Integration Pattern And Performance Improvement

The integration following M&A is a crucial factor which decides whether M&A will be successful.But judging from the existing literature,the systematic study about M&A integration pattern is less,and the study about its performance improvement is much less.On the basis of the classification of the type of M&A integration pattern,we analyze the transmission mechanism between ways of M&A and integration pattern,conclude three integration patterns as “dot integration”、“chain integration”、“unit integration”,and deeply talk about the integration gravity of different types of M&A.In the assumption of agency theory,performance of integration pattern is measured on the basis of cost and income,performance improvement measure function is constructed from the point of multinational enterprise’s abilities,the relationship between integration performance and related abilities is analyzed by standard mathematical derivation.Results show that integration performance depends on the ability of information search、the ability of asset match and the ability of strategic asset recognition,and depends on the shift of the latter two largely.Meanwhile, the ability of information search indicates external market integration orientation, the ability of asset match and the ability of strategic asset recognition indicate the internal resource integration orientation,and the ability of asset match can improve the performance of “chain integration”,the ability of strategic asset recognition can improve the performance of “unit integration”,and optimal integrated size is existed in integration performance.Based on analysis of the integration pattern and its performance improvement,with the innovation of integration idea,policy proposals are put forward from the choice of integration pattern and the improvement of integration performance in our country transnational enterprises.