中国海外并购的回顾与展望

Abstract:Since the financial crisis in 2008，China’s outbound mergers and acquisitions （M&As）have shown a rapidly developing trend. Based on the current situation of global M&A markets，this paper analyzes the main characteristics，motivations and problems of China’s outbound M&As. In recent years，the changes in the situation of China’s outbound M&As are not only reflected in the increasing number and size of transactions，but also in the distribution of regions and industries. While continuing to increase the investment in emerging Asia-Pacific economies，China is becoming more active in such mature markets as the United States and Europe in terms of M&As. The industry structure of China’s outbound M&As is constantly optimized. The proportion of M&As related to natural resource materials in the total size of M&A transactions shrunk significantly，while M&As in such sectors as manufacturing and various services continue to rise. Regarding the investors of outbound M&As，private enterprises and various investment funds in China are becoming the leaders of overseas M&As.

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