Policy adjustments needed to encourage Chinese companies' overseas M&A  

作　　者：张文魁 

机构地区：[1]State Council Development Research Center

出　　处：《China Economist》2010年第3期32-40,共9页中国经济学人（英文版）

摘　　要：The past several years have seen Chinese companies participating in a growing number of overseas M&A deals for increasing values.Most of China's state-owned enterprises' overseas M&A deals are in the resource and mining sectors,while private companies' deals are usually done to obtain advanced technologies and reputable brands.We can conclude,based on previous experiences,that small and medium-sized companies as well as those engaged in import substitution have a much greater chance for successful integration.Large companies and those with an export-orientated nature have slimmer chances for successful integration.The overseas M&A verification system the Chinese government practices is unfavorable for successful deals and the upgrade of Chinese companies.The past several years have seen Chinese companies participating in a growing number of overseas M&A deals for increasing values.Most of China’s state-owned enterprises’ overseas M&A deals are in the resource and mining sectors,while private companies’ deals are usually done to obtain advanced technologies and reputable brands.We can conclude,based on previous experiences,that small and medium-sized companies as well as those engaged in import substitution have a much greater chance for successful integration.Large companies and those with an export-orientated nature have slimmer chances for successful integration.The overseas M&A verification system the Chinese government practices is unfavorable for successful deals and the upgrade of Chinese companies.

关 键 词：OVERSEAS M&A SMALL and medium-sized COMPANIES INTEGRATION 

分 类 号：F279.21[经济管理—企业管理]