Research On M&A Performance Driven By Technological Innovation From A Cross-Cultural Perspective

Although China has become the world’s second largest economy,its technological innovation power is obviously insufficient,and it is frequently subject to trade barriers and technological bottlenecks.In order to make up for the lack of innovation attributes,Chinese enterprises seek high-tech through cross-border mergers and acquisitions.In fact,different countries and regions have brought violent collisions of ideas and social cultures,and the complex interweaving of multiculturalism has become a typical feature of cross-border technology mergers and acquisitions,which will continue to threaten and curb the development of technology integration and innovation capabilities of both parties.How to break through the development dilemma of cultural conflict and enter the high-end market of the global value industry chain has become an important topic of cross-border mergers and acquisitions.First of all,based on the cross-cultural perspective,this paper is guided by the basic principles related to cultural differences and cultural integration,and is based on Hofstede’s theory of cultural dimensions,corporate culture level theory,cultural integration theory and technological innovation theory.Analyzing the cultural differences between the country and the enterprise of the two parties in the merger and acquisition,and summarizing the multi-level cultural integration strategy.Using the analysis method combining literature research and case study,it deduces the effect path of cultural integration on the improvement of technological innovation ability,and builds a basic analysis framework.Secondly,the article selects the case of Midea’s acquisition of KUKA,and analyzes its M&A background,M&A process and M&A motivation.At the same time,with the help of the effective coupling of "cultural integration" and "technological innovation",starting from the multi-level layers of the material,behavioral,institutional and spiritual layers of cultural integration,combined with the process of technological innovation,in line with the three dimensions of research and development capabilities,achievement transformation capabilities and commercial value realization capabilities,it is analyzed that the cultural integration at different levels plays a role in supporting,coordinating,guaranteeing and motivating the improvement of technological innovation capabilities.Next,from the two aspects of enterprise innovation performance and financial performance,combined with the industry average,this paper uses the combination of financial indicators,qualitative and quantitative methods to deeply analyze the innovation performance and financial performance of enterprises,and verify the relevant discussion.Finally,this paper draws a conclusion: the success or failure of post-merger integration determines the success or failure of mergers and acquisitions.Cultural integration is the most important link in integration,and it is the decisive stage for an enterprise to achieve successful mergers and acquisitions.Then,for the manufacturing industry in my country that wants to "go out-bring in",relevant suggestions are put forward in terms of cultural integration:(1)improve the preliminary cultural research;(2)build a cultural exchange platform;(3)shape a high-quality corporate culture.Provide new ideas for cultural integration,solve the substantive dilemma of cultural differences,and empower the new development of cross-border technology mergers and acquisitions.