| Cross-border mergers and acquisitions is an important way for enterprises to invest a foreign capital,with the continuous development of economic globalization and the construction of China’s "Belt and Road" economic belt,more and more Chinese enterprises choose to go a foreign country,through the way of foreign investment to achieve rapid internationalization.According to statistics from the Ministry of Commerce,since the construction of the Belt and Road Initiative,the number of foreign mergers and acquisitions initiated by Chinese enterprises has risen sharply,and the volume of transactions has reached new highs,indicating that cross-border mergers and acquisitions have become the most commonly used way of foreign investment by Chinese enterprises.However,according to Deloitte’s survey report,60%of the cross-border mergers and acquisitions initiated in China have failed,which shows that the internationalization experience of Chinese enterprises is still insufficient,and there are many problems in the process of external expansion.The research on cross-border mergers and acquisitions in domestic academic circles has always been in full swing,and the main content of the research revolves around the motivation,performance and influence factors of cross-border mergers and acquisitions,in an attempt to provide concrete and effective strategic guidance for cross-border mergers and acquisitions of Chinese enterprises.Among them,the study of factors affecting cross-border mergers and acquisitions is the most important,many scholars from a number of different perspectives to elaborate and summarize,but the study of cultural factors is relatively scarce.According to Deloitte,22%of the failed mergers and acquisitions in China are due to cultural problems that have affected the normal conduct of transactions.Culture as a non-commercial factor in the transaction process is very subtle and crucial,but because of its many through politics,law,business negotiations and other forms of public opinion,it is very easy to be ignored and confused.Therefore,the research on cultural strategy in the field of international business is also extremely rare,the domestic research pays more attention to the cultural integration and cross-cultural management of joint ventures,lack of attention to the cross-border merger and acquisition process of enterprises Chinese strategy,so it is difficult to help enterprises identify cultural risks before and after mergers and acquisitions,to deal with cultural frictions.Based on the theoretical basis of this paper,combined with the reality of crossborder mergers and acquisitions,this paper discusses the generation of cultural friction and the specific impact path,on this basis,observes the dynamic evolution of the focus of corporate culture strategy,and summarizes the ability matching and application of various stages of enterprise.In view of the specificity,situation and dynamic and timing of cultural friction problems,this paper chooses to use case studies to conduct time series analysis and exploratory research on mergers and acquisitions under specific situations.From the point of view of typicality,representativeness and apocalypse of the case,the paper selects two case events of China National Offshore Oil Group Co.,Ltd.’s bid for Unocal Petroleum Corporation of the United States and Zhejiang Geely Holding Group’s acquisition of Volvo Cars of Sweden as the analysis unit,and conducts cross-cutting analysis,and finally obtains a unified framework related to cultural friction.This framework combines the mechanism of cultural friction,the evolution of cultural strategy focus and the application model of enterprise capability,in order to provide concrete and effective guidance for the cross-border mergers and acquisitions of later enterprises.Finally,according to the case study and theoretical summary,some countermeasures and suggestions to reduce cultural friction can be combined with the theoretical framework of cultural friction to enrich the transnational strategy of enterprises. |
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