Global Value Chain Climbing,Cultural Integration And M&A Performance

With the continuous development and further deepening of economic globalization and the continuous adjustment and upgrading of the global economic and industrial structure,the global value chain path entered by Chinese enterprises has generally shown a shortening trend,gradually breaking the curse of "low-end locking" in the global value chain.Many Chinese enterprises choose cross-border M&A to enhance their position in the global value chain,but compared with enterprises in developed countries,the success rate of M&A in China is low.This paper discusses the cultural integration and performance after cross-border M&A from the perspective of global value chain,provides new ideas for cross-border M&A of Chinese enterprises,and further improves the success rate of cross-border M&A of Chinese enterprises.After analyzing the interaction mechanism between cross-border M&A,global value chain and cultural integration,this paper takes Syngenta of China National Chemical Group’s cross-border M&A of Switzerland as a case,first analyzes the domestic and foreign agrochemical industry before the merger,introduces the enterprises of both parties to the merger,reviews the M&A process in detail,summarizes the motivation of the M&A and the analysis of the choice of target enterprises,and then discusses the value chain matching degree of the two parties and the climbing path of the global value chain of China National Chemical Group from the perspective of the global value chain,and analyzes its later cultural integration mode and successful measures.Finally,the short-term market performance and medium-and long-term financial performance after the merger and integration of Chem China were discussed by the event research method and the combination of financial indicators and non-financial indicators,and the impact of the M&A event on the performance of Chem China was summarized,and the success of the M&A was summarized.Through the analysis of the case of Chem China’s acquisition of Swiss Syngenta,the following conclusions are drawn:(1)the cross-border merger has achieved a climb in the global value chain of Chem China;(2)Through cultural integration and performance analysis,the cross-border M&A was a success as a whole.This M&A case study provides Chinese enterprises with certain experience and suggestions in cross-border M&A,so as to avoid detours,reduce losses,and improve the success rate of M&A.