The Study On The Post-merger Cultural Integration Risks For Chinese Enterprises

In nowadays economic globalization tide, cross-border mergers and acquisitions is one of the prominent strategies which enterprises use to acquire advanced technology, enlarging market share, reduce costs or create synergy in order to improve their own competitiveness and realize enterprise's long-term development in an effective way. However, more than half of transnational M&A eventually fail to some extent. Although there were lots of literatures in "how to run an M&A" and related fields, the success of an M&A is still a difficult event. A lot of fails shows that, except for the strategic orientation problems, enterprises still have some confusion in M&A.This article focuses on the post-merger integration, tries to find out the main factors which can promote the M&A and can also prevent M&A from come to nothing.We consider about country/national cultural differences, enterprise/organizing cultural differences, cultural identities, alienation degree and intercultural learning. Based on theory review and analysis, we make following hypothesis:cross-border mergers and acquisitions'cultural integration risks are higher when the differences are more significant in country/national and enterprise/organizing. Alienation can bring risks to post-merger cultural integration while cultural identities can help overcome the obstacle in post-merger cultural integration. Furthermore, intercultural learning can also eliminate risks. Then we establish an empirical model by using the structural equation method and do empirical validation by the software of SPSS and AMOS.After all these collectings, sorting and analyzing the literatures, the factor analysis and the structural equation modelings are set up for the empirical analysis by the software of SPSS 16.0 and AMOS 17.0, we get to know that, Chinese enterprises should pay more attention to resolve country differences. And intercultural learning plays an irreplaceable role in post-merger cultural integration. Enterprises can overcome the alienation, resolve national differences, organizing differences, enterprise differences by effective intercultural learning, and the adaptability is improved after the learning.