The Research On Integration Mechanism For Strategic Mergers And Acquisitions Intransitional China

In the context of Economic globalization and transitional economies the mergers and acquisitions which is an important resource optimization and configuration tool, are playing a more important role in economic activity. M & A is a development strategy breakthrough the constraint of enterprise resource to promote its rapid growth, not only to achieve synergy and enhance core competitiveness of enterprises, but also to become a strategic choice of industrial integration and firm growth.In recent years, M & A activity showed unprecedented scenes, whether in the form and scale of mergers and acquisitions, or the acquisition of the methods and fields, all evaluated towards the direction of mature, standard and innovation. Therefore, the realization of the value of Merges is a very important theoretical and practical issues, M & A does not create value in itself, only integration process to achieve synergies. Post-merger integration is the key factor in the success of mergers and acquisitions decisions. Therefore, research on the integration mechanism show great theoretical and practical significance to guide and help Chinese enterprises to complete the merger and acquisition activity, and eventually achieve mergers and acquisitions efficiency and corporation competitiveness.Based on the theoretical analysis and field interviews in combination ,the paper construct the more complete Chinese Strategic M & A theoretical model of the integration mechanism in the context of China transitional economy. The study comprehensively and systematically answers the fundamental issue: How to create value through the effective M & A integration in China. And used 128 samples by a questionnaire survey in China, using statistical analysis of the theoretical validity of the model were tested. This text main research conclusion as follows:(1) M & A district characteristic and industry characteristic affect M & A performance.(2) Inner integration and exterior integration affect finance performance, market performance and management performance.(3) In the process of Cross- regional merger, enterprises should more pay attention to inner integration and exterior integration, which affect finance performance more than identical-regional merger.(4) In the process of Cross-industry merger, enterprises should more pay attention to inner integration and exterior integration.(5) Procedure justice and information justice influence merger performance, and procedure justice and information justice to merger performance of influence existence mutual effect.(6)The procedure justice is moderator between human integration and merger performance. The procedure justice is moderator between task integration and merger performance. The information justice is moderator between human integration and merger performance. The information justice is not moderator between task integration and merger performance.This research has certain quest, main research improvement and innovation as follows:1. This research merger district characteristic and industry characteristic and integration justice lead into merger integration and merger performance of analysis frame in, construction enterprise merger integration mechanism model, and carry on a substantial evidence examination, according to western strategy management theories and China transition economy background establishment model should have the system, depth, innovation contribute, which provide theories instruction for scenario embedded knowledge innovation of business strategy management of theories development; Also put forward policy suggestion for the improvement institutional environment.2. This research revise past scholar with one finance index of judgment merger performance, it hope make up thus former tradition finance index shortage, make research more objective and complete through finance results, market results and management results be study merger performance.3. For merger integration research dimension, scholar research usually limit in one dimension of inner integration But in the merger the fulfillment of the process, enterprise exterior relation is a business extremely concern. Therefore, this research lead into the business exterior integration this research dimension, mainly include government relation integration and public relations integration two factor, this to some extent to merger integration of the related theories carried on perfect with innovation.4. China across district merger and exist importance difference. in the international scope merger To multinational in the international scope merger, the scholars are more concern of a cultural obstacle to bring influence, but intervention come from local government in China occurrence of across the district merger is usually become a important factor which influence merger success or failure. Therefore, these research lead business merger district characteristics into the business merger empress integration of research frame, which do a special, contribute China scenario merger integration research.5. Academic difference exists in diversification merger integration and related merger integration seldom carries on system research. This research lead enterprise merger industry characteristic into the merger integration and merger performance of research frame, research diversification merger and related merger integration mechanism difference, expand related research angle of view, make up related research of shortage.6. In justice theory evolution process, the scholars developed the concept of distributive justice, procedural justice, interactive information justice and equitable the theory level from individual researchers to develop strategic alliances, joint ventures, relationships and channel relationships with the parent company of such organizational level. Therefore, according to organization justice theories this research lead procedural justice and information justice into merger integration research frame, expanded merger integration research theories angle of view, make up related research of blank.7. According to China transitional economy the research draw on conclusions of innovation as follows: First, government relation and public relations are importance for merger integration process; Secondly, the integration mechanism existence difference for the business across district merger and identical district merger, hence, enterprise should implement merger district characteristic selection dissimilarity of integration strategy, on the other hand, China market existence certain partition in some degree of the district; Again, integration mechanism existence difference for diversification merger and related merger, enterprise should implement merger industry characteristic selection dissimilarity of integration strategy; Finally, in the process of merger integration value creation, the integration justice is very important.