Study On The Mechanism Of Knowledge Transfer Evolution Process During Chinese Enterprise Transnational Reverse M&A

With the acceleration of globalization,more and more Chinese enterprises have begun to go abroad and enter the international market.Cross-border M&A,which can help enterprises quickly obtain strategic resources such as capital and technology,have gradually become the main foreign direct investment method for Chinese enterprises.Unlike the developed enterprises,Chinese enterprises used to use reverse M&A in order to achieve transformation and upgrade without monopoly advantage.During the study on the M&A,the importance of knowledge transfer has received more attention.In the knowledge economy times,knowledge is regard as the source of the enterprises' predominance in competition,the effective knowledge transfer is regard as the key to determine the success or failure about the cross-border M&A.But similar to the Cross-border M&A theory,study on the knowledge transfer is mainly about the developed enterprises in today's academia.Therefore,the study on the knowledge transfer which accords with the situation of China's,can contributes to the literature and direct our Chinese enterprises to improve M&A success and M&A performance.This thesis mainly focusses on the study about the mechanism of knowledge transfer evolution process during Chinese enterprise transnational reverse M&A.Firstly,the thesis sorted out the different between cross-border M&A theories and the influence and process about knowledge transfer in the developed country and developing country by literature consultations.Then combine the statistic to analyze the evolution of Chinese enterprises' cross-border M&A,the current present,the characteristic and the geographical features.The next step is using method of induction to expound knowledge transfer mechanism in the M&A based on the enterprises'knowledge theory and the knowledge characteristic.Building a model about the knowledge transfer evolution process from three contexts:knowledge acquisition,knowledge exports and indigenous innovation.The model partition the process into four steps:identification phase,matching phase,transfer phase and resorption phase,and discussed how can enterprises use knowledge transfer to accelerates the exchange of knowledge,strengthen the enterprise knowledge accumulation and at last achieve value creation and build up enterprise's core competence.After that,it also using this model to explain the state of development and the situation of cross-border M&A about WANXIANG group and using financial analysis and event study to prove that knowledge transfer can help improving enterprises' M&A performance.At last,the thesis gives four measures and suggestions to improve the effectiveness of knowledge transfer which are developing knowledge transfer ability,building the knowledge transfer channel,formulating an ensuring evaluate system and paying attention to the cultural integration.