The Study Of The Cross-Border Merger And Acquisition Integration Based On Core Competency

With the economical and corporation globalization, more and more multinational corporations are participating in cross-border integration. Multinational corporations integrate resources by means of worldwide strategic alliances, share, proprietary and Merger&Acquisition to enlarge their market shares, the fact of which has come to front of the world economy.On the one hand, through the process of attraction foreign capitals, foreign capitals have had a strong inherent need to merger station-owned enterprises;on the other hand, the station-owned enterprises innovation deepen, they need multinational corporations merging resources re-association to enhance station-owned enterprises reorganization and alteration to strengthen core competency.This dissertation first studies the circumscription and characteristics of multinational corporations, and analyses the advantages, risks and integrated cost. Then, it analyses the conditions and causes of cross-border M&A.Based on the cross-border integration of core competency, the dissertation respectively studies financial integration, the integration of market resources, strategic integration and cultural integration of corporation cross-border M&A. By means of foreign theories of mode selection, in the face of the domestic conditions of M&A , it advances a series of principals and methods of integration.This dissertation also describes the decision risks, ratio risks, financial risks, assets evaluation risks, integration risks and law risks of cross-border M&A. On the basis of analyzing the factors which affect and restrict cross-border M&A, it has established related approaches to avoid risks.Because the choice of M&A target corporations of multinational enterprise is a large system, which has multigoals, multilayers, complex structure and a great many factors, the AHP method that is multi-goals and decision-making method. Combining qualitative analysis with quantitative analysis, the dissertation ranks the determinate objects. The system is validated by instances to be an effective method, which would be used to evaluate choice of M&A target corporations of multinational enterprises.Based on textual research, the dissertation chooses instances of TCL mergingGerman Schneider and Lenovo merging global PC operation of IBM as practical cases, and analyzes different integrative strategies from different points of view and the economic benefit of M&A. The chosen cases are representative and have practical significance.