企業(yè)海外并購現(xiàn)狀及策略研究留學dissertation:Chinese enterprises overseas mergers and acquisitions present situation and strate

改革開放三十年以來，我國企業(yè)積極貫徹“外貿發(fā)展”戰(zhàn)略，海外并購不斷發(fā)展，其主要動因來自于企業(yè)成長驅動、國家資源戰(zhàn)略驅動、企業(yè)國際化驅動。本文從愿景和戰(zhàn)略、目標篩選和評估能力、談判和執(zhí)行、利用外部專業(yè)資源、項目實施和整合等五個方面來把我國企業(yè)海外并購和世界級并購作對比，了解我國企業(yè)海外并購現(xiàn)狀。本文分析了我國企業(yè)海外并購主要面臨的政治、法律、文化及財務等風險，并從政府和企業(yè)層面提出了相應的對策。改革開放以來,我國企業(yè)不斷發(fā)展,海外并購不斷增長。2008年金融危機之后，我國企業(yè)抓住有利時機，積極開展海外并購。以中石油為代表的央企和以華為為代表的民企，紛紛加緊海外布局。
 

Over the past three decades, China's enterprises have implemented the "going out" strategy with lots of overseas mergers and acquisitions. The main motivations come from enterprise growth, national resource strategy and enterprise internationalization. To understand the status of China’s overseas mergers and acquisitions, this article compares it with world-class ones in five aspects. Five aspects are vision and strategy, target screening and assessment capabilities, negotiation and implementation, use of external professional resources, project implementation and integration. This article analyzes the political, legal, cultural and financial risks faced by China overseas mergers and acquisitions. This article puts forward corresponding countermeasures for government and enterprises. 

 

Keywords: overseas mergers and acquisitions. Motivation; The process; The status of risk; The strategy 

 

The introduction 

 

Since the reform and open policy, our country enterprise development, growing overseas m&a. After the 2008 financial crisis, China's enterprises to seize the favorable opportunity, actively carry out overseas mergers and acquisitions. Represented by petrochina state and represented by huawei corporation, are stepping up overseas layout. Nearly two years China's overseas investment has become the world's highest. As the growth of the scale of overseas mergers and acquisitions, the risks of enterprises in our country is becoming more and more big. Overseas m&a success or not is directly related to the success of "going out" strategy in our country. Chinese scholars of our country enterprise overseas mergers and acquisitions research mainly from market entry mode, motivation, wealth effect, influence and strategies and so on five aspects. Market entry mode of study compared the overseas mergers and acquisitions and other investments. Motivation to explore analyzes the drivers of Chinese enterprises overseas m&a. The wealth effect research from the perspective of contribution to the value of a company merger and acquisition of are discussed in this paper. Influence is explored the m&a of corporate governance, the influence of the technology innovation and other aspects. Strategies from two angles to do at national and enterprise level is discussed. Based on the predecessors' research, on the current situation of Chinese enterprises overseas mergers and acquisitions, motivation, risk and countermeasures are discussed in this paper. #p#分頁標題#e#

 

I, related theory, enterprise merger, acquisition and reorganization 

 

About the theoretical study of mergers and acquisitions, as in Smith and David ricardo. Marx first began to studied the enterprise m&a motivation, its capital theory is the indirect for mergers and acquisitions. Economics in the history of theory of mergers and acquisitions are as follows: 

 

1, the new classical theory of mergers and acquisitions 

 

This theory has three premise: one is the question of agency does not exist; The second is the allocation of resources is perfectly valid; Third, the stock market is efficient. This theory is that enterprise through merger and acquisition to realize scale effect, however, to achieve the profit maximization. However, the theory of three premises assume that difficult to achieve in the real world. Implement the separation of ownership and management rights in modern enterprises causes the company agency problems are widespread. Also exist in the allocation of resources under the market economic failure, so the effective allocation of resources completely does not exist. Not only is there the strong market, stock market there are strong and weak market, so the stock market is not completely efficient. 

