Cultural Integration---A Key to the Success of Mergers and Acquisitions10

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1、CulturalIntegration---AKeytotheSuccessofMergersandAcquisitions[Abstract]Withtheever-increasingdevelopmentofeconomicglobalization,competitionbetweencompaniesisgettingmoreandmoreintensive.Inordernottobesuperseded,companieshavetriedtheirbesttosearchforaneffectivemeanswhichcanenhancetheircore

2、competitiveness.Then,mergersandacquisitions(M&As)emerge.However,theresultisn’tencouraging.EveniftherearenumerousM&Aactivitieseveryyear,mostofthemresultinfailure.Negligenceofpost-mergerintegration(PMI),especiallyculturalintegration,isjustthecauseofthefailure.M&Aswillbeassociatedwithcorpora

3、teculturecloselyandculturalintegrationmustbecomethemaincontentofM&As’strategies.Meanwhile,certainconstructiverecommendationsareprovidedonpost-mergermanagement.Besides,somecasesofM&Aswillbeanalyzedbrieflytoconfirmthesignificanceofculturalintegration.[Keywords]M&As,PMI,corporateculture,cult

4、uralintegration,culturalconflictsiii文化整合---企业并购成功的关键[摘要]随着经济全球化的快速发展，企业间的竞争日益激烈。为了能够不被淘汰，各企业都在努力寻求一种提高自身竞争力的有效方式。并购就这样应运而生。然而事实并不尽如人意。即使每年发生的并购活动数量繁多，成功率却不高。究其原因，就是忽视并购后整合尤其是文化上的整合造成的。并购将与企业文化密切联系起来，并购后的文化整合必须成为并购战略的关键内容。同时，一些关于并购后管理的富有建设性的建议衍生而出。此外，对一些并购案例进行的简单的分析也证实了文化整合的重要性。[关键词]并购并购后整

5、合企业文化文化整合文化冲突iiiContentsIntroduction…………………………………………………………………………………...11.MergersandAcquisitions(M&As)andPost-MergerIntegration(PMI)…………......21.1DefinitionandCategorizationofM&As……………………………………………....31.2ImplicationandSignificanceofPMI…………………………………..……………...42.CulturalIntegrationRunningthr

6、oughFourPhasesofM&As…………………………42.1PhaseofPreparation…………………………………………………………...............52.2PhaseofTransition…………………………………………………………………….52.3PhaseofIntegration……………………………………………………………………52.4PhaseofConsolidation………………………………………………………………...63.CorporateCulture…………………………………………………………………….......6

7、3.1CulturalDiscrepanciesandRisks………………………………………………………63.2CulturalConflicts…………………………………………………….............................73.3AnEffectiveExecutiveandHisDecisionsonRisks-Taking...........................................84.CulturalIntegrationandPerformancesofM&As…………