Research on the Characteristics’ Influence of the Board of Directors on the Performance of Cross-border M&A Based on OSL Model

Now, more and more Chinese enterprises begin to conduct international operation. However, with the rapid growth of the transnational operation scale of Chinese enterprises, the companies can't avoid the risk of transnational operation caused by the strategic mistake of foreign investment The enterprises should focus on the solution how to build an effective management team and board during transnational operations, therefore, they can form a favorable international governance mechanism to improve international operation performance and enhance the international competitiveness. From the perspective of board governance, this paper will explore the influence of different types of board characteristics on the performance of cross-border M&As by constructing multivariate regression model, so as to put forward suggestions for the construction of the boards in cross-border M&A activities.