Research On The Influence Of Cultural Gap On The Performance Of Cross-border Mergers And Acquisitions

Under the background of economic globalization,China’s pace of "going global" is speeding up,which makes China officially become a net exporter of capital in 2015,and for the first time in 2016,it became the "throne" of the world’s largest overseas acquirer.However,due to the short history and lack of experience in cross-border M &A,Chinese enterprises have encountered more and more obstacles and higher failure rate in cross-border M & A.Most scholars think that cultural differences will affect the effect of M & A integration.Therefore,this paper aims to analyze the impact of cultural differences on the performance of cross-border M & A through empirical research,hoping to further improve the theory of cultural differences and cross-border M & A,and provide suggestions and knowledge for Chinese enterprises in cross-border M & A,so as to promote Chinese enterprises to better "go out".In view of the above problems,this paper theoretically analyzes the relationship between cultural differences and cross-border M & A,and expounds other factors that may affect the performance of cross-border M & A.In the aspect of empirical research,this paper uses 91 A-share listed companies’ M & A cases in 2014 and 2015 as the research object.Based on multiple regression analysis,the value of cultural differences between countries or regions of M & A parties obtained from Hofstede model is used as the specific indicator to measure the cultural differences between M & A parties.The measurement of M & A performance is based on entropy weight method in the comparative study of business performance Take ten indicators to measure the comprehensive performance of sample enterprises in the first year,the second year and the third year after M & A for evaluation and analysis.As the conflict between M & A parties caused by cultural differences is difficult to appear in a short period of time,the evaluation of cross-border M & A performance is a long-term process,so this method can effectively evaluate the long-term performance changes of enterprises,and other relevant research has been done Certain supplement.Furthermore,the relationship between cultural differences and the performance of cross-border M & A is obtained by using multiple regression analysis.In addition,this paper further analyzes the group heterogeneity of M & A parties(cross-border M & A experience)and event heterogeneity(industry relevance),and discusses which listed companies are more sensitive to the impact of cultural differences on the performance of cross-borderM & A.The empirical results of this paper show that for Chinese enterprises,cultural differences have a significant negative impact on the performance of cross-border M &A in the long run,but with the passage of time,the integration of the two sides of M &A gradually deepens,and the negative impact of cultural differences is also weakened;at the same time,through the heterogeneity analysis,we can see that the rich experience of cross-border M & A and high industry relevance are certain To some extent,it restrains the negative effect of cultural differences on the performance of cross-border M & A.Finally,combined with the results of empirical analysis,based on the two levels of government and enterprises,this paper puts forward relevant suggestions for Chinese enterprises to carry out cross-border M & A.