Research On Factors Influencing Knowledge Transfer In Cross-Border Mergers And Acquisitions Of Chinese Enterprises

With the development of globalization, cross-border mergers and acquisitions have become an important way for foreign investment. Because of the economy development and the open degree, Chinese enterprises have become more important on the stage of cross-border mergers and acquisitions. And knowledge transfer has attracted more scholars’attention because of its effect on mergers and acquisitions integration. In the era of knowledge economy, knowledge is becoming the source of core competitiveness for enterprises, knowledge accumulation and increase is the key for coordination and innovation, so it is significant to study the factors affecting knowledge transfer both in theoretical and practical fields.In this paper, we use kinds of study methods, including literature analysis, theoretical research and cases study, to reach an aim like that:analyze the action mechanism of the affecting factors in the cross-border mergers and acquisitions process, and then to solve problems of knowledge transfer, in order to obtain better synergistic performance.According to the theory of knowledge transfer and cross-border mergers and acquisitions, we divide the process into three stages:strategic preparation, negotiation and integration. The missions and objectives are different in different stages, so the key factors which affect the knowledge transfer in these stages are correspondingly different. We point out these key factors, and make some theoretical analysis, and come to a conclusion that knowledge distance, transfer will, cultural differences, knowledge costs, relationship capital, professional assistance, integration mode and senior management concept are key factors affecting the knowledge transfer, and they have respective mechanisms of action. And then, we select some typical cases of cross-border mergers and acquisitions of Chinese companies, including the SINOCHEM acquisition of ADISSEO, TCL acquisition of Thomson, ZOOMLION acquisition of CIFA and the Lenovo acquisition of IBM PC business, these cases support the theoretical analysis on the affecting factors, and we also find that the importance of the factors affecting the knowledge transfer varies in different cases.According to the analysis, knowledge distance affects the strategy, transfer will, social capital and culture differences affect the target selection, institute assistance, transfer cost affect the target valuation and negotiation, integration mode, culture differences and management idea affect the integration. Meanwhile, the effect stage and degree is different in different cases. The conclusions of this paper may be significant in the cross-border mergers and acquisitions practices for Chinese enterprises, it is an important prerequisite to strengthen initial strategic preparation, especially the knowledge distance measure and valuation for the target company. And in the integration phase, appropriate integration mode, proper human capital and cultural integration are fundamental factors to achieve the knowledge collaboration and innovation effect in cross-border mergers and acquisitions.