SHANGHAI -- Cross-border mergers and acquisitions have climbed steadily in China since 2007, with the announced transaction value rising from $13.58 billion to $93.09 billion in 2012, according to a Monday report from China Venture, a research and consulting institute.

Chinese enterprises have completed 134 mergers and acquisitions overseas in 2012, with the transaction value at $23.42 billion, according to the report.

The energy and mining businesses have registered the largest number of transactions, with 36 transactions totaling $14.7 billion in value, the report showed.

An extended period of economic stagnation lowered valuations of foreign enterprises, giving shareholders incentive to sell stakes, while a booming China is in increasing need of resources and technologies, which has led to waves of cross-border transactions, said Wan Ge, an analyst with China Venture.

Foreign companies have also pursued expansions by taking over Chinese firms, with the value of transactions rising from $1.76 billion in 2008 to $8.81 billion in 2011.