 

2, efficiency theory, 

 

This theory is that enterprise can form synergies after the merger, such as the management synergy, management synergy, etc. Synergistic effect after two mergers and acquisitions refers to the output is greater than the sum of two enterprise output. But the theory is flawed, on the one hand, this theory fails to explain the motives of mergers and acquisitions from what meaning of synergies. On the other hand, the theory explanation scope is limited. M&a motivation should not be limited to bring efficiency synergies. 

 

3, agency theory, 

 

The theory is that the agent has a motive improve earnings by mergers and acquisitions to expand business scale, and then get more pay for itself. Therefore, effective stock market through the manager market, arranged to companies such as separation of ownership and managerial authority can slow down the question of agency. Also, the agency theory is flawed. On the one hand, whether the m&a can really improve the value of enterprises is questionable. In general, the board of directors or managers to complete the merger and acquisition planning, is not necessarily can truly represent the interests of the shareholders. On the other hand, the enterprise after the merger, and easily create new agency problems, and the presence of a new by the threat of mergers and acquisitions. This easy to cause the stability of the enterprise management was damaged, result in management often ignore long-term interests and short-term interests could harm the enterprise long-term value. #p#分頁標題#e#

 

4, transaction cost theory 

 

The theory is that mergers and acquisitions can save transaction cost. Companies through mergers can reduce the information asymmetry market, after getting middle market for the enterprise internal market, reduce the external of enterprise intellectual property rights and goodwill using, reduce the cost of business negotiations and supervision cost, so as to achieve the purpose of the enterprise transaction cost saving. 

 

II, the motivation of Chinese enterprises overseas mergers and acquisitions 

 

Chinese enterprises overseas mergers and acquisitions in the majority with state-owned enterprises, which makes Chinese enterprises overseas mergers and acquisitions present the characteristics of the combination of national interests and corporate interests. So our country enterprise overseas m&a motivation is to realize double requirements of national interests and corporate interests. Our country enterprise overseas m&a main reason has firm growth drivers, national resource strategy motivation, enterprise internationalization. 

 

(1) firm growth drivers 

 

In a market economy, the enterprise only continuously develop to remain competitive. Companies generally invest through internal expansion and external acquisition two basic way to achieve the development of the enterprise. External mergers and acquisitions is a relatively efficient method. 30 years since reform and opening up, China's rapid economic development, the enterprise strength greatly enhanced, power and have to go into the international market conditions. Along with our country economy has been integrated into the globalization, our country enterprise actively carry out overseas mergers and acquisitions. 

 

1, seeking market 

 

The continued growth of our export status in the international trade is more and more high. But many countries tax shall be implemented for our export products or restrictions such as anti-dumping into our products. Over the years, our country has become the world's largest anti-dumping investigation. Increased trade barriers against China in many countries. In this situation, our country enterprise by overseas mergers and acquisitions, to realize localization production and sales, is conducive to avoid trade barriers, a stable market share and develop new markets. Many industries in our country, on the other hand, growth is slowing, excess capacity, need to develop the overseas market digest excess capacity in China. By China's enterprises overseas mergers and acquisitions, better able to develop new markets, transfer of domestic excess capacity, realize the sustainable development of enterprises. 

 

2, seeking technology #p#分頁標題#e#

 

Our country enterprise overall technical imitation stage, European and us companies in the stage of technical innovation. Europe and the United States a lot of technology products into the mature stage and standardization production stage, began to decline in value-added products, profits mainly depends on the lower cost. Europe and the United States often requires the business spun off. These techniques for most enterprises in China still has an important value. On the one hand, advanced technology, management team, the international market and are very valuable to our country enterprise. On the other hand, China's low cost advantage is beneficial to absorb the transfer of these technologies from Europe and America, and can return to profitability. Therefore, Chinese enterprises overseas mergers and acquisitions, can obtain advanced technology, management team, the international market, is advantageous to the enterprise long-term development. 

 

3, to seek strategic assets 

 

Strategic assets is to point to by a large number of inputs and nurturing, especially the accumulation of knowledge and created assets. It can be tangible, such as good infrastructure, such as marketing team; May also be intangible, such as staff quality, company reputation, etc. Because of this asset depends on the long-term cultivation, with the competitiveness of the difficult to replicate. As a result, obtained the strategic assets, can quickly improve enterprise in these aspects. 

