With the development of economic globalization, Chinese enterprises have significantly increased their activities in the global capital arena, and overseas mergers and acquisitions have become an important strategic choice for them to participate in international competition. This paper adopts the literature review method to systematically deconstruct the mechanisms of political, economic and social dimensions on M&A performance. It is found that from the political dimension, reports of negative politics in the host country, political uncertainty, tensions in bilateral diplomatic relations and legal and regulatory constraints (e.g., antitrust scrutiny) significantly increase M&A resistance. At the economic level, differences in accounting standards lead to information asymmetry, exchange rate volatility affects cost-effectiveness, and the financing environment constrains access to capital. On the societal plane, the outsider disadvantage erects formidable barriers to cultural integration. Meanwhile, corporate social responsibility initiatives and the degree of social legitimacy enjoyed by enterprises wield a direct and profound influence on public acceptance. These factors, through risk transmission and resource integration paths, jointly play a role in the success rate of M&A as well as subsequent performance.
Man Wu (2025) studied this question.