Study On The Performance Of China's A-Share Listed Companies In Cross-Border M&As And Its Influencing Factors

In a new wave of global mergers and acquisitions,and the rise of “going out” concept and practice in China,China has joined the ranks of net capital exporting countries.The methods of our overseas investment have developed from “greenfield investment” to cross-border mergers and acquisitions,cooperative alliances,overseas listing,equity financing and so on.This paper focuses on listed companies cross-border mergers and acquisitions in China's A shares market.This paper theoretically defines cross-border M&A,analyzing and examining the comprehensive performance of China's A-share listed companies in cross-border M&As under the current economic situation,in the hope of providing references for current and future cross-border M&As transactions.It analyses research results of domestic and foreign scholars on the performance of cross-border M&As and its influencing factors.Then,it makes a theoretical analysis of enterprise performance and merger and acquisition,extending to cross-border M&As and the resulting performance.It sorts out the process of transnational mergers and acquisitions with Chinese characteristics from weak start to diversified development,and summarizes the characteristics of each stage.Then,the M&A cases of Chinese A-share listed companies from 2011 to 2015 were selected as samples.This paper constructs the financial index evaluation system of M & A performance for the samples.Using the factorial analysis model to compare the comprehensive performance trend of sample enterprises in the window period [-1,2].This paper finds that,it is difficult for most Chinese enterprises to keep the good performance when their performance improves in the year after the completion of cross-broader M&As in the long term.On this basis,this paper classifies and studies the changes in the comprehensive performance of enterprises with different M&A subjects,industries,locations and modes.At the same time,this paper uses multiple regression model to predict the factors that affect the comprehensive performance of enterprises from the aspects of the environment of host country and home country,the level of enterprises and the level of M&As transactions.This paper points out that enterprises choose to conduct cross-broader M&As related to their own industry,their comprehensive performance declines.The large enterprises will significantly improve the comprehensive performance of the year when M&A is completed.The longer the M&As are completed,the more significant the improvement in the M&As performance of state-owned enterprises get.Based on the results of empirical analysis,this paper puts forward suggestions on improving the performance of Chinese enterprises' cross-broader M&As performance from the government and enterprises aspects,and lists the deficiencies of this paper and its future prospects.