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ger synergies from what sense . On the other hand , the theory explains the limited scope . Acquisition motivation should not be limited synergies brought about efficiency.

3 , agency theory
The theory is that agents have an incentive to expand the business scale through mergers and acquisitions to improve corporate earnings , and thus gained more pay for their own . Therefore, the market manager , effective arrangements for the stock market and other enterprise separation of ownership and management , can slow the agency problem . Similarly , agency theory was flawed . On the one hand , mergers and acquisitions really able to improve enterprise value is debatable. In general, the board of directors or managers to complete mergers and acquisitions in the planning, not necessarily truly representative of the interests of the shareholders . On the other hand , after the merger to generate new business and easy to agency problems , and thus there is a new threat of being acquired . This is likely to cause corporate management stability is destroyed , resulting in management tend to ignore long-term interests to pursue short-term interests , and thus jeopardize the long-term enterprise value .

4, the transaction cost theory
The theory is that you can reduce the transaction costs of mergers and acquisitions . Enterprises through mergers and acquisitions can be reduced after market information asymmetry , variable mid-market enterprise internal market , and reduce the use of intellectual property rights and goodwill externalities , reduce business costs and monitoring costs of negotiations , so as to achieve the purpose of business transaction cost savings .

Chinese enterprises overseas mergers and acquisitions in the majority state-owned enterprises , making Chinese enterprises overseas M & A presents national interests and business interests combined features. Therefore, Chinese enterprises overseas M & A motive has achieved national interests and the business interests of the dual needs. Chinese enterprises overseas mergers and acquisitions are the mainsprings of business growth motivation, motivation national resource strategy , enterprise internationalization motivation.

Market economy, enterprises only continue to develop to be able to remain competitive. General corporate expansion through internal investment and external acquisitions are two basic ways to achieve the development of enterprises . External acquisitions are relatively more efficient approach. Thirty years of reform and opening up, China's rapid economic development, enterprise strength greatly enhanced , with the strength and international market conditions . As China's economy continues to integrate into the globalization of Chinese enterprises to actively carry out overseas mergers and acquisitions.

China's exports continued to grow in international trade is becoming increasingly high . But many countries on China's export products such as anti-dumping tax increase or restrict the entry of our products . Over the years, China has become the world's largest anti-dumping investigation countries. Many countries raise trade barriers against our country . In this case , China's enterprises overseas mergers and acquisitions , to achieve localization of production and sales , help to avoid trade barriers and stable market share as well as new markets open up. On the other hand , C