| As the approach of the era of knowledge-based economy, people pay more attention to the value-added functions of intellectual capital and other intangible resources; meanwhile, information technology is widely used, which leads to the increasing development of economic globalization trend; connection between China and the world is much closer after China joining the WTO.In this international situation, the Chinese government formulates the development strategy of "going out" in order to integrate to the world economic stage through foreign direct investment as soon as possible and get rid of the weak capability of independent innovation and the lack of core technology. Driven by "Going out" strategy. Chinese companies’overseas mergers and acquisitions in recent years have shown a trend over more than active.Compared with the advanced industrial countries, mergers and acquisitions of Chinese enterprises with overseas M&A activity is not only a late start, but also has characteristics different from those in the developed countries. Cross-border M&A theory of the western mostly take advanced Western countries’corporate mergers and acquisitions as study objective, so it is not adaptable to a developing country China. M&A pioneers of our country to the sea lack of experience, thus there is an urgent need for timely follow-up of theoretical research to improve the success rate of overseas mergers and acquisitions through theoretical guidance.In this context, in perspective of intangible resources, the article makes research on Chinese enterprises’overseas M&A motives and integration, in order to achieve innovation in the theory and put forward recommendations of overseas mergers and acquisitions practice.Research idea as follows:First, based on the value-added function and cost-benefit characteristics of intangible resources, the article puts forward the concept of intangible resources system; Second, the article analyses the environmental adaptability of intangible resources, the comparison between the transfer of advantaged intangible resource and diffusion path in cross-border mergers and acquisitions, and the mechanism of synergies, combined with the current situation and characteristics of Chinese enterprises in overseas mergers and acquisitions, based on the requirements of the system adaptability to environment, the article puts forward the M&A motivation theory that Chinese enterprises overseas mergers and acquisitions promote the intangible resources system’s optimization and upgrading; then, the article analyzes barriers in the advantaged intangible resources cross-border transfer and diffusion, combined with problems existing in the utilization and integration of intangible resources in the Chinese enterprises overseas mergers and acquisitions and also systematic way of ideas and Engineering way of thinking, the article puts forward integration of intangible resources systems ideas and the specific path of integration of intangible resources in overseas mergers and acquisitions of Chinese enterprises. Finally, the article discusses the integration path of three key intangible resources subsystems-the corporate human resources, corporate culture and the relationship resources of the enterprise.The main contents include the following aspects:The first chapter is the introduction. This part describes the research background, meaning and purpose, the study of logical thinking and research methods, and also expected innovation of this article. The logical framework and mode of thinking presented in this chapter not only highlight the theoretical value of the paper, but also play the guiding role of the integration of ideas on intangible resources in the practice of Chinese enterprises’overseas M&A activity.The second Chapter is theoretical basis and literature review of this article. Theoretical basis of this chapter describes M&A according to different criteria; defines the characteristics of cross-border mergers and acquisitions and the connotation and denotation concept of intangible resources; undertakes a review of the international foreign direct investment theory; summarizes the research results of foreign direct investment in developing countries; summarizes the M&A motivation theory. By the definition of these basic concepts and the review and conclusion of basic theory, this chapter makes the theoretical basis for further study. Domestic and foreign scholars have made research on the function of intangible resources to create value, the impact of intangible resources on the success or failure of mergers and acquisitions and synergies role. The literature review section reviews and summaries representative studies in the field; on this basis, M&A motivation of the relevant literature both domestic and foreign is summarized; then, China’s domestic M&A and overseas mergers and acquisitions is summarized and assessed.Chapter III describes the characteristics of intangible resources and analyses Chinese enterprises’overseas M&A motivation. On the one hand, based on function to create value and cost-benefit characteristic of the intangible resource, the system characteristic and that of the intangible resource, the chapter proposes the concept of intangible resources for the next theoretical analysis; on the other hand, according to the advantages of advantaged intangible resources across domestic in cross-border transfer and diffusion, the synergy mechanism of intangible resources achieved through cross-border mergers and acquisitions, as well as environmental adaptability of intangible resources, combined with Chinese enterprises’current situation and characteristics of overseas mergers and acquisitions, the chapter indicates the motivation theories that overseas mergers and acquisitions of Chinese enterprises promote intangible resources system’s optimization and upgrading. On the basis of the above theoretical interpretation and derivation, this chapter also carries out an empirical study by the case.The fourth chapter discusses the integration of intangible resources in Chinese enterprises’overseas mergers and acquisitions. This chapter firstly analyzes the problems in the use and sharing of intangible resources in overseas mergers and acquisitions of Chinese enterprises, obstacles in cross-border transfer and diffusion of the advantaged intangible resources, and the need for integration of intangible resources in Chinese enterprises’overseas mergers and acquisitions from practice and theory aspects:Secondly, based on the point of view of system theory.and engineering thinking, the chapter puts forward the idea of building engineering system of intangible resources in Chinese enterprises’overseas mergers and acquisitions. Then, the article discusses the goal, guiding principles, specific process design and implementation of micro and macro organizational