers and acquisitions,cross-border mergers and acquisitions performance of concrete path from four aspects,transnational mergers and acquisitions do to related research literature review.In the second part,the author according to the latest data acquisition of the status quo of Chinese enterprises transnational mergers and acquisitions made in this paper,respectively from the industry area of heat transfer,concern,the main body role change,cross-border mergers and acquisitions target area four aspects,aims to clarify the focus of the current China's state-owned enterprises transnational mergers and acquisitions,characteristics and difficulties.In the third part,the author analyzes the factors influencing the "inverse gradient" cross-border mergers and acquisitions behavior of Chinese state-owned enterprises.It includes the influence of merger and acquisition mode,the ownership and enterprise nature of the acquired party,the economic foundation of the host country,the industry sensitivity of the acquired party,and the influence of the post-merger business integration strategy,which aims to provide certain direction for the selection of merger and acquisition targets of state-owned enterprises.The fourth part is the analysis of the expected performance of "inverse gradient" cross-border mergers and acquisitions of Chinese state-owned enterprises,including the analysis and demonstration of five effects,such as the effect of technology transfer and upgrading,the increase effect of intellectual property rights,the expected effect of tax avoidance and hidden risks,the acquisition of strategic assets,and the reduction of production and operation costs.In the fifth part,the author analyzes the challenges and risks faced by the "inverse gradient" cross-border mergers and acquisitions of Chinese state-owned enterprises from six perspectives,namely,the cost of mergers and acquisitions,political risks,new media,differences in merger and acquisition subjects,external competition,technical standards and intellectual property restrictions.Based on this,the mergers and acquisitions of state-owned enterprises can be more cautious in risk response strategy.In the last part,the author gives some Suggestions on the direction and strategy of future cross-border mergers and acquisitions from the perspectives of seeking common interests,the contribution of the government,the reference of successful mergers and acquisitions cases in other countries,the new ideas of mergers and acquisitions financing,and the internal reform of state-owned enterprises.