Research On Impact Mechanism Of Corporate Cross-border M&A Performance Based On Cultural Differences

In recent years,the increasing strength of Chinese enterprises has provided a huge "economic advantage" for the improvement of its cross-border M&A performance.With the further deepening of the supply side reform and The Belt and Road policy,The "economic advantage" of Chinese enterprises in cross-border M&A is becoming more and more prominent,with the cross-border M&A that conforms to the strategic development is active.But a common phenomenon of "cultural disadvantage" affects the success or failure of cross-border M&A.In order to generally analysis cross-border M&A success path in the cultural background,we identify that the internal and external cultural differences has a significant negative impact on the performance of cross-border M&A based on the contrarian multivariate regression analysis method,differences of organizational culture intensity effect is more intense,verify the "cultural trend" phenomenon.On this foundation,we find the antecedent variables,the host country competition index and transaction size can regulate cultural differences and influence the performance of cross-border M&A,the are also semi variable acquisition,can act directly on transnational mergers and acquisitions performance;the moderating effect of enterprise scale is relatively stronger.The paper further studies the impact of multivariable interaction on the performance of transnational mergers and acquisitions through fsQCA.On the basis of the results of regression analysis,cultural differences,host country competition index,transaction scale and enterprise scale are used as the antecedent conditions,identify the driving mechanism of cross-border M&A based on cultural differences,finding the driving mechanism of cross-border M&A:internal dominant,external incentive,internal and external integration and external constraints,giving full play to the advantages of "economic advantage" of Chinese enterprises and avoid the risk of "cultural disadvantage".Besides four kinds of cross-border M&A driving mechanism,the article also puts forward some suggestions from cultural factors,non cultural factors and government:(1)pay attention to culture construction,on the basis of cultural differences to select targets correctly,grasp the rigidity and flexibility of organizational culture,and continue to learn,improve our creativity through cultural differences;(2)control non cultural elements,using host country environment,broaden the financing channels,objective knowledge of own strength,give full play of available resources;(3)focusing on the role of government guidance,improve the relevant laws and regulations,encourage private enterprises,establish information service platform.In conclusion,we hope that this paper can improve cultural differences and theories of cross-border M&A,and promote the application of qualitative comparative analysis method in domestic management,and provide theoretical guidance and practical direction for Chinese enterprises to achieve cross-border M&A performance successfully.