Evaluation On ODI Business Performance Of Chinese Manufacturing Enterprises

Under the background of economic globalization,it has become an inevitable choice for all countries to take the road of international operation.High level "going out" of manufacturing enterprises is the only way to realize China's economic take-off.At the same time,the performance level of China 's manufacturing enterprises' foreign direct investment has become increasingly prominent.Therefore,on the basis of combing and reviewing the relevant literature,this paper hopes to use empirical research combined with case analysis to analyze and explore the process of improving the business performance of Chinese manufacturing enterprises through foreign direct investment.First of all,based on DEA Malmquist model,this paper selects cross-border M&A events between 2011 and 2015 from the investment announcements of listed companies published by China Securities Network,strictly selects and determines 65 successful cross-border M&A events of listed companies as research samples,and uses DEA Malmquist performance evaluation index to evaluate each Two years before the successful M&A transaction,and three years after the successful M&A transaction,the performance of cross-border M&A is evaluated.The results show that: the performance level of enterprises in the first two years to the last three years after the completion of foreign direct investment shows a "N" trend,but the performance level of enterprises in the third year after the completion of investment does not reach the level of the previous year The results show that the business performance of Greenfield investment is better than that of cross-border M&A.Secondly,this paper takes Joyson electronics as the research object to analyze the cross-border M&A behavior of Joyson electronics and its impact on business performance.The final analysis shows that Joyson electronics has greatly improved its business performance through multiple consecutive cross-border M&A activities.Its revenue scale increased rapidly from 200 million yuan in 2006 to more than 56 billion yuan in 2018,and its amazing growth cannot be separated from sustained foreign direct investment.Finally,combined with the above research results on the performance of China's manufacturing enterprises' foreign direct investment,this paper puts forward a series of countermeasures and suggestions for China's manufacturing enterprises from the micro level.This paper holds that enterprises should formulate their own development strategy in advance,improve their management level,learn from the advanced system environment of foreign countries to acquire valuable knowledge and skills,gradually cultivate their specific advantages,and finally form their sustainable global competitiveness.