Efekty Międzynarodowych Fuzji i Przejęć Dokonanych Przez Korporacje Transnarodowe z Chin

This paper is devoted to investigating the results of the largest deals of cross-border mergers and acquisitions by Chinese frms. General trends in such transactions were analysed, and selected deals were the subject of deeper examination. To put the deals into context, the research covered the performance of the participating frms before engaging in the transactions and several years after completing the deal. The study included not only fnancial data, but also information about market share, technological advances, and organisational changes due to mergers and acquisitions abroad.

The largest transactions had one common characteristic: they were scrupulously prepared and foreign partners were cautiously selected. Most of the transactions also had clearly recognised strategic aims.

It was important to focus on the context in which Chinese corporations operate. The largest foreign transactions were undertaken by frms controlled by the central or regional governments. They may not have focused on profit maximization, but on achieving some political or economic goals. Therefore, the results of transactions should be perceived in the scope of the entire Chinese economy. It is common that the foreign expansion of companies from emerging economies is frequently supported by the home government.