 

(2) national resource strategy 

 

Although the natural resources of our country is larger, but the value of per capita resources and potential are low. Resource problems especially energy in our country has not only is a pressing economic problems, but also a serious political problems, about the country's long-term development. The future economic development in our country will need a lot of resources, rely on our own resources reserves is unable to meet the need. Therefore, China must actively use of overseas resources. Especially in many state-owned enterprises of China's enterprises overseas mergers and acquisitions are resource of mergers and acquisitions. It embodies the combination of strategic national will and business interests. 

 

(3) enterprise internationalization 

 

Along with our country national open degree unceasing enhancement, our country enterprise to earned his place in the competition with multinational companies, to create a to compete with multinational company international platform. Through overseas m&a, Chinese enterprises can obtain the technology, management experience combined with China's own labor cost advantage and market space, enhances own competitive advantage. By using both the domestic and foreign markets, China's enterprises can improve the level of industrial technology and internationalization management, strengthen and foreign enterprise competition ability. #p#分頁標題#e#

 

III, present situation of Chinese enterprises overseas mergers and acquisitions and international comparison 

 

(1) current situation of the development of Chinese enterprises overseas mergers and acquisitions 

 

Under the influence of the global wave of transnational m&a, Chinese enterprises in the 1980 s began to overseas mergers and acquisitions, more representative of the enterprise such as citic, sinochem, shougang, CRC, now has developed into integrating multiple industry management, investment, the large multinational companies in many countries. With the deepening of China's opening to the outside world degree and the Chinese enterprise oneself actual strength increasing, more and more domestic enterprises begin to think globally, to enter the overseas market, through the multinational business and foreign direct investment in a variety of ways, such as looking for a new strategic development space, to speed up the pace of internationalization. 

 

Table 1: Chinese enterprises overseas m&a process 

 

TCL mergers and acquisitions for 8.2 million euros ($2003 Germany schneider electric. 

 

Boe, $380 million deal to buy hyundai TFT - LCD liquid crystal display business. 

 

2004 TCL has to buy the French Thomson TV, DVD, and alcatel mobile phone business; 

 

Saic's $500 million acquisition of South Korea ssangyong corporation 49% stake in; 

 

Lenovo acquisition of IBM's PC business for $1.25 billion. 

 

2005 nanjing group to £ 53 million bid for British rover engine and its subsidiaries; 

 

Petrochina successful acquisition of kazakh oil; 

 

2006 Chinese chemical industry has accomplished Andy Sue to France, Australia, kay and France rhodia three companies share purchase. 

 

Industrial and commercial bank of 2007 to buy a 20% stake; South Africa's standard bank 

 

China mobile's wholly owned purchase paktel Pakistan operators. 

 

2008 China's ping an acquisition equity losses of 15.2 billion yuan. 

 

2009. Geely Australia DSI company; 

 

Geely's $2010 and $1.5 billion acquisition of Volvo. 

 

Source: 2010.11 the magazine 

 

Overseas m&a failures including Taiwan benq acquisition Siemens mobile business losses, the acquisition of 3 com, huawei cnooc bid for unocal, mobile mergers and acquisitions in the failed "slamming on the brakes", baic's bid for opel failure, chinalco's stake in Rio tinto by BHP billiton plunder, tengzhong failed to buy gm's hummer, etc. #p#分頁標題#e#

 

Overseas mergers and acquisitions in China's domestic enterprises has become the world's component is very important part of transnational merger and acquisition, and attract the eyes of the world more and more attention. 

 

(2) of Chinese enterprises overseas m&a compared with world-class mergers and acquisitions 

 

We will from the vision and strategy, target selection and evaluation, negotiation and execution, use external professional resources, project implementation and integration of five aspects, such as to compare the Chinese enterprises overseas mergers and acquisitions and world-class m&a. 

 

1, the vision and strategy 

 

World-class projects, mergers and acquisitions in the enterprise has set clear vision goals and requirements. Enterprise in clear vision and goal setting clear under the guidance of the strategy, create value through mergers and acquisitions. Generally speaking, a world-class shareholders completely agree in mergers and acquisitions. Trading participants completely between owners, partners or minority investors trading structure and operation mode is very clear. 

