The Influence Of Cultural Strength On International M&A Performance

Transnational mergers and acquisitions is one of the important means for international enterprises to seek development.But high mortality,low success rate is still a common phenomenon for transnational M&A.To analyze its reasons,many scholars use different methods from different angles finding that the cultural factors are one of the key factors to influence transnational M&A performance of enterprises.So,in this thesis,it is necessary using the perspective of enterprise culture to analyze its impact on international M&A.With the development of the era of knowledge economy,enterprise culture has become a popular vocabulary,especially under the influence of some successful multinational enterprises and century enterprises,and corporate culture has received much concern in the business world.Enterprise culture entered into China in the 1990s and has got more and more attention.Enterprise culture has become the basis of communicating and cooperating between businesses after the economic globalization.In this thesis,based on the organizational inertia theory and institutional theory,we use the perspective of enterprise culture to investigate the influence of Culture strength of acquiring enterprise on the international M&A performance.Firstly,this thesis elaborates that corporate culture strength will influence the cultural integration and thereby influence the International M&A performance as a deductive process,and then combines with the Cultural distance to adjust the relationship of this two variables,to put forward the research hypothesis and build the theoretical model in this thesis.Secondly,this thesis gets 72 available enterprise samples from the initial database of the Chinese listed companies which make cross-border M&A activities in 2002-2012 and use SPSS20.0 software to make linear regression testing step by step for the arranged data.Besides,in the testing process for the adjusting of variables,this thesis adopts the method of hierarchical regression analysis referring to the previous research.Finally,this thesis make theoretical analysis and robustness test for the empirical result,and then get the research conclusion.This thesis discovers that there is an obvious negative correlation between Cultural strength of acquiring enterprise and the International M&A performance.What's more,the Cultural distance recedes the correlation significantly.The conclusion of this thesis has important meaning for China's companies cross-border M&A and put forward the countermeasures and suggestions on better cultural integration,which will be able to provide positive reference for the enterprise transnational M&A.