Post-Merge Integration Mode And Performance By Chinese Companies

Post-merger integration is now widely recognized as critical to the M&A performance,and a main source of value creation.However,In the practice of integration,Chinese enterprises generally ignore the problem of the formulation of integration mode,resulting in poor integration.and the academic research attention on the integration mode of is not enough,the western developed countries research on the integration mode is not adapt to the Chinese enterprises.Along with the development of China economy,the support of national policy and enterprise development needs,M&A activities by Chinese enterprises gradually rising.It is very urgent for them to solve the problem of integration.Therefore,our research with Post-merger integration as the breakthrough point,using case study method based on a series M&A cases of China Communications Construction to analysis it's Post-merger integration mode,and combined with previous theory of Post-merger integration mode,trying to explore the influence factors of Post-merge integration mode and the common patterns of integration mode by Chinese companies,to find some clue for the theory of Post-merger integration,and provide practice guidance for Chinese companies.The main conclusions are as follows:(1)Enterprise Capability,Strategic Dependence and' Organizational Fit are the main factors that affect the decision-making of integration mode,Enterprise Capability is the special factor to Chinese firms;(2)according to the level of acquiring firm's capability and Strategic Dependence and Organizational Fit in both M&A firms,the integration mode will be divided into Partnering,Symbiotic,Absorption,Protection,Holding and Subjection type;(3)Different integration mode influence the performance.Chinese enterprise could use the conceptual framework of integration mode and performance from our dissertation,through the in-depth analysis of factors of decision making of integrating mode,in accordance with the integration of the general classification model,choose the correct and effective way to improve the M&A performance.