Research On The Value Creation Ability Of Cross-border M&A Of Chinese Listed Enterprises

Cross-border M&A(CM&A)has become a positive role for Chinese enterprises to promote international competition in the international market and to expand the product market,improve the competitiveness of enterprises and optimize the allocation of resources.Among many enterprises,the listed enterprises have become the backbone of the global stage because of their clear property rights and strong liquidity of assets.However,the biggest challenge in the process of CM&A comes from the cultural differences and integration process of CM&A,which also has a direct impact on the value creation ability of enterprises.Therefore,through two typical CM&A cases,the paper aims to study the influence of national cultural differences on value creation ability of CM&A parties,and how to reduce the negative effects of differences on value creation of cross-border mergers and acquisitions.It has important theoretical and practical significance for CM&A.Other papers analyzed why cultural differences affect the ability of CM&A value creation,but not yet,revealed how cultural differences affect the ability of CM&A value creation,aiming at this problem,the paper introduces the cultural integration as the adjusting function,and takes the GLOBE cultural dimension to replace the Hofstede cultural dimension.The method of double-case study was used to study.From the theoretical point of view,the theoretical basis and research frontier of cultural difference,cultural integration and value creation ability of CM&A are summarized by sorting out the literature.Secondly,it returns to the main body of the article,analyzes the reality and problems of cross-border mergers and acquisitions of the listed enterprises,and lays the groundwork for the later research.Again,this paper puts forward the research hypotheses of the relationship between cultural difference and value creation of CM&A and the regulating role of cultural integration,and uses GLOBE cultural dimension index to verify the cultural difference,and the influence of cultural integration on the value creation ability of CM&A.Combined with Lenovo’s merger and acquisition of IBM PC and SAIC’s acquisition of Shuanglong,this paper deeply analyzes the most important influence dimension in the dimension of cultural differences between the listed enterprises and enterprises in developed countries,and forms the corresponding corollaries,which are the most important influence dimensions in the dimension of cultural differences between the listed enterprises and enterprises in developed countries.Finally,it verifies the value creation ability of CM&A from the short term and long term perspective.Through the research,this paper main conclusions are as follows:Firstly,cultural differences negatively affect the value creation of cross-border mergers and acquisitions.Secondly,through the effective integration model,the negative impact of cultural differences on the value creation of CM&A can be mitigated.Thirdly,CM&A enterprises should attach great importance to the cultural differences between CM&A parties,treat the differences of cultural dimensions of different countries carefully,and carry out targeted analysis to achieve twice the results with half the effort.To sum up,this paper aims to improve the ability of value creation brought by cultural differences to CM&A.It also provides theoretical guidance and practical direction for Chinese enterprises to achieve CM&A.Finally,some suggestions for CM&A of the listed enterprises are put forward.In order to perfect the cultural difference and the value creation ability of CM&A,this paper aims to provide guidance and direction for Chinese enterprises to realize CM&A.