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Effect of Cross-border M&As by Chinese Enterprises on Performance Effect

Author: XieGuanXian
Tutor: ChenAiZhen
School: Xiamen University
Course:
Keywords: cross-border M&A merger and acquisition effect financialmeasure study China
CLC: F279.2
Type: Master's thesis
Year: 2014
Downloads: 9
Quote: 0
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Abstract


With the acceleration of global economic integration, cross-border mergers and acquisitions have become an important way for domestic enterprises to expand their business scale, and then go to abroad. Through cross-border mergers and acquisitions, domestic enterprises may accept oil, rare minerals and other strategic resources to avoid trade barriers; also they can receive advanced technical support and management experience from foreign enterprises. Thus, the domestic enterprises can further optimize company’s internal structure and improve their own competitiveness.However, we should noted that Chinese enterprises overseas acquisitions faced some problems, such as lack experience about overseas mergers and acquisitions, can not accurately grasp the difficulty of integrating after acquisitions; some large state-owned enterprises tend to be treated as government spokesmen which can make them face more discrimination and review, even lead to cross-border M&A fail. Those problems may increase company’s mergers and acquisitions cost, and then impact their company performance. As a result, domestic enterprises may not benefit from cross-border M&A. Therefore, a controversial question arises in academic world; dose it significant for Chinese enterprise to take part in cross-border mergers and acquisitions? Those scholars have different ideas. The key is does cross-border mergers and acquisitions exactly improve our business performance? Why more and more enterprises engaged in cross-border actives? What factors should be noted in order to push cross-border mergers and acquisitions business success? In order to presents some advises, this paper will try to study on these questions.Based on relevant literatures, this paper summarizes the relevant theory and research methods about cross-border M&A performance. Then chooses55Chinese listed companies which have completed cross-border mergers and acquisitions between2001to2010as study sample. Take advantages of Accounting-performance methodology to test the financial performance of these companies. We take corporate profitability, operations, solvency and developing ability as study perspectives, and choose some financial indicators to represent those abilities. And then use factor method to calculate those companies performance score in four years window. The result shows that cross-border mergers and acquisitions of Chinese enterprises do not make positive financial effect. Based on this result, the paper goes on to study by comparative analysis, put the sample into several groups, and analyze their financial performance. We can see from this paper that those groups’performance looks like different, they changes in a different direction. Finally, based on these results, this paper attempts to propose recommendations for government and enterprises.

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CLC: > Economic > Economic planning and management > Enterprise economy > Companies around the world economy > China
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