The Relationships Research About Resource Integration Capability And Cross-border M&A Our Country In The Post-crisis Era Situation

With the outbreak of the financial crisis9the global economy into the post-crisis era.Lots of big companies of western developed countries bankrupt and some largeenterprises sold some assets and business by low price to get proceeds to protectthemselves. China seized the opportunity to cross-border mergers and acquisitionsactively under the circumstances. In recent years9the performance of cross-border M&Ais not very optimistic in china. Even if it succeeded at the early stage, the integration ofresources also in trouble in the late integration. From different perspectives9the scholarsto study the M&A performance. According to the related research and actual combat ofscholars and entrepreneurs9based on the resource theory9author study the effects ofresources integration ability to the cross-border M&A performance.In the text9according to the definition and classification of resources integrationability by the senior scholars9the author divides the resources integration ability intoconstruction ability resources and resources utilization ability two dimensions. On thebasis of definition of resources construction ability and resources utilization ability9theauthor set the segmentation index of dimension. Enterprise financial index are selectedas measure index of the change of transnational mergers and acquisitions performance9it includes earning power9operation capacity9the cash flow ability9debt paying abilityand growth ability. Selecting some listed companies of the transnational mergers andacquisitions of in our country under the case of the financial crisis into regressionanalysis. The resources construction ability and resources utilization ability are regardedas predictive variable9and the financial indexes are regarded as criterion variable. Thearticle tries to find out the relationship between resources integration ability and M&Aperformance through studying the cross-border M&A performance in the three years ofthe company. The results of multiple linear regression analysis showing the resourcesconstruction ability and the resources utilization ability present moderate significantlyassociated with the growth ability of enterprises)to the second year after the M&A9theresources construction ability present moderate significantly associated with enterprise’sprofit ability and cash flow capabilities)the resources construction ability and theresources utilization ability present very few related with the operational capacity ofbusinesses)the resources construction ability and the resources utilization ability presentweakly related with enterprise’s debt paying ability9and It didn’t pass the significancetest. In the paper9according to the current situation of transnational M&A, the authorgives some suggestions about how to further improve the ability of resource integrationof M&A enterprises based on the analysis of the results.