Research On The Integration Of Cross-Border M&A Of Chinese Enterprises

At present,with the gradual deepening of economic globalization and the promotion of "the Belt and Road",cross-border M&A have been adopted by many enterprises as a way to develop the international market.In recent years,Chinese enterprises have frequently carried out cross-border M&A,but only a few enterprises have achieved the expected goals.For the low success rate of cross-border M&A,McKinsey conducted a research,and the results showed that the post-merger integration was not in place is an important reason for the failure of mergers and acquisitions.Therefore,in order to improve the success rate of cross-border M&A of Chinese enterprises,it is necessary to study how to effectively integrate.This paper takes the integration of cross-border M&A as the research topic.Firstly,it analyzes the market environment and economic situation of the continuous active cross-border M&A activities of enterprises,and summarizes the domestic and foreign literature from the three aspects of cross-border M&A,integration,and empirical research of integration.Secondly,it combs the relevant theories of cross-border M&A,and makes clear that integration should be analyzed comprehensively from the factors of strategy,business,organizational management,human resources and culture.Thirdly,through multi-case analysis method,three cases of Qingdao Haier merged GE Appliances,Geely merged Volvo and Lenovo merged Motorola are selected to elaborate the multi-faceted integration content after M&A.According to the changes of the corresponding indicators,the results show that the integration of Qingdao Haier and Geely is relatively successful,while Lenovo has not achieved the desired goal.Then,it comprehensively analyzes the integration measures of the three cases,and through method of induction,the successful integration experience and some deficiencies of the above M&A cases are summarized.Finally,the paper puts forward the enlightenment to Chinese enterprises' integration of cross-border M&A,including making good target selection and integration preparation before M&A;establishing comprehensive and systematic consciousness of integration;formulating the suitable brand integration strategy;choosing the appropriate way of cultural integration,so as to improve integration efficiency and promote the continuous development of cross-border M&A.