path of integration of intangible resources engineering systems in Chinese enterprises’overseas mergers and acquisitions.Chapter five makes a further in-depth study of the merger integration path about three key intangible resources subsystem of enterprises. Beginning of this chapter, this paper explains three intangible resources subsystem, i.e. corporate human resources, corporate culture and inter-enterprises relations resources, is in a strategic position in the entire intangible resources, pointing out that their integration is the key to optimization and upgrading of the intangible resources system.On this basis, this chapter first analyzes the characteristics of the human resources subsystem, and puts forward the specific implementation path to overseas M&A from personnel training, human resource development, human resources crisis management and other aspects. Second, through comparative analysis of Chinese and foreign national cultural differences and the pros and cons of different cultural integration model in M&A, this paper suggests Chinese enterprises’overseas M&A cultural integration should adopt the evolutionary patterns of cross-cultural fusion innovation, and further elaborates on the task, functional composition and design principles for cross-cultural fusion innovative systems engineering, and explore the organization and implementation path to cross-cultural fusion innovative systems engineering. Finally, based on the mosaic theory of social network structure, this paper advances the specific integrated thinking for resources maintenance and dynamic adjustment of inter-enterprises relationships resources.Chapter6is the conclusions and research outlook. The research conclusions of full text are summarized, and the shortcomings of the research are pointed out, and future research development direction is proposed.This paper mainly proposes following three theoretical perspectives through studies.Firstly, the concept of intangible resources system of enterprise. From the point of view of system theory, enterprise is a system composed of a tangible resources and intangible resources. Each intangible resources of the enterprise through organic combination also constitute a subsystem of the enterprise. Each intangible resources of the enterprise are the various subsystems of the entire intangible resources. With organic coordination and tacit understanding among all the elements of the intangible resources of enterprise, the enterprise can make the whole intangible resources to achieve the overall optimization, and its value creation function can play, and the core competitiveness of enterprises can be formed and enhanced. The concepts of intangible resources system have some theoretical reference value to use the mechanism of intangible resources for Chinese enterprises, to enhance its value creation function, further to achieve the goal of maximizing enterprise value.Secondly, the motivation theory promoting the intangible resources system optimization and upgrading for oversea mergers and acquisitions of Chinese enterprises. Seeking and achieving strategic, critical and complementary intangible resources for overseas mergers and acquisitions of Chinese companies only is the surface of motivation, and its essence lies in the optimization and upgrading of enterprise intangible resources through overseas acquisitions, and enhancing the adaptability of the international business environment, and achieving the strategic objective to enhance their international competitiveness through the cultivation of the core ability ultimately.Finally, the idea of building intangible resources integration systems engineering through overseas mergers and acquisitions of Chinese companies. Since the intangible resources of the enterprise system features can be seen as a system, and the optimization and upgrading of intangible resources is a complex dynamic process, we can use a systematic way of thinking, and integrating relevant engineering theory to build China’s overseas M&A integration of intangible resources systems engineering. The ideas putting forward both gathered enhancements of Chinese enterprises intangible resources’creation function and improvement of international competitiveness at the micro level, and also look at the adjustment of industrial structure and taking advantage of market potential at the macro level.The innovations of this paper have the following three aspects:First of all, based on intangible resources perspective, the perspective to explore the motivation of Chinese enterprises’overseas M&A is unique, and viewpoints of this paper are novel. Studies of mergers and acquisitions in the past are also related to the motivation for intangible resources; however, they only involved some elements of the intangible resources. According to the characteristics of tacit and fit for intangible resources playing a role, this paper looks the intangible resources of the enterprise and its constituent elements as a system, and takes fully into account the mechanism of the synergies of intangible resources and environmental adaptability. The suggesting M&A motivation theory of Chinese enterprises in overseas mergers and acquisitions promoting intangible resources system optimization and upgrading not only reflects the unique perspective but also has a certain novelty.Secondly, the use of a systematic way of thinking and engineering theory make the theory of motive and integration about Chinese enterprises’overseas M&A showing a certain system. This study focuses on the overall enterprise intangible resources, based on the characteristics of intangible resources playing a role, not only put forward the concept of intangible resources system, but also explore the problem of the intangible integration by using the engineering method of thinking. All of this are based on a certain theoretical basis, and will promote the theoretical framework about the theory of enterprises’M&A to improve, the further study about intangible resources systematical integration to go on.Finally, the analytical framework of this paper implies a contradictory theory of dialectical philosophy. The post-merger integration is the key to the success of mergers and acquisitions, and the focus and difficulty of M&A integration also lies in the integration of intangible resources. This paper focuses study on the integration of intangible resources, so the principal contradiction is grasped. This paper pays close attention to the integration among human resources, corporate culture and inter-enterprises relationships resources in the study of enterprise M&A intangible resources integration, so as to focus on the main aspects of conflict. The dialectical contradiction perspective is fully reflected in the discussion of M&A integration path. |
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