 

Many of China's large enterprises set clearer vision goals and strategies, hopes to achieve the company's business growth through acquisitions or industrial chain upstream and downstream development, diversified development. Many of the company's strategy is to hope that through overseas acquisitions to raise the international profile of the company. On the other hand, Chinese enterprises are still in the primary stage of "going out", overseas m&a vision and strategy is not clear, enforcement is not enough, many mergers and acquisitions to pursue short-term interests damage caused by the growth of the company's long-term interests and value. 

 

2, target selection and evaluation skills 

 

World-class projects, mergers and acquisitions in the enterprise's leadership and management team can explain to all stakeholders and encourage investment project vision. M&a enterprise fully understand their financial strength, and the related issues with regulations and government regulations. Buyout firms through rigorous assessment mechanism to fully understand and evaluate the target company, confirm and quantify target value of the company, at the same time realize the merger integration issue to consider. 

 

Many Chinese companies due to unclear strategy and enforcement of inefficient, project selection range of deviating from the target. Some enterprises to establish strategic department, but due to lack of experience and familiar with the rules of international mergers and acquisitions executives, these departments are not capable of filtering and continuous monitoring of a large number of potential target companies. This makes the Chinese enterprises relying too much on advisor or investment Banks to introduce investment projects, cause the weak position in front of the international investment Banks. #p#分頁標題#e#

 

3, negotiation and execution 

 

Understand the target company and world-class projects, mergers and acquisitions in the enterprise value, has a clear decision process. With flexible means of negotiation, they know other competitors, understand in a moment, when should adhere to or compromise, have the courage to give up the deal. 

 

Chinese enterprises the main problem is lack of experience in this field. This is mainly due to the talent are less familiar with the rules of international mergers and acquisitions and experience. At the same time Chinese enterprises in language, culture and way of working, decision-making mechanism and so on all need to adapt to the international rules, which increased the difficulty of the negotiations. 

 

4, use external professional resources 

 

World-class projects, mergers and acquisitions in the enterprise to understand their own ability and similar transactions, a clear need to seek external support in what aspects. They are willing to choose experienced consultants, and can work with team fully. 

 

Many Chinese companies are willing to pay higher fees to hire well-known investment Banks, accounting firms and other intermediary institutions to provide services. Significant progress was made in Chinese companies in this field, but there is still room to improve. 

 

5, project implementation and integration 

 

World-class mergers and acquisitions in the project of the integration of m&a companies are considering merger as soon as possible, and good communication with company's internal and external stakeholders. They get the target company management team support, and integrated with processing problems arising from the work, especially in relation to the human resource problem, to work properly plan after the merger, guarantee the stability of operation. 

 

Chinese companies need to find a balance in control and decentralization. Some companies can quickly integrate the target company's management system, a consistent system and policy. Some companies will only monitor the target company management team's performance, not on the daily operation and management of the target company to do too much intervention. Chinese enterprises at the same time also to realize the integration of cross-cultural environment encountered great challenge, so Chinese enterprises need to strengthen the international management after the merger. 

 

IV, the risk in the Chinese enterprises overseas mergers and acquisitions 

 

As more and more Chinese enterprises to carry out the strategy of "going out", Chinese enterprises overseas m&a scope is more and more big, accompanied by more and more risk. According to McKinsey's statistics, over the past 20 years, Chinese enterprises overseas m&a success rate is only 33%, well below the world average of 55%. Therefore, Chinese enterprises want to smooth implementation of overseas mergers and acquisitions, and implement the strategy of "going out", must control the overseas m&a risk. #p#分頁標題#e#

 

1, the political risk 

 

For a long time, there has been "China threat theory" in western countries. With the growing of China's economic strength, the continuous improvement of international status, some western countries see China as a potential rival, "China threat theory", to the Chinese enterprise merger and acquisition activity set many political obstacles. At the same time, some regions such as north Africa and the Middle East political turmoil, serious harm to the Chinese enterprises in the local business, overseas m&a risk. Cnooc's acquisition of unocal oil companies in the United States by the congress of the United States to "national security" as the reason for denial. Chinalco to buy Australia Rio tinto is blocked by the Australian politicians and lost. Huawei acquisitions Marconi by the intervention of the British government was forced to give up. Petrochina for Russian oil company in Russia failed opposition in congress. In the process of the merger and acquisition of Chinese enterprises in overseas tend to meet the country's political power. Chinese enterprises overseas mergers and acquisitions often occurred in involves the interests of the national strategic industry, such as resource industry, technology industry, etc. Therefore, to get everything ready for overseas acquisitions of political risk. 

