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摘要： in the 21st century， with the rapid development of economic globalization， cross-border M & A is becoming more and more active， governments in various countries are increasingly relaxed on economic regulation， the market economy system is further expanded in national areas， and the process of global investment liberalization is further deepened. To strengthen the market position， reduce costs， provide efficiency， optimize the allocation of resources for the purpose of cross-border M & A has become a high manifestation of global competition. Cross border M & A has replaced greenfield investment and become the main way of foreign direct investment.
關键词： Chinese enterprises; transnational investment; development; Countermeasures
I. Development Status of cross-border M & A of Chinese Enterprises
In today's economic globalization， cross-border M & A is an important way for enterprises to accumulate capital， occupy resources and expand market， and to a great extent， it affects the decision-making of the world's large-scale transnational companies， and affects the industry economy of cross-border M & A countries and host countries，
It affects the pattern of the global economy， and its importance can be seen. Looking at China， the cross-border M & A of Chinese enterprises has a history of more than 20 years， especially after China's accession to the WTO in 2001， Chinese enterprises set off a new wave of overseas M & A， and a series of significant overseas M & A events emerged.
II. Practical significance of Chinese enterprises participating in cross-border M & A
（1） provide new resources for the technological transformation of state-owned enterprises
（2） promote technological progress and industrial upgrading
（3） promote the transformation mechanism of state-owned enterprises
III. problems and risks in cross-border M & A
In recent years， the number of cross-border M & A in China has increased significantly， the scale has gradually expanded， and the amount has been increasing year by year. There are also some problems. The first is that most of the M & A targets are enterprises with poor performance or failure of loss overseas. Chinese enterprises lack initiative in cross-border M & A due to their own strength， lack of information channels and other reasons. They often negotiate with each other when the target company's performance declines or is on the verge of bankruptcy. As a result， the target of M & A is mostly the enterprises in trouble. （1） Chinese enterprises generally lack the experience of M & A. M & A has a history of more than 100 years in other developed countries， and the mainstream M & A in the world begins to cross-border M & A after experiencing frequent M & A in China. However， the wave of M & A in China has not been lifted yet， so the domestic enterprises will carry out cross-border M & A. Obviously， the experience of overseas M & A of Chinese enterprises is inevitable.
（2） political and legal risks of cross-border M & A. The cross-border M & A of Chinese enterprises to the host country's enterprises will inevitably affect the industrial interests of the host country to some extent. For the sake of the national industrial interests and national security， Chinese enterprises that implement M & A are bound to be opposed. The common political risks include civil war， civil unrest and stock exchange in the host country.
IV. countermeasures and suggestions
According to the data of some famous international consulting companies， 60% - 70% merger cases of Chinese enterprises fail. Therefore， it has become one of the urgent issues to analyze the possible risks and problems in the process of cross-border M & A of Chinese enterprises， and to establish a risk prevention mechanism suitable for the overseas development of Chinese enterprises.
（1） enterprises should have a clear international development strategy， establish the concept of competition in the global market， and find a development path suitable for their own actual situation.
（2） encourage private enterprises to go abroad. In the current boom of overseas M & A， we see more state-owned or state-owned holding enterprises， which is likely to cause some non economic factors of the host country， and affect the smooth progress of M & A activities.
Adopt gradual and flexible M & a strategy. Firstly， enterprises or investment institutions of host country are invited to join the M & a team. Secondly， the target company of host country can be acquired in the form of joint venture or cooperation first， and then the M & a problem can be considered when the political wind direction of host country is loose.
Conclusion：
Nowadays， with the globalization of market economy， there will be more and more economic exchanges around the world. Transnational M & A has become a trend of enterprise growth. The dream of "1 + 1 > 2" makes many enterprises go on and on. The overseas M & A activities of Chinese enterprises are more and more active year by year. However， in the process of overseas M & A， our enterprises cannot follow up blindly. Transnational M & A is an opportunity as well as a risk. Successful M & A enterprises can develop and grow， and failure of M & A will also bring costs and crises to enterprises. In cross-border M & A， Chinese enterprises need to analyze more risks and integration after M & A. I believe that with the rise of China's economy， China's enterprises will have a better and greater development.
