Chinese Private Enterprise Cross Boarder Merger&Acquisitions Heterogeneity Characteristics Generation Mechanism Study

With accelerating speed of Chinese private enterprises exploit overseas market, cross boarder mergers and acquisitions has gradually become one of the most important methodoloy for Chinese private enterprises to exploit overseas market and establish competitive advantage, it also become focus of attention from theorists. More and more researchers discovered as macroscopic political environment; social environment; cultural environment and microcosmic corporate governance environment; technological environment differentation, the characteristics of cross border mergers and acquisitions of Chinese private enterprises are different with west enterprise cross border mergers and acquisitions. Scholars are short of integrated theoretical model to technicality described and theoretical explanation the generation mechanism of Chinese private enterprises cross border mergers and acquisitions heterogeneity characteristics. What characteristics Chinese private enterprises are during cross border mergers and acquisitions? What heterogeneity characteristics of the cross boarder mergers and acquisitions compare with western enterprises? What is the generation mechanism of these heterogeneity characteristics?For answer these questions. Thesis takes whole process of cross boarder merger and acquisition of Chinese private enterprises as object. Divide cross boarder merger and acquisition processes into three stages:driving?trading and integration. Through description and analysis the various stages by specific cross boarder merger and acquisition business case, dig out the characteristics of each stage of Chinese private enterprises cross boarder merger and acquisition. Achieved heterogeneity characteristics of each stage by compare characteristics of cross border merger and acquisition within European and American enterprises and characteristics of Chinese private enterprises cross boarder merger and acquisition. Analyze the heterogeneity characteristics of each merger and acquisition stage based on the framework generated from uncertainty avoidance theory; elaborate generation mechanism of heterogeneity characteristics about Chinese private enterprises cross boarder merger and acquisition by iteration research method. Establish relate cross boarder merger and acquisition stage theoretical model and separate out completed generation mechanism model of Chinese private enterprises cross boarder merger and acquisition heterogeneity characteristics base on research conclusions.Construct completed generation mechanism model of Chinese private enterprises cross boarder mergers and acquisitions heterogeneity characteristics is the focus of this thesis. Thesis use iteration theory research method, put research results of cross boarder merger and acquisition heterogeneity characteristics from preliminary analysis into China specific situation for twice theory iteration. Specific process is first carried out case screening base on the key cross border merger and acquisition process. Summarize each phase characteristics base on classic business case. Identify characteristics and heterogeneity characteristics of Chinese private enterprises cross boarder merger and acquisition driving, trading and integration stage, implemented preliminary analysis of heterogeneity characteristics generated reasons base on case study and comparative study. After that used uncertainty avoidance theory from national cultural model as framework tool to twice theory iteration for driving stage generation mechanism of heterogeneity characteristics, trading stage generation mechanism of heterogeneity characteristics, integrate stage generation mechanism of heterogeneity characteristics from preliminary analysis results. Analyse logic between generation mechanisms of heterogeneity characteristics and China uncertainty avoidance cultures situation. Established intangible resource oriented model of cross boarder merger and acquisition within driving stage, experience oriented model of cross boarder merger and acquisition within trading stage, anergy type model of cross boarder merger and acquisition within integration stage base on reaserach results of each merger and acquisition stage. Finally achieved generation mechanism model of Chinese private enterprises cross boarder mergers and acquisitions heterogeneity characteristics based on summazied above three theoretical models.Researches show that China private enterprises are gradually lost cost control advantage, weak uncertainty avoidance cultural impact Chinese private enterprises choose cross border merger and acquisition as more easily way to circumvent risk for seek international business resources to establish new competitive advantage. But as lack of experience and integration ability, China private enterprises whom influenced by weak uncertainty avoidance culture selected intermediary agent company to help them to completed cross boarder merger and acquisition trading and integration phase, also tolerate fuzzification and non-constitutive of integration phase to avoid risk from international operation environment in order to ensure the resource acquisition from mergers and acquisitions target.