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The Analyze of Chinese Enterprise Cross-border M&A Performance

Author: GaoYing
Tutor: HouTieShan
School: Dalian University of Technology
Course: International trade
Keywords: Cross-border mergers and acquisitions Performance Influencing factors
CLC: F279.21
Type: Master's thesis
Year: 2008
Downloads: 1139
Quote: 8
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Abstract

In recent years, with the rapid development of China's economy, more and more enterprises to go abroad. Which, especially in China's energy consumption industry, strong corporate-based. They began to take the initiative, and the frequent use of cross-border mergers and acquisitions overseas expansion. Then, cross-border mergers and acquisitions can really enhance the level of performance, this issue has begun to attract intense attention in today's business world and academia. To address this issue, this paper will combine the application of accounting research method, these three methods of event study methodology and case study method, the actual performance of cross-border mergers and acquisitions of listed companies in China, in-depth analysis and study of the theoretical and empirical. The first part of this paper reviews the main theories of cross-border mergers and acquisitions, the current situation of the domestic and foreign scholars in the field of research and the research system, method, and laid a theoretical foundation for the analysis of the article. The second part of the article first introduces the foreign cross-border mergers and acquisitions in the history of the evolution of the process, and then analyze the status and main characteristics of today's international business development of cross-border mergers and acquisitions; subsequently emerging developing countries as the main object of study, the multinational acquisition of the historical process and the development of the status quo, and exposed in the development of a significant problem for the status quo. Then, the article the analysis and evaluation of the performance of cross-border mergers and acquisitions theory, which specifically discussed the definition of the M \u0026 A performance of both theory and factors influencing. The third and fourth part of the focus of this article. Third part, first of Accounting Research Act, the basic principles of the three methods of event study methodology and case study method and the different characteristics and defects were analyzed and evaluated. After a comparative analysis, and finally proposed to combine the three methods, and from the different time of the long-term and short-term point of view, from the the different visits perspective of the overall and individual, to the full range of three-dimensional examine the performance level of cross-border mergers and acquisitions of Chinese enterprises. The fourth part will be the basis of theoretical analysis of the third part of Accounting Research, the event study method, empirical testing and analysis of selected samples. First of all, from the results of operations of the angle of the cross-border mergers and acquisitions, financial indicators with a typical sense, the use of factor analysis, the establishment of a comprehensive scoring system, comprehensive scoring overall sample and classify samples to assessment of the relative long-term integration of performance level . Then, the paper uses the event study method, from the reaction of the M \u0026 A market perspective to study the reaction of the capital markets on the price of M \u0026 A events. Shareholder earnings impact of mergers and acquisitions subject by examining M \u0026 A events, to spy on the actual effect of the M \u0026 A performance. End of this section, the use of the overall sample statistics empirical analysis differs from the previous method, and a case-by-case analysis of the angle (In this paper, the merger of the Industrial and Commercial Bank), detailed analysis perspective to specific M \u0026 A events. Trying to dialysis with the typical sense of the pros and cons of specific cases, the the specific outstanding problems in cross-border mergers and acquisitions of Chinese enterprises. The fifth part of this paper, the use of the above theoretical and empirical analysis and research, a comprehensive objective evaluation of China's current level of cross-border mergers and acquisitions, and cross-border mergers and acquisitions come at this stage of Chinese enterprises in the short term, due to various objective and subjective reasons still unsatisfactory conclusion. According to the practical problems that exist in this stage cross-border mergers and acquisitions of Chinese enterprises, and make relevant policy recommendations.

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