關键词： Chinese enterprises; transnational investment; development; Countermeasures
I. Development Status of cross-border M & A of Chinese Enterprises
In today's economic globalization， cross-border M & A is an important way for enterprises to accumulate capital， occupy resources and expand market， and to a great extent， it affects the decision-making of the world's large-scale transnational companies， and affects the industry economy of cross-border M & A countries and host countries，
It affects the pattern of the global economy， and its importance can be seen. Looking at China， the cross-border M & A of Chinese enterprises has a history of more than 20 years， especially after China's accession to the WTO in 2001， Chinese enterprises set off a new wave of overseas M & A， and a series of significant overseas M & A events emerged.
II. Practical significance of Chinese enterprises participating in cross-border M & A
（1） provide new resources for the technological transformation of state-owned enterprises
（2） promote technological progress and industrial upgrading
（3） promote the transformation mechanism of state-owned enterprises
III. problems and risks in cross-border M & A
In recent years， the number of cross-border M & A in China has increased significantly， the scale has gradually expanded， and the amount has been increasing year by year. There are also some problems. The first is that most of the M & A targets are enterprises with poor performance or failure of loss overseas. Chinese enterprises lack initiative in cross-border M & A due to their own strength， lack of information channels and other reasons. They often negotiate with each other when the target company's performance declines or is on the verge of bankruptcy. As a result， the target of M & A is mostly the enterprises in trouble. （1） Chinese enterprises generally lack the experience of M & A. M & A has a history of more than 100 years in other developed countries， and the mainstream M & A in the world begins to cross-border M & A after experiencing frequent M & A in China. However， the wave of M & A in China has not been lifted yet， so the domestic enterprises will carry out cross-border M & A. Obviously， the experience of overseas M & A of Chinese enterprises is inevitable.
（2） political and legal risks of cross-border M & A. The cross-border M & A of Chinese enterprises to the host country's enterprises will inevitably affect the industrial interests of the host country to some extent. For the sake of the national industrial interests and national security， Chinese enterprises that implement M & A are bound to be opposed. The common political risks include civil war， civil unrest and stock exchange in the host country.
IV. countermeasures and suggestions
According to the data of some famous international consulting companies， 60% - 70% merger cases of Chinese enterprises fail. Therefore， it has become one of the urgent issues to analyze the possible risks and problems in the process of cross-border M & A of Chinese enterprises， and to establish a risk prevention mechanism suitable for the overseas development of Chinese enterprises.
（1） enterprises should have a clear international development strategy， establish the concept of competition in the global market， and find a development path suitable for their own actual situation.
（2） encourage private enterprises to go abroad. In the current boom of overseas M & A， we see more state-owned or state-owned holding enterprises， which is likely to cause some non economic factors of the host country， and affect the smooth progress of M & A activities.
Adopt gradual and flexible M & a strategy. Firstly， enterprises or investment institutions of host country are invited to join the M & a team. Secondly， the target company of host country can be acquired in the form of joint venture or cooperation first， and then the M & a problem can be considered when the political wind direction of host country is loose.
Conclusion：
Nowadays， with the globalization of market economy， there will be more and more economic exchanges around the world. Transnational M & A has become a trend of enterprise growth. The dream of "1 + 1 > 2" makes many enterprises go on and on. The overseas M & A activities of Chinese enterprises are more and more active year by year. However， in the process of overseas M & A， our enterprises cannot follow up blindly. Transnational M & A is an opportunity as well as a risk. Successful M & A enterprises can develop and grow， and failure of M & A will also bring costs and crises to enterprises. In cross-border M & A， Chinese enterprises need to analyze more risks and integration after M & A. I believe that with the rise of China's economy， China's enterprises will have a better and greater development.