Study Of Post-merger Integration Management

Integration is the key to determine the performance of firm M&A. Its common knowledge that integration is more important aid complex than equity exchange But the problem existing in the process of M&A integration is ignored in current, especially domestic documents. Therefore, the theory of integration lags behind other theories in the area of M&A such as the theory of M&A motives and M&A performance, and can't meet the need of practices todayThe reason that integration large numbers after M & A is so difficultly progressing exists in the of the collisions between two different corporations, which are brought by the heterogeneity of corporations in the final analysis , Corporations culture is an important factor that decides the idiosyncracy of corporations. On the other hand .whether integration can successfully achieve the anticipate aims or not depends on the development of the core capacity after M&A. corporation culture can become the core capacity and accordingly support the durative marketable competitive advantage.Firstly, the article expatiates the five tidal waves of M&A and analyses the quality of corporate culture (the heterogeneity between the corporations and the amalgamation of the different corporations) and the functions of corporate culture. Then, the article analyses the origin and effect of cultural risk after M&A and puts forward four basal modes of cultural integration and the selective course of integration modes. On the basis of the above, the article analyses the cultural circumstances of the corporations in China and puts forward the possible modes.