A Study Of The Culture Integration During The Mergers And Acquisitions Process

In the new world economic structure, in order to enhance the core competitiveness,and expand the scale of production and operation, M&A（Mergers and Acquisitions）becomes an efficient path for enterprises to make rapid progress gradually. Since1984,China’s enterprises had experienced three times in the wave of M&A. In the first wave ofM&A, the government of china in line with the principle of "two rights separation",promoted the contracting and leasing management mode vigorously, and encouraged strongenterprises merger disadvantage ones. This initiative achieved very good results； Thesecond wave of M&A in1992, after the “market.oriented” goals had been established, theenterprises exhibited quite lively on M&A. Only in1992, there were66enterprises mergedin Beijing; By the end of the20th century, as China’s economy adapted to the global pace,and the accession to the WTO, the third wave of M&A came. During this period, manyfamous domestic enterprises had implemented M&A activities. These were all signs thatmight point towards the time of a big strategy of M&A was approaching.However, the results of companies M&A are not satisfied in recent years, and the riskof that have been revealed obviously. More and more people come to realize that thepurpose of M&A is not only to reach the company expansion, assets reorganization and theadjustment of industrial and product structure, but also to accomplish an efficient allocationof enterprise resources. In the midst of this, the enterprise cultural integration plays adecisive role in M&A activities, and it is also the key to the targets.The intention of this paper is to study the culture integration during the M&A processby theoretical review and case analysis. And the main content of the paper is to present theexisting problems of enterprises M&A cultural integration and the corresponding solutions,which may be useful for the future research and practice.