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1、萬方數(shù)據(jù)1Introduction1．1BackgroundSinceAugust979，whentheChineseStateCouncilpromulgated5economicreformmeasuresamongwhichclearlyallowedfirmsrunenterprisesabroad，theoutwardforeigndirectinvestment(FDI)ofChineseenterprisesstartedtoexperiencearapidgrowth．Withcontinuouslypursuitofmarket—orie
2、ntedreformsinrecent30years，theChineseeconomicpoliciesvigorouslyencourageChineseenterprisestoengageinoutwardforeigninvestmentstoenhancingcompetitivenessworldwide．CurrentlytheinternationaIiza“OnOffirmsoriginatingfrOmmainlandChinaisnotanewphenomenon．AccordingtoUNCTAD’SWorldInvestment
3、Report201，in200outflowsfromChinaincreasedbymorethan$10billion，reachinghistoricalhighs$68billion，forthefirsttimeexceededJapan’SoutwardFDI．AsanimportantmodeofoutwardFDI，cross-bordermergerandacquisition(CBM&A)activitiesofChinesefirmshavealsobeenontheriseovertherecentyears．Notweakened
4、bytheglobalfinancialcrisis，Chinesecompaniescontinuedtheirbuyingspree，activelyacquiringoverseasassetsinawiderangeofindustriesandcountries．AsreportedbyUNCTAD，theCBM&AofAsiancompaniessurgedtonearly$94billionin2010，arecordlevel，withChinaaloneaccountingforover30percentofthetotal．1．2Res
5、earchquestionsInthestudy,Chineseacquirersaretheresearchobjectives．AsChineselistedfirmsarerepresentativefirmsintheCBM＆Aactivities。withpublicinformationavailable，herefurtherfocusonChineselistedacquirers．Inthispaper,thedealstakingplacebycompanieslistedontheShanghaiandShenzhenstockmar
6、ketsbetween2001and2011areexamined．DespiteCBM&AsbyChinesefirms’increasingregionalandglobalimportance，ourknowledgeoftheirvariouscharacteristicsandattributesislimited．Thepaperismainlydevelopedtoanswerfollowingquestions：WhatarethecurrentsituationsandcharacteristicsofCBM＆AsbyChineselis
7、tedfirms?WhataretheAcquirers’performancesoftheseCBM沁?Fromstrategicpointofview,whatarethefactorsinfluencingtheperformance?3萬方數(shù)據(jù)1．3Scopeofthispaper1．3．1DefinitionofCBM&AAflrmcanundertakeFDIinahostcountryineitheroftwoways：Greenfieldinvestmentinanewfacility,oracquiringormergingwithane
8、xistinglocalfirm．Inthispaper，CBM&