 

2, the legal risks 

 

The legal system environment of different countries vary widely. Chinese enterprises in the primary stage of "going out", research on the law of other countries in the world is not enough. Overseas mergers and acquisitions involving many laws, such as the national security law, anti-monopoly law, labor law, etc. In the process of Chinese enterprises overseas mergers and acquisitions need to pay a high legal fees, increase the cost of the mergers and acquisitions. At the same time, because do not familiar with foreign laws, often cause didn't because of mergers and acquisitions. 

 

The United States set up the committee on foreign investment, has issued a "foreign investment and the national security law", to strengthen the national security review of foreign mergers and acquisitions. Lenovo acquisition of IBM's PC business, it was the committee on foreign investment in order to investigate the national information security grounds. The survey was almost failed acquisition. Foreign labor law on labor rights protection and China is quite different. Chinese enterprises mergers and acquisitions after adjusting for employees are often limited to the local laws and regulations. Thomson TCL in m&a because did not understand the local laws and regulations for the limitation of layoffs and having trouble with the unions, and the merger failed eventually. 

 

3, cultural integration risk #p#分頁標題#e#

 

The Chinese and foreign enterprise culture idea varies widely. After the merger after contact with different cultures tend to produce bigger of the two conflicts. 

 

Involves both transnational merger and acquisition between enterprises of the micro culture level, also involves between countries of politics, economy, religion and other macroscopic cultural level. Improper cultural integration may cause conflict between employees, between the staff and management of opposition and conflict between different subsidiary, etc., greatly damage the enterprise internal unity and affect the operational efficiency of the whole enterprise. 

 

Enterprise culture integration involves the values of both sides, the management idea, behavior system, etc. Excellent Chinese enterprises can absorb the western culture strengths, keep the traditional advantage of local culture, formed a set of two long culture, can we truly achieve the purpose of mergers and acquisitions, increase the value of mergers and acquisitions. 

 

4, financial risk 

 

First of all, the risk of m&a financing. Mergers and acquisitions need to raise capital acquisition, assume the debt burden of the enterprise mergers and acquisitions. In the process of mergers and acquisitions often require additional acquisitions, mergers and acquisitions integration after enterprise also need additional capital investment, etc. At present the main means of international mergers and acquisitions are stock swap, bond swaps, cash acquisitions and the three ways of mixing. Stock exchange is a way that use the most. Which refers to the acquisition company offering to replace the original target company shares, so as to complete stock acquisition. Shareholders of the target company to mergers and acquisitions company, become the new shareholders for company. Due to the stock market and bond market development in our country is not enough mature, corporate stocks and bonds issue there are a lot of restrictions, unable to meet the needs of the overseas mergers. Therefore, Chinese enterprises overseas m&a mainly through the way of cash transactions, and increasing the transaction cost and the financial burden, leading to a huge increase in m&a financial risk. 

 

Second rate exchange rate risk increases gradually. Overseas mergers and acquisitions involving more than two and currency interest rate, exchange rate. The financial crisis, the European debt crisis, global central bank injected liquidity of different currencies, such as interest rate, exchange rate fluctuations. The stock of the target company bonds value fluctuation is greater. Chinese enterprises overseas mergers and acquisitions is likely to pay more interest rate fluctuations losses. 

