Control Right And Integration Strategy:Cross-Border Merger And Acquisitions In Global Financial Crisis

After the financial crisis,the affairs of Chinese enterprises' cross border merger and acquisition increased year by year.Chinese companies have focused on enterprises in developed countries,which transaction amount in 2015 accounted for as much as two-thirds.There have been some influencial cases,such as Geely's acquisition of Volvo,Sany's acquisition of Putzmeister and Weichai's acquisition of Kion.However,Chinese enterprises only acquired some poor efficient companies,which mean the actions drived by opportunity.Therefore Chinese enterprises need to pay more efforts on the intergration.Existing studies of perspective school only discussed the relationship between degree of intergration and performance and the relationship between speed of intergration and performance,but never used the intergartion as a whole construct.Further more,those studies arrived at quite disdinctive conclusions.Using the data of mergers and acquisitions,the author found the factors which impacted the deal of Chinese enterprises corss-boder merger and acquisition and analyzed the new situation which Chinese enterprise faced in empirical study.Then,we researched a foreign company which megered and intergrated the local firms,analyzed the characteristics of the deals and intergrations by multiple-case study.Later,this paper analyzed the Chinese enterprise integration model,expand the theory in perspective school of meger and acquisition.In the section of empirical study,using the sample of Chinese enterprises declaration of M&A affairs,the author studied influence factors of the deal,based on trading and target characteristics.This section analyzed change of the acquire share and assets quality,before and after the financial crisis.The author found that Chinese enterprises had different attitude towards shares and divestitures in distinct situation.In the background of the financial crisis and emerging economies' bloom,the author explored the M&A study from the post-acquisition to the pre-acquisition.In the section of the first multiple-case study,a theoretical framework model was built to describe transnational merger and acquisition in China.Through a multiple-case,inductive study of six growth companies,the author compared cross-border acquisition in China to an “uxorilocal” process.Sellers are more likely to maintain the actual right of management in order to achieve long-term return,while buyers prefer enlarging market share in host country.In “coaching” governance,sellers become managers while buyers supervise the target firms with target management method.Finally,“uxorilocal” acquisition and “coaching” governance lead to a win-win situation that not only steady growth is maintained,but also management aptitude of founders sustains.In the section of the first multiple-case study,the author discussed the intergration pattern of four Chinese technology-oriented enterprises' acquisitions of European manufacturing enterprises.Forcus on the both sides of a business,this study demonstrated acquirers make decisions on intergration according to the distinction of recourses and markets.The author found there are two different patterns on intergration.One is “Western Medicine” style,which means high degree of intergration and high speed of intergration.The other is “Traditional Chinese Medicine” style,which means medium degree of intergration and medium speed of intergration.This finding explained the positive relationship of the speed of integration and degree of integration,which accidentally discovered by Bauer and Matzler in Stratagic Management Journal in 2014.At last,the author summarized the three research sections,discussed the theoretical contribution and practical implications,point out the limitations and future research direction.