| Since the outbreak of the US financial crisis in 2008,the original international economic order has changed.The economic growth rate of most countries has begun to slow down and has fallen into a period of economic downturn,thus creating suitable opportunities for cross-border mergers and acquisitions in China.In recent years,China’s foreign investment has continued to grow and remain at a high level.State-owned enterprises have always been the main force of cross-border M&A,but private enterprises are also becoming increasingly active,both as Chinese companies competing in the international arena.With the increase of cross-border mergers and acquisitions,many cases have failed or failed to achieve the expected results.M&A integration has naturally become the focus of attention.Cultural integration is a key factor that cannot be ignored.Some scholars believe that the reasons for merger failure Mainly because of cultural integration.It is in this context that this paper will study the cultural integration and effects in cross-border mergers and acquisitions,based on the three-dimensional dynamic model of the selection of Chinese enterprises’ cross-border M&A culture integration model proposed by Tang Yanzhen(2010),to make a transnational change.The three-three dynamic integration model of M&A culture integration is used as an analytical framework,and combined with SAIC’s acquisition of South Korea’s Ssangyong Motor,Geely’s acquisition of Volvo’s double case for comparative analysis.In the case study,we use Hofstede’s national cultural theory to analyze the national cultural differences between China and South Korea and Sweden.Through corporate vision,corporate mission,and corporate values,we compare and analyze the corporate culture of different mergers and acquisitions,from whether there is corporate culture.The introduction,employee training system,and corporate culture promotion measure the strength of corporate culture.Considering the strategic objectives and managerial style of the acquirer,the independence of the acquirer and the willingness to retain their own culture,analyze the willingness of both parties to absorb each other’s culture,and judge the appropriate cultural integration mode at each stage of M&A culture integration,and combine The specific practices in the case analyze the reasons for the success of cultural integration.In the judgment of cultural integration effect,the event research method is used to measure the short-term performance of M&A,and the financial indicators and market indicators are used to measure the medium and long-term performance of M&A,and the impact of cultural integration on M&A performance is analyzed.The case study found that the cultural match between SAIC and Ssangyong was higher than Geely and Volvo,but Geely adopted more appropriate cultural integration measures,which brought better cultural integration and good performance in the medium and long term.Although SAIC is superior to Geely in terms of short-term performance,the occurrence of cultural conflicts seriously damages its long-term performance.Finally,relevant recommendations are made based on the research findings. |