 

5, lack of international talent 

 #p#分頁標題#e#

Chinese enterprises lack of transnational merger and acquisition and management of the talent. Started relatively late due to domestic enterprises overseas mergers and acquisitions, cross-border m&a lack of talent pool, cause enterprise acquisitions overseas prone to deviate from the strategy formulation and strategy implementation. Management and directors of m&a strategy and tactics of lack of careful consideration and the height of the master, easily influenced by outside forces, causing increased risk decision-making of m&a and bring many difficulties to the m&a and long-term development of the enterprise. 

 

V, the Chinese enterprises overseas m&a risk countermeasures 

 

The improvement of Chinese enterprises overseas m&a success depends on the joint efforts of the Chinese government and enterprises, corresponding strategy and policy, conscientiously from mergers and acquisitions preparation, make sure, after the integration aspects of further improving the capacity of overseas mergers and acquisitions. 

 

(1) government level 

 

1, to strengthen the financial support of China's enterprises overseas mergers and acquisitions 

 

Overseas mergers and acquisitions often need a lot of financial support, the enterprise itself is difficult to raise enough money. Therefore, the government will vigorously promote our country related financial institutions actively explore overseas m&a financing business, for our country enterprise "going out" to play a more important role. To improve the domestic capital market, the acceleration and fusion of foreign capital markets, broaden the enterprise acquisitions overseas financing channels, allow conditional enterprise financing in the international market. At the same time to open up new financing channels, the domestic long-term to provide strong support for the enterprises to develop transnational mergers and acquisitions. 

 

2, improve the relevant finance and tax policy and institutional environment 

 

To give qualified to carry out overseas mergers and acquisitions of companies more autonomy, in the project examination and approval, ease restrictions on business scope, etc. Give to conduct overseas mergers and acquisitions of enterprises more fiscal tax incentives, encourage enterprises to implement the strategy of "going out". Moreover, to carry out overseas mergers and acquisitions enterprise more insurance support, especially in the current situation in many parts of the turbulent environment, strengthen the enterprise merger and acquisition risk prevention ability. 

 

3, encourage conditional private enterprises to conduct overseas mergers and acquisitions 

 #p#分頁標題#e#

Many countries to our country state-owned enterprise m&a is very sensitive and think it will harm the country's economic security. Therefore, the m&a of state-owned enterprises in China is facing a considerable political risk. Private enterprises are on the political sensitivity is much lower. The government should formulate industry guide policies, encourage private enterprises to conduct overseas mergers and acquisitions. Second, the government should formulate relevant financial support policies, enterprise acquisitions overseas preferential credit and support foreign exchange. Moreover, the government should make full use of embassies to provide information support for private enterprises to conduct overseas mergers and acquisitions, and efforts to safeguard the interests of the private enterprises in overseas. 

 

4, strengthening the training of international mergers and acquisitions 

 

The government should strengthen to guide the cultivation of the talent international m&a, improve relevant talent selection system. While encouraging the cultivation of the enterprise itself to strengthen international talents and reserves, for our country enterprise overseas mergers and acquisitions, and "going out" to make sufficient intellectual support. 

 

5, set up unified overseas investment management institutions 

 

Japan and other countries are the establishment of a unified foreign investment management institution, effective guidance and services to the domestic enterprises overseas investment activities. Our country should learn foreign advanced experience, combined with its own national conditions in China, overseas investment management agency. Overseas investment management institution shall work closely with the Chinese embassy in countries, provide professional consulting services for the Chinese enterprises overseas mergers and acquisitions, effectively guide the healthy development of Chinese enterprises overseas mergers and acquisitions. 

 

(2) the enterprise level 

 

1, set up the crisis consciousness, effectively guard against various risks, especially the political risk 

 

The biggest Chinese enterprises overseas m&a risk often or political risks. China's enterprises must first be fully prepared to face political risk. Second, the political risk to take a different approach to different areas. In social stability, the rule of law, and China's political conflicts of small countries and regions to take the equity purchase way, and its stake, the higher the better. In social unrest, the rule of law is not sound, and China's political conflicts of larger countries, then take the equity purchase investment is a good way or curve, and the lower shareholding, the better. Finally, to strengthen the overseas public relations. Media of our country's enterprises tend to ignore the target countries, civil society organizations, parliament's public relations campaign. This tends to cause the target enterprise of merger and acquisition of misunderstanding, host countries and social direction of public opinion is against Chinese enterprises. Accordingly, when Chinese enterprises overseas m&a should fully public relations, strive for the public opinion support in their countries. #p#分頁標題#e#

