中国企业海外并购动因与绩效研究

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1、ABSTRACTSincetheendof20血century,thereappearedtworemarkabletrendsfortheworldeconomydevelopment，onewastheeconomicglobalization，theotherwasthatEnterprisemergerexpandingtotheoverseasconstantly,andthencausingthewaveoftheglobalmerger,influencestheeconomicdevelopmentofeachcountr

2、ydeeplyTherewerefivebigwaveofmergerinthedevelopedcountriesfromtheendof19mcenturyandthebeginningofthe20血centurytothepresent，theprocessofthedevelopedcapitalistcountries’mergersshowthatenterprisemergeristheeffectivemeansofthecompany’Sexpandingtotheoverseasandrealizingthereso

3、urcesoptimizationallocation．AsthequickeningoftheprocessofglobalizationandthegrowthofOurcountries’economy,ourcountries’openingtotheoutsideisexperiencingtheprocessthatisfromtheintroducingtheforeigncapitaltothecapitaloutputmainly,ourcountries’foreigninvestmentappearsinthefor

4、mofforeignmergertheseyear．EspeciMl弘astheeconomicpowerisenhancingconstantly,manydomesticenterprisesareupgradedandtransformedandtheirglobalizationconsciousnessarealsoimproved，theybegintosearchtheresourcesintegrationintheglobalscope，bythebigactivitiesofforeignmergertoexpandt

5、otheoverseasandrealizethefastdevelopmentintheshortterm．Itcomeoutin80sof20也centuryforOurcountries’enterprisemerger,comparedtothewesterndevelopedcountrieswithmorethan100years’merger,ourcountries，enterprisemergerstartslateandtherearestillmanymergertheoryandpracticeproblemsto

6、besolved．Thispapermainlyusingtheoreticalanalysisandempiricalanalysis，Basedonthetheoreticalanalysisandfocusingontheempiricalanalysis，studiesourcountries’foreignmergerdeeplybythefollowing8everalmaterials：comparingthereasonsofthedomesticandforeignenterpriseofcross-bordermerg

7、ersandacquisitions；Thetargetenterprisevalueappraisalmethodanalysis．Byanalyzingourcountryenterpdseacquisitionsoverseasagentandperformance，Wearemainlyfocusontheempiricalstudyofthereasonsandtheperformanceaboutoverseasmergeranddeeplystudytheacquisitionperformancede印lMinmeview

8、ofindustrydiversifiedpattern，thechoiceofindustrylocationanddifferentmotivations，、№眦mattheperform