中国企业跨国并购财务绩效研究.pdf

RESEARCH ON FINANCIAL PERFO刷MANCE oF CHINA’S ENTERPRISES IN TRANSN—蛆IoNAL MERGERS AND ACQUISITIoNS ABSTRACT In the last few years，the world economy is constantly changing，shows unstable situation．How to occupy the global limited resources．to expand the scale of production,open up new markets in these volatile economic circtamtances and purpose to reduce the business risL achieving maximum profit in the steady development．This iS the fundamental problem of survival and development in the enterprises today．Transnational mergers and acquisitions become the best way of overseas investment by these unique advantages． With the rapid development of economic globalization，transnational mergers and acquisitions become the main form of global international direct investment for the purpose of optimizing resource allocation and improve efficiency．It iS self-evident that transnational mergers and acquisitions bring an opportunity for Chinese enterprises．It played an important role in business advantage complementary, resources integration and promoting regional economic integration in China．But we must know clearly,many China’S enterprises in transnational mergers and acquisitions are failing，and some Rre not achieving the target of strategic expected．After study the completed cases of transnational mergers，I find many enterprises faced the difficulty of industry integration and decline performance or even bankrupt．Against these problems， this research is trying to do a sample research by 25 China’S enterprises in transnational mergers and acquisitions in 2000 to 2007，and summarized the financial performance of China’S enterprises in transnational mergers and acquisitions． 111e first chapter views the history of global transnational mergers，and introduces the methods about how to research the financial performance of transnational mergers in domestic and international enterprise．The second chapter introduces the cone印ts and theoretical foundations of transnational mergers．The t