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The Research on the Lower Success Rate of Chinese Soes Cross-border M&A

Author: ZhangChuanMin
Tutor: ZhongDeShou
School: China Youth Political College
Course: World economy
Keywords: State-owned Enterprises Cross-border M&A
CLC: F276.1
Type: Master's thesis
Year: 2012
Downloads: 717
Quote: 1
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Abstract


With the deepening of economic globalization, Cross-border M&A has become the main form ofinternational direct investment. Against the background of "going out" was promoted to the nationalstrategy and accession to the WTO, the scale and frequency of Chinese enterprises’ Cross-border M&Arapid growth, but its operating results are not good. Relevant research shows that State-ownedEnterprises(SOES) accounted for the vast proportion of the total value of Cross-border M&A, but it’ssuccess rate is far lower than private enterprises, leading to Cross-border M&A success rate of China islower than the world. As the national economic lifelines, international setbacks of SOES are also theobstacle that China blends in world economy. The purpose of this study is to explore the root causes oflower success rate of SOES Cross-border M&A, and to provide some reference for internationalize ofSOES.On the basis of existing research, this paper studies Cross-border M&A of SOES from theparticularity of SOES using the Game Theory. Firstly, introduced the background and significance tothe study, and existing research. Second, analysis of the characteristics of Cross-border M&A of SOES,including the main motivation is access to strategic resources, concentrated in mining andmanufacturing, concentrated in the economically developed and resource abundant areas, and so on.Third, explored the basis for decision making of key stakeholders in Cross-border M&A of SOES,including decisions of SOES depends on the interests of the operators, the decision-making of goalcorporate depends on the business interests, and so forth. Fourth, through the analysis of game betweenSOES and Chinese government、the target company、the host government, to explore the root causes ofthe low success rate of Cross-border M&A of SOES, including government policy has resulted in SOESare keen on Cross-border M&A, SOES lack of competitive advantage but the capital, SOES is bothbusinessmen and officials, etc. To solve these issues, at the end of the article, recommended that SOESrecruiting operators by market、 selecting a win-win M&A target and diluting the governmentbackground, suggested that the government reducing the policy that impact business operation of SOES、breaking the monopoly of SOES and creating a favorable international image. Finally, indicated theshortcoming of this study and the outlook for further research.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > State - owned enterprise economy
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