Empirical Study On Corporate Culture Differences,Cultural Integration Capabilities And M&A Performance

Merge is not only an important way for enterprises to expand rapidly,enhance market position and increase the voice of the industry,but also an important way to enter new industries and new fields quickly.With the rapid growth of mergers and acquisitions in recent years,a large number of scholars have studied the performance of mergers and acquisitions.Most of the scholars analyze the influence of the tangible factors of merge type,payment method and company size on the performance of merge,but the invisible corporate culture is an important factor that indirectly affects the performance of enterprises in all sectors and sectors.There is currently no study of the relationship between cultural integration ability and M&A performance.The study of M&A performance does not take into account the integration of corporate culture.The study of corporate culture integration is mostly a cultural integration model.It has not been implemented in M&A performance.The studies of cultural integration and M&A performance are bounded by one another,and they are one-sided and can not confirm each other.Analogy Anthropology defines human culture,this article redefines corporate culture.Besides,based on 286 M&A transactions occurred between the 2008 and 2012 five-year Ashare listed companies in Shanghai and Shenzhen stock exchanges as the research sample,make empirical analysis to the relationship of corporate culture differences and short-term market performance,the relationship between corporate culture differences and M&A book performance,the relationship between corporate culture integration capabilities and M&A book performance,the relationship between Corporate culture integration capabilities,Corporate culture integration capabilities and M&A book performance.M&A book performance include M&A book performance of the year of merger and acquisition completed,M&A book performance in the first year after completion of mergers and acquisitions,M&A book performance in the second year after completion of mergers and acquisitions,M&A book performance in the third year after completion of mergers and acquisitions,M&A book performance in the fourth year after completion of mergers and acquisitions.The cultural integration ability is analyzed from four aspects: the experience of merger and acquisition,executive turnover number,the number of executive concurrently and the gender balance of the executives.The results show that there is no correlation between corporate cultural differences and short-term Merge performance.There is a negative correlation between corporate cultural differences and M&A book performance of mergers and acquisitions,and as time goes on,the negative impact is more and more significant.The relationship between enterprise culture integration capacity was positively correlated with the performance of the M&A book performance.Experience and the M&A book performance have no relationship,t executive turnover number leave negative correlation with M&A book performance.The number of executive concurrently and the gender balance of executives are positively related to M&A performance.Moreover,the cultural integration ability can weaken the negative impact of corporate culture differences on M&A performance.Finally,it provides valuable suggestions for enterprise merger and acquisition.