Legal analysis: The motivation of China enterprises' transnational M&A is: (1) bypassing trade barriers. Cross-border M&A has avoided foreign intellectual property protection barriers and quickly entered strategic industries. In recent years, with the general reduction of tariffs in various countries, trade protectionism has risen, and more and more countries seek legal and secret protection tools. They set up many obstacles for enterprises to export, which are shown in the following forms: First, import quota restrictions. In order to expand foreign markets, especially those in developed countries in Europe and America, China enterprises have to bypass trade barriers through mergers and acquisitions or direct investment. These mergers and acquisitions make the production of enterprises localized, thus based on the host country, bypassing tariff and non-tariff barriers, and reducing market competitors through mergers and acquisitions. (2) Obtain strategic resources. With the rapid development of China's economy, the limited domestic resources can no longer meet the needs of rapid economic development. However, more and more countries in the world adopt restrictive policies on the export of primary resources, and the demand for oil and other mineral resources makes overseas investment an inevitable choice for China enterprises to use foreign resources. (3) Enhance the ability of technological innovation. In the current large-scale manufacturing transfer of multinational companies to China, the hollowing out of core technology has become the main problem in the process of transfer. The lack of technology, especially core technology, is to build the core competitiveness of enterprises relative to self-development. Cross-border mergers and acquisitions have strong timeliness and low cost, especially when some knowledge and resources belong to another enterprise, and mergers and acquisitions become the only way to obtain this advantage. (4) Expand the development space and seize the international market. China enterprises usually enter the international market by trade, but it is extremely difficult to enter new brands in highly developed and mature European and American markets, and the entry costs such as huge advertising expenses and marketing expenses are quite high. Because most enterprises in China lack international brands, their products can't be sold in the international market, so they can only earn low processing fees by OEM. Therefore, establishing the international brand of China enterprises through cross-border mergers and acquisitions and forming their own marketing network as soon as possible can not only meet the needs of enterprise development, but also open up the international market quickly and effectively.
Legal basis: Article 172 of the Company Law of People's Republic of China (PRC), the merger of companies can take the form of absorption merger or new merger. A company absorbs other companies for merger, and the absorbed company is dissolved. The merger of two or more companies to form a new company is a new merger, and the parties to the merger are dissolved.