 

2, formulate scientific and rational international merger and acquisition strategy 

 

Overseas m&a is a complex project. The success of overseas mergers and acquisitions often determines the success or failure of an enterprise. In the primary stage of our country enterprise of "going out", after the correct strategy for guiding the whole process of mergers and acquisitions and integration development plays an important role. When our country enterprise m&a strategy must combine short-term benefits and long-term development, avoid by all means follow suit for acquisitions and mergers and acquisitions. 

 

3, choose the right target market 

 

For a long time our country enterprise merger and acquisition target market is given priority to with the European and American market. European and American market legal system perfect, the market is perfect, social stability, and advanced industry. Mergers and acquisitions of European and American enterprises is conducive to improve our country enterprise scientific and technological level and management ability, improve our country enterprise brand effect, expand market share. But on the other hand, the European and American countries tend to use its leading technology economic advantages of mergers and acquisitions by Chinese enterprises set up artificial barriers. Chinese companies in Europe and the United States market competitive advantage of the weak, negotiation cost is higher. Therefore, Chinese enterprises to choose the target market of overseas mergers and acquisitions should be more to look to emerging economies. Emerging economies have more cheap cost of mergers and acquisitions, lower barriers to entry of foreign investment. Our country enterprise in the form of mergers and acquisitions in emerging markets, which is beneficial to expand the market share of more fully use the region's labor advantage. 

 

4, improve the ability of integration after the merger 

 

Enterprises must strengthen the cultural integration and human resource integration after the merger. Enterprises need to hold inclusive and innovative attitude to face the impact of the different culture and human resources, absorb the length of the two, to create a new cultural system and human resource management system. 

 

After the merger between the group's strategic assets and auxiliary assets. For strategic assets to depth of refining group, let the two enterprises is conducive to the elements of strategic assets growing depth integration, so that the effect of strategic assets into better play. For supporting assets, to meet the production under the premise of dare to discard, improve the efficiency of the use of auxiliary assets, avoid unnecessary resource consumption. 

 

Based on the analysis of above, our country enterprise overseas mergers and acquisitions under vigorous development, at the same time there is a variety of risks and disadvantages. China's government and enterprises should draw lessons from the advanced experience of mergers and acquisitions, combined with its own specific national conditions, to develop overseas m&a strategy suitable to China's national conditions and policies, efforts to improve the ability of overseas mergers and acquisitions, for Chinese enterprises to actively implement the strategy of "going out" service, for our country's economy further with the international community to make greater contribution. 

 

Reference 

 

[1] Huang Can. M&a theory research: review and prospects. Social science of hunan normal university. 2007 (2). 

 

[2] Zhao Baoguo. Chinese enterprises overseas m&a strategy research. Problems of finance and economics research. 2010 (12). 

 

[3] kase cheung. Chinese enterprises overseas mergers and acquisitions, risk and countermeasure research. Modern business. 2010 (9). 

 

[4] Liao Yunfeng. Chinese enterprises overseas m&a. China economic publishing house. 2006. 

 

Through the efforts of this stage, my graduation thesis research on the present situation of Chinese enterprises overseas mergers and acquisitions and strategy finally finished, this means that the university life is coming to an end. In the university stage, I'm learning all benefited a lot, and thoughts on it in addition to their own efforts, with teachers, classmates and friends of concern, support and encouragement are inseparable. 

 

In the process of writing this thesis, my adviser zhao teacher poured a lot of effort, from subject to opening report, from writing outline, again and again to the specific problems of MeiGao pointed out, and strictly controlled, coaxing, I express my heartfelt thanks. I would also like to thank you gave me during my study at the same time greatly concerned about and support the teachers care about my classmates and friends. 

 

Writing graduation thesis is a system learning process, the completion of graduation thesis, also means the beginning of the new study life. I will remember that I used to be a student of nanjing university, in the future work to develop the good tradition of ntu. 

 

Thank you for the teacher's criticism.