跨国合并的决定因素以及中国企业兼并的成就外文翻译.docVIP

外文翻译 Determinants of Cross-Border MergerAcquisition Performanceof Chinese Enterprises Material Source: Papers of Beijing Forum 2007 Author: Wu Changqi In the past thirty years China has experienced a rapid economic growth. In that period, a large number of Chinese enterprises have grown up and gained competiveness, a few have even ventured abroad to search for new sources of growth. One way of international expansion is to acquire existing businesses abroad, so called cross-border mergers and acquisitions (MA). Although the number was low and the scales were small in the recent past, the trend is clearly picking up. It warrants a close look at this phenomenon to gain a better understanding on this matter. Cross-border MA refers to a corporate action of purchasing the shares or assets of another company in a foreign country. Obviously, cross border MA is a transaction of control rights between companies in two or more countries. Although the goals of cross-border MA are often said to be creating value for the shareholders of acquiring companies, the results are far apart from the stated objective. Systematic studies show a considerable number of cross-border mergers and acquisitions end up in failure. In addition to differences in market environments between home and host countries, the competitive and comparative advantages of the acquiring companies are considered more important. Those advantages include corporate governance, top management term competence, learning ability, among others. Therefore, it’s necessary to take a look at the firm specific factors that influence the performance of cross-boarder MA. The main purpose of this study is to identify the factors that influence the outcomes of cross-border MA made by Chinese firms in recent years, particularly, economic performance of the acquiring firms. The scale of cross-border mergers and acquisitions by Chinese firms has increased steadily in recent years. According to the United Nation Conference on Trad