Study On Cross-border Merger And Acquisition Integration: Core Competitiveness Cultivating Perspective

With the development of the economic globalization and progress of science and technology, the economy of countries all over the world is linked together closer and closer. At present, transnational mergers and acquisitions have already become the main way of FDI. Traditional international direct investment theory and merge theory give many explanations to the reason and effect of transnational merger and acquisition, but lack systematicness to the research of integration.This text has investigated the current situation of present transnational merger and acquisition at first. On the basis of analyzing its background and characteristics, point out that it is under the pressure of global competition that enterprises carry on transnational merger and acquisition, through integrate domestic and foreign resources in order to promote enterprise's competition advantage. Therefore it is not merely the work launched after transnational M&A but also a great motivation that pushes enterprises to carry on transnational M&A. In addition through probe into the effect of transnational M&A and its reason, this text proposes that the defeat of integration is the main reason that transnational M&A fails exactly to draw. By the two respects this text thinks the key factor which produces enterprise competitiveness through transnational merger and acquisition lies in integration. Then, this text has studied the relation of integration and enterprise's competitiveness from three respect, and has set up a competitiveness model of transnational M&A, through the analysis to competitiveness of integration, point out it is a kind of more advanced dynamic competitiveness to propose combining ability.With argument from the viewpoint of the above, this text thinks enterprises should integrate around the key competitiveness of enterprises while implementing transnational M&A, constructed the overall frame of integration and established the multi-factor analyses pattern which revolves the core ability. Finally, relate to the transnational M&A practice of our country, it analyzes the problems of integration work, and propose relevant countermeasures and suggestions.