Research On The Reconstruction Of Dynamic Capability Of Chinese Enterprises After Transnational M & A

Since the financial crisis, it made rapid development of Chinese enterprise transnational merge and acquisition, the number of merger and acquisitions funds reached its highest value. Overview the course of Chinese enterprises transnational mergers and acquisitions, limited by capital, human capital, the purpose of M & A, system and other factors, China enterprise transnational M & A efficiency is relatively low. Judging from the historical data we find that, from January 1,1998 to September 30, 2011, only 375 successful merger of the 701 merge which M & A of Chinese officially announced. Back of the low success rate is the reflection of inadequate integration after M & A. This article develops from the foreign direct investment theory, combines with the dynamic analysis theory, presents situation and problems of transnational mergers in Chinese enterprises, through literature analysis, uses financial data describes the dynamic capability of enterprise, pointes out the enterprise problems and direction of dynamic capability integration after M & A, and then introduces the system variables, empirical analysis of the impact of overseas mergers and acquisitions of enterprises dynamic capability after M & A, finds that the political stability of dynamic capability is counterproductive, and after the acquisition, the inhibitory effect on the dynamic reconfiguration is more obvious, the economic freedom of dynamic capability has appositive effect, and after the merger of reconstruction, the effect is more obvious. This paper basis on the previous studies, analysis the dynamic capability by using the financial data, provides a possible method to identify, measure, construct dynamic capability, and through the normative literature analysis, carding the definition of dynamic capabilities and how to identify and measure dynamic capabilities, and introduces the system variable of transnational merger and acquisition integration of dynamic capability analysis, finally, suggests the national strategy of Chinese enterprises transnational merger.