| Under the double environment of economic globalization and domestic economic transformation, merger integration has been a strategic way of cross-regional rapid growth or even international expansion. However, the practice of mergers and acquisitions in China started late, the western related theories is limited to Chinese situation. Therefore, it is very necessary to study Chinese enterprise cross-regional intergration.This article firstly review the literature about merger intergration, then established the point of view on the “M&A behavior”. Secondly, based on the resource-based view of strategy school, introducing the theory of institution, we try to use the institutional theory to explain the performance of M&A. We put forward the following questions: After enterprise cross-regional merger and integration, what are the M&A behaviors? How does the institutional distance and enterprise resource and capabilities affect the M&A behavior by M&A behaviors? Does the merger intergration performance have feedback effect on the institutional environment?According to the above discussions, this paper will firstly review the related articles, constructing a theoretical model to explain it. Secondly, on the background of Chinese economic transformation, it will select two cases from local companies which have the across regional merger integration to conduct the study, with a dynamic view to explore the relationship of enterprise resource, institutional distance and the post-merger integration. Researches show that: Enterprise resource and capabilities have impact on the M&A performance through M&A behaviors; Legitimacy constraints caused by institutional distance play the regulatory role on relationship between the firm capabilities and M&A behaviors; Integration performance feedback for legitimacy constraints. Finally the conclusion enriches the theories of Chinese merger integration. And it will provide theory and action guides for firm practices. |
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