| Under the background of world economy revival and speedup adjusting of global industry structure, multinational M&A becomes the hotspot of current international economy, which has obtained much concern. Gradually, multinational M&A is regarded as the main way as well as the shortcut for the enterprises to pursue global market share and continuous self-development. Since 20 centuries, western countries have experienced five M&A tides, which have been covering USA, Europe countries, Japan etc., and also greatly influenced the developing countries. Following with "Going-out" international strategy, lately more and more Chinese enterprises have been taking M&A way to extend their market share and realize internationalization. According to data from China Commerce Department, Chinese enterprises combined about 44 oversea enterprises through M&A, one-third more in quantity than 2003, and total exchanging amount has reached to 1.4 billion USD, 40% increase compared with 2003. Currently, China not only becomes the biggest global M&A market, but also Chinese enterprises have greatly expanded the scale in international market, even in an astonishing way to realize their internationalization through multinational M&A.From the historical data of multinational M&A, most transnational M&A failed to achieve the anticipated goal. As is all known, there exists great risk in the process of multinational M&A, but as per the reason for failure, there is still no agreement. According to Mckinsey and other research results, it is indicated that cultural difference, as well as cultural conflict, become one of key aspects which influence success of multinational M&A. This dissertation takes the cultural element of multinational M&A integration as the study object, which is of some particular and real significance to enterprises' multinational M&A.Based on the predecessor's research, this paper summarizes the multinational M&A theory, cultural conflict theory as well as cultural integration theory, and makes further analysis on the present situation, characteristics, and motivation of themultinational M&A, as well as the evolvement rule of cultural conflict, process of cultural integration, and common modes. Then, it analyzes the cultural conflict influencing elements in multinational M&A process through a concept mode, discusses the relationship between cultural conflict and multinational M&A performance, and finally it puts forward a cultural integration combination modes according to cultural conflict current situation in multinational M&A. Thirdly, after a thorough investigation to some multinational M&A company, we make a diagnosis on current cultural conflict situation existing in the company, deeply explore the causes of cultural conflict, and get some important conclusions, such as great concern to the suitable culture matching in the process of mode-choosing. And at last, it brings forward the related research conclusions and suggestions. Main conclusions are as follows: Multinational M&A becomes one of the best methods for enterprises to gain continous competition advantages in economy globalization and high-speed development of science and technology; Differences of national culture and corporate culture have great influence on multinational M&A integration, and proper control of cultural conflict can bring with M&A diversity advantages; Cultural integration should be considered foremost, and it is also important to take effective cultural integration modes.Main suggestions are as follows: Making a good culture survey before merger and acquisition; Proper corporate cultural conflict control strategy; reasonable cultural integration mode; Foundation of common corporate culture; Government's support to enterprises' multinational M&A through diplomatisim, etc.. |
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