Studies On The Financial Performance Evaluation And It's Influencing Factors Of Overseas M&A Of Listed Companies In China

With the pace of economic globalization getting faster,the international capital is flowing actively around the world.Overseas M&A has become a new way to be internationalization for enterprises from different countries.As a developing country,China is in a critical period of economic development.Although the history of the overseas M&A is not very long,it is developing rapidly.Chinese enterprises can obtain advanced technology or scarce resource by overseas M&A.The success of overseas M&A mainly reflect on the enterprise financial performance.Whether the overseas M&A improve the enterprise's performance? What factors affect the change of the M&A performance? This will be the main problem discussed in this paper.Firstly,based on the accounting research method,the paper analyzes the performance of overseas M&A of listed companies in China.Secondly,based on the existing related theories,the paper put forward six assumptions and determine the corresponding six explanatory variables.Then the paper put the difference of the performance score of the first year after the M&A and the year that M&A happened as explained variable for empirical analysis.Finally,the paper study the case of that ZIJIN MINING acquire the NORTON in order to get more founds.Through the study of thesis,here are the following findings: First,before and after in overseas M&A of listed companies in our country,the short-term financial performance has improved and the long-term financial performance has declined.Second,compared to the overseas M&A of state-owned enterprises,the non-state enterprises have better financial performance.Third,the executives shareholding has a negative influence on M&A performance.Fourth,the bigger the scale of the overseas M&A,the better the financial performance is.Fifth,the host country of the cultural differences or political risk is higher,the greater the risk of Chinese enterprises overseas M&A.So Chinese enterprises should decide more carefully.As a result,Chinese enterprises need to conduct a comprehensive market survey and strengthen the integration after M&A to improve the success rate of overseas M&A.