[Abstract] With the ever-increasing development of economic globalization, competition between companies is getting more and more intensive. In order not to be superseded, companies have tried their best to search for an effective means which can enhance their core competitiveness. Then, mergers and acquisitions (M&As) emerge. However, the result isn’t encouraging. Even if there are numerous M&A activities every year, most of them result in failure. Negligence of post-merger integration (PMI), especially cultural integration, is just the cause of the failure. M&As will be associated with corporate culture closely and cultural integration must become the main content of M&As’ strategies. Meanwhile, certain constructive recommendations are provided on post-merger management. Besides, some cases of M&As will be analyzed briefly to confirm the significance of cultural integration.
[Key words] M&As, PMI, corporate culture, cultural integration, cultural conflicts
[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 并购后整合 企业文化 文化整合 文化冲突
Contents
Introduction1
1. Mergers and Acquisitions (M&As) and Post-Merger Integration (PMI)2
1.1 Definition and Categorization of M&As3
1.2 Implication and Significance of PMI 4
2. Cultural Integration Running through Four Phases of M&As4
2.1 Phase of Preparation .5
2.2 Phase of Transition 5
2.3 Phase of Integration 5
2.4 Phase of Consolidation 6
3. Corporate Culture 6
3.1 Cultural Discrepancies and Risks 6
3.2 Cultural Conflicts 7
3.3 An Effective Executive and His Decisions on Risks-Taking 8
4. Cultural Integration and Performances of M&As 9
4.1 Implication and Phases of Cultural Integration9
4.2 Significance of Cultural Integration 10
4.3 Modes of Cultural Integration 10
4.4 Factors Determining Selection on Modes of Cultural Integration 11
4.5 Decisions on Cultural Integration 12
Conclusion14
Works Cited16
Acknowledgements17
Works Cited
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