Research On The Motivation And Performance Of Chinese Private Enterprises' Cross-border Mergers And Acquisitions

Mergers and acquisitions is an important way for enterprise development.With the global economic integration and openness in our country continues to deepen,more and more companies choose to expand cross-border mergers and acquisitions to achieve scale,open up marketing purposes.Among them,the rapid development of private enterprises is particularly prominent,cross-border M&A activities are very active,and the number of mergers and acquisitions has exceeded state-owned enterprises.However,cross-border mergers and acquisitions bring benefits as well as huge risks.Therefore,it is necessary to conduct research on cross-border mergers and acquisitions of private enterprises in order to reduce the risks of mergers and acquisitions and help private enterprises achieve their intended purposes.Firstly,this paper reviews the existing merger and acquisition theories,studies the general situation of transnational M&A of private enterprises,and summarizes the four main motivations for transnational mergers and acquisitions of private enterprises in China,including expanding the international market,improving the level of research and development,internationalization of brand,and acquiring advanced management experience.Secondly,based on the specific case of the transnational m&a of Joyson electronics,the short-term performance of the transnational m&a of enterprises is analyzed by using the event study method,and it is concluded that the market is generally optimistic about the transnational m&a behavior,and the wealth benefit of shareholders is positive.The balanced scorecard method is used to analyze the long-term performance of transnational m&a from four dimensions: finance,customer and market,internal operation,and learning and growth.The balanced scorecard method is used to analyze the long-term performance of transnational m&a from four dimensions: finance,customer and market,internal operation,and learning and growth.It is concluded that after the merger and acquisition,the scale of the enterprise is rapidly expanding,high-quality customers are constantly increasing,the market share is constantly improving,the international market is significantly expanding,the cost management level is constantly improving,the research and development technologyreaches the industry-leading level,and the profitability is gradually recovering after a period of shock.On the whole,Joyson electronics has adjusted its product structure through cross-border mergers and acquisitions,completed the enterprise transformation and upgrading,and achieved good m&a performance.Finally,through the analysis of cross-border M&A,this paper draws a conclusion,and puts forward some Suggestions on improving the system construction,cultivating excellent intermediary institutions,clarifying the development strategy of enterprises and attaching importance to the integration after m&a.