A Study On Integration Of Cross-border M&A Of Chinese Enterprises

In the 1990 s, the tide of economic globalization, management of companies began to promote the internationalization of capital, companies are constantly pay attention to international and domestic market development, improve their production efficiency and reduce costs and expenses, in excellent absorption technology while optimizing asset allocation. Bottlenecks in the enterprise scale, can break through restrictions on domestic conditions and the environment, as companies continue to seek new growth point, increase corporate profits for enterprises to bring new impetus. After the 2008 financial crisis, China’s cross-border M & A activity is increasing, both in number of transactions and the total increment in the first half of 2015, Chinese enterprises cross-border M & A projects reached a record high. At present, although Chinese companies have continued to try overseas mergers and acquisitions, but still being explored, the preparation phase and the negotiation phase of mergers and acquisitions are a certain lack of experience in the integration phase later still powerless, cross-border M & A integration business for Chinese Enterprises to go out strategy has a very important significance, therefore, this paper has a good practical significance for Chinese enterprises after the cross-border merger should be how to integrate.First in this paper, the current market economy in our country gradually perfect background, analysis of transnational merger and acquisition market now background and economic environment, the domestic and foreign research on M&A integration also gradually incorporated into the framework of strategic management, mergers and acquisitions can create value for enterprises, through the assets reorganization and synergies to achieve, but not all of the mergers and acquisitions are successful, a third of the mergers and acquisitions fail, the domestic scholar’s research including the stage of M&A integration, mergers and acquisitions of content such as game and integrate the risk of more widely, in this paper, based on the research results at home and abroad on the basis of relevant theories of cross-border M&A integration of the enterprise are summarized, further defined the meaning of transnational merger and acquisition, integration, cross-border M&A is involved in enterprise M&A activities between two countries, based on the analysis of transaction cost theory, theory of firm growth, on the basis of enterprise competence theory, clear the importance of cross-border M&A integration, principles and modes. The meaning of the integration factors critical to the success of the merger and acquisition of decided, is an effective way to improve enterprise core competitiveness, at the same time also can better realize the goal of enterprise. Merger integration has five principles, the principle of pattern can be divided into absorption, symbiosis,protection and so on, the enterprise of the integration of cross-border M&A can from human management,financial, culture, organization system and management, business for the integration of comprehensive. At the same time, combining with the domestic well-known overseas M&A cases ZHY and NK company, enterprise has carried on the simple introduction to both sides, analyzes the background of the oil and gas industry mergers and acquisitions and corporate strategy, to go out in the process of combing the overseas M&A project, from aspects of the enterprise management of finance, management, analysis the effect of M&A, is faced with uncertainties in the project risk of mergers and acquisitions, also exists in the process of M&A integration, on the basis of using the experience of excellent, thus summed up the enlightenment to our country enterprise transnational merger integration, to provide reference for Chinese enterprises in overseas mergers and acquisitions in the future of the road.