关键词:海外并购,绩效评价,风险应对

Abstract:With the deepening of China's participation in international competition, while attracting foreign direct investment, China's outward investment has also shown a rapid growth trend, in the world alone. However, China's overseas M & A also faces some outstanding problems, such as imperfect domestic legal guarantee mechanism, foreign political and legal uncertainty, increasingly stringent security review and cultural differences.This research constructs a performance evaluation system of overseas M & A from four dimensions of profitability level, debt repayment level, operation level and development potential, and based on 27 A-share listed companies overseas M & A cases for empirical analysis.The results show that in the short term of overseas M & A, the profit level and operation ability of the enterprises decrease, and the debt risk increases,but the development potential index which reflects the long-term development ability of the enterprise is good;similarly,the higher the controlling level of domestic M & A enterprises to the M & A enterprises, the more prominent the long-term development ability of M & A enterprises, but from the point of view of the acquired enterprises, the performance of enterprises in North America is higher than that in Europe and Australia.

Key words:overseas M &,A,performance evaluation,risk response,strategy