The Research On The Relationship Between Diversification Typologies,Integration Pattern And Cross-border M&A Performance Of Chinese Firms

This study takes Chinese enterprises as the research object,and discusses the relationship between diversification typologies,integration styles and performance in cross-border M&A.Nowadays Chinese enterprises are facing fierce competition from both domestic market and international markets.To achieve the strategic goal,Chinese firms need to figure out which type of of merger and acquisition should be carried out and how to manage the resources bought from abroad.These key issues have no unified answers in both theoretical and practical fields,especially for the post merger integration stage,scholars have no answer about what kind of integration mode should be adopted in cross-border M&A.Therefore,this paper links the selection of diversified types of mergers and acquisitions with the integration patterns of merger and acquisition,and explores whether the industry relevance of the merger and acquisition has an impact on the selection of the integration model and the final merger performance.In this paper,a questionnaire method is used to collect one-hand data to establish a database and carry out an empirical study.This paper tries to reveal the impact mechanism of the diversification type on the integration pattern,and proposed M&A motivation and resource complementarity as regulating variable to make a deeper explanation of the international behavior of Chinese enterprises.5 groups of hypotheses have been put forward,with the help of tool software and finally the following conclusions are drawn.First,the diversification type has an important impact on the selection of integration pattern,which is embodied in different level of strategic dependence and organizational autonomy.Second,resource complementarity plays a U regulating role in the relationship between diversification type and strategic dependence,and has a inverted U regulation effect on the relationship between diversification type and organizational autonomy.Third,M&A motivation has a significant moderating effect on the relationship between diversification type and integration pattern.Fourth,the choice of integration pattern has a significant impact on the performance of mergers and acquisitions,and strategic dependence is conducive to performance improvement,while the mechanism of organizational autonomy is opposite.Fifth,strategic dependency and organizational autonomy play a partial mediating role in the relationship between diversification type and M&A performance.