| Chinese enterprises tend to entry international market through corss-border merger and acquisition since the beginning of the 21 st century,which has been a heated topic.The topic that how to achieve the excepted strategic objectives through cross-border mergers and acquisitions(M&As)has not yet a unified answer,especially the study about post-merger integration strategy is not sufficient.At the same time,based on the theory of institutional system and the review of IBV,this paper introduces the concept of "home-country institutional experience" to explain the activity of Chinese enterprises cross-border M&As in the complex institutional environment.How dose home-country institutional experience that is a kind of invisible asset influence the post-merger integration strategy and the performance of cross-border M&As? The article also tests whether Chinese enterprises will integration strategy with different motivations and abilities or not.Based on the method of empirical research on the primary data of the questionnaire,this paper attempts to reveal the influence mechanism of the home-country institutional effect on the choice of post-merger integration strategy,and make a new explanation of the internationalization of Chinese enterprises.In this paper,we put forward five sets of assumptions,and make an empirical study on the first-hand data obtained.Finally,the following conclusions are drawn: First,the home-country institutional experience of Chinese enterprises has an important influence on the choice of post-merger integration strategy.The second is that the M&A motive has a negative effect but the relative specific advantage has no effect on the relationship between the home-country institutional experience and the strategic inter-dependency.Thirdly,the choice of the strategy of post-merger integration has influence on the performance of M&As.The fourth is the strategic inter-dependency plays intermediary role in the relationship between home country institutional experience and the performance of M&As.This paper enriches the research of cross-border M&As of Chinese enterprises,and studies the relationship between home-country institutional experience and the strategy of post-merger integration through empirical test,and supplements the research on the home country effect from the perspective of home-country institutional experience.At the same time,it is practical for Chineses enterprises because it points out the mechanism and precondition that home-country institutional experience take effect. |
