Research On The Impact Of The Integration Of Chinese Companies' Overseas Mergers And Acquisitions On The Performance Of Mergers And Acquisitions

The door of China's reform and opening-up is always open.From "introducing"to "going out",and then to "two-way flow" for mutual benefit and reciprocity,Chinese enterprises have been growing steadily after years of development.Over the past few years,China has responded to the trend of world economic development and implemented a series of national strategies such as "the Belt and Road" and the Supply side reform.More and more Chinese enterprises have gone abroad to achieve internationalization and strategic transformation through overseas mergers and acquisitions.Overseas mergers and acquisitions,as a development mode of enterprise extension growth,can expand the overall scale of mergers and acquisitions enterprises in a short time,eliminate competitive pressures,and at the same time gain competitive advantages such as brand,technology and channels.However,the overseas M&A activities of Chinese enterprises are not well going.Some of them are in the trading stage,but more are reflected in the unsatisfactory performance of the enterprises after M&A,the expected strategic objectives and synergies have not been achieved.The existing literature pays more attention to the strategy of transaction merger and acquisition,but neglects the research of post-merger integration.This paper focuses on the latter,combs the course,current situation,changing trend and the reasons behind the development of overseas M&A of Chinese enterprises,and reveals that post-M&A integration is an important factor affecting the achievement of M&A performance.This paper focuses on the impact of merger and acquisition performance from the perspectives of integration mode,integration stage,integration content and integration degree,and then uses case study method to analyze the post-merger integration process and performance of TCL Group,Haier Group and Meimei Group,which are mature household appliances enterprises that have gone abroad for merger and acquisition for many times in succession.The impact,combing the universality and particularity of integration,that is,in the key integration aspects that affect the performance of M&A,summarizes the heterogeneity of the impact of different integration strategies or initiatives on the results of M&A.From the perspective of the whole picture,we can see the experience and lessons that Chinese enterprises need to learn in overseas M&A integration.Finally,combined with the above research and analysis,this paper points out two basic dimensions of integration:"what to integrate"and "how to integrate",in which "how to integrate "is the key to determine the success or failure of integration and the performance of M&A.And further summarizes the difficulties and Countermeasures of post-merger integration,in order to improve the performance of Chinese enterprises in overseas mergers and acquisitions,and provide reference for Chinese enterprises to better carry out overseas mergers and acquisitions.