Research On Chinese Enterprises' Cross-border M&A Integratio

In recent years,Chinese companies have frequently carried out cross-border mergers and acquisitions overseas,but very few have succeeded.The author believes that the reason for the high failure rate of cross-border mergers and acquisitions is that they have not achieved efficient M&A integration.Cross-border mergers and acquisitions integration not only need to pay attention to the differences between enterprises,but differences between countries can also bring about huge integration risks.This article uses literature research methods,qualitative research methods,and case analysis methods to conduct in-depth research on cross-border mergers and acquisitions integration topics.First,it analyzes the increasing economic environment and market background of cross-border mergers and acquisitions by Chinese companies,and elaborates the research on cross-border M&A integration.There are complementary meanings of M&A theory and practical guiding significance for enterprises;secondly,domestic and foreign scholars study the definition of M&A integration concept,the division of integration content,the relationship between integration and enterprise value,and the measure of integration effectiveness.Relevant market power theory,information and signal theory,efficiency theory,and free cash flow hypothesis are outlined separately,and related concepts of merger and acquisition integration are elaborated.It is clear that research on transnational integration should include strategic,financial,business,technology,and organizational structure.Comprehensive analysis is made with the perspectives of management standards,human resources,and culture;in addition,the case of Guangxi Liugong Group's acquisition of the case of the Polish HSW Company was analyzed.The article first briefly introduced the two companies and analyzed the two parties' choice of each other's M&A motives.It combed the M&A process and M&A results in chronological order,and then elaborated on the strategic differences that Liu Gong encountered when integrating HSW at the time.,financial differences,differences in business methods,lack of technical capacity,differences in organizational structure and management standards,differences in human resources,cultural differences and other issues and Liugong's solution.From the perspective of M&A integration results,although this is Liugong's first cross-border M&A project,the integration results still stand out.This has typical implications for many "entering the water" enterprises.Finally,based on the analysis of Liugong's acquisition of HSW,based on summarizing Liugong's experience and lessons,it provides suggestions and enlightenment for the integration of Chinese companies' cross-border mergers and acquisitions from both corporate and government perspectives:the company needs to integrate the differences in integration.Demand and actual situation make appropriate adjustments.The government needs to support the company's policies and cooperate with financial entities to increase the financing of the company.