The Influence Study Of Legal Culture In Integration Of Cross-Border Mergers And Acquisitions

Along with economic globalization,enterprises from different countries expanding,diversify or consolidate their enterprise operations by establish a transnational corporations(MNCs),so as China.However,due to the political,economic and cultural differences among the countries,Chinese enterprises' overseas mergers and acquisitions have not achieved the expected synergies,which proved that the legal cultural is the main factor.Therefore,it is the realistic need for Chinese enterprises to "go out" to study the influence of legal culture in transnational mergers and acquisitions.Mergers and acquisitions are part of corporate strategy,corporate finance and management,and help companies grow rapidly in their home countries or new countries by selling,buying,or merging different companies.Deloitte finds that 60%of cross-border mergers and acquisitions fail to achieve the expected business value,among which the legal and cultural problems of mergers and acquisitions,especially cultural integration,lead to two-thirds of the failures.It has been a major challenge for enterprises to integrate excellent corporate culture factors of both sides and form a new or unified corporate culture in cross-border mergers and acquisitions.Therefore,the study of the issues of legal cultural in the integration of cross-border mergers and acquisitions is of practical significance in helping Chinese enterprises to carry out cross-border mergers and acquisitions.Based on the theory of merger and acquisition,this paper defines the concept of legal culture and expounds the influence of legal culture in the integration of transnational merger and acquisition.In this paper,the issues of legal culture in the integration of cross-border mergers and acquisitions include the cultural integration and integration of legal conflict.Based on Hofstede's theory of cultural dimensions,this paper attempt to point out that legal culture and cross-border m&a integration effect on the success of the transnational merger and acquisition,legal conflicts in antitrust law labor law,company law,intellectual property law and so on through analysing the case of the merger of mercedes-benz andChrysler,the merger of lenovo and IBM PC,the merger of Danone and Wahaha.At last,this paper aiming at these problem of the legal culture,putting forward some suggestions that effectively promote the success of the cross-border m&a integration.