海外并購中的文化沖擊與融合_畢業(yè)論文.doc

畢業(yè)論文論 文 題 目 ：海外并購中的文化沖擊和融合作者所在系部： 外 語 系 作者所在專業(yè)： 英 語 作者所在班級： B09711班 作 者 姓 名 ： 趙盼盼 作 者 學 號 ： 20094071114 指導教師姓名： 劉阿娜 完 成 時 間 ： 2013年6月 北華航天工業(yè)學院教務處制Cultural Conflict and Integration in Overseas Mergers and AcquisitionsbyZhao PanpanThesis Advisor: Liu AnaSubmitted to the B.A. Committee in partial fulfillment of the requirements of the Degree of Bachelor of Arts in the Foreign Languages Department of North China Institute of Aerospace and Engineering.北華航天工業(yè)學院畢業(yè)論文指 導 教 師 情 況姓名劉阿娜技術(shù)職務講師工作單位外語系指 導 教 師 評 語指導教師評定成績:指導教師簽字:_ _ 年 _ 月 _ 日答 辯 委 員 會 評 語最終評定成績: 答辯委員會主任簽字:_ 單位(公章) _ 年_月_日北華航天工業(yè)學院本科生畢業(yè)論文原創(chuàng)性及知識產(chǎn)權(quán)聲明本人鄭重聲明：所呈交的畢業(yè)論文Cultural Conflict and Integration in Overseas Mergers and Acquisitions是本人在指導教師的指導下，獨立進行研究工作取得的成果。除文中已經(jīng)注明引用的內(nèi)容外，本論文不含任何其他個人或集體已經(jīng)發(fā)表或撰寫過的作品或成果。對本論文的研究做出重要貢獻的個人和集體，均已在文中以明確方式標明。因本畢業(yè)論文引起的法律結(jié)果完全由本人承擔。本畢業(yè)論文成果歸北華航天工業(yè)學院所有。本人遵循北華航天工業(yè)學院有關(guān)畢業(yè)論文的相關(guān)規(guī)定，提交畢業(yè)論文的印刷本和電子版本。本人同意北華航天工業(yè)學院有權(quán)保存畢業(yè)論文的印刷本和電子版，并提供目錄檢索與閱覽服務；可以采用影印、縮印、數(shù)字化或其它復制手段保存論文；在不以營利為目的的前提下，可以公布非涉密畢業(yè)論文的部分或全部內(nèi)容。特此聲明畢業(yè)論文作者： 指導教師： 年 月 日 年 月 日北華航天工業(yè)學院畢業(yè)論文摘 要并購是實現(xiàn)企業(yè)快速擴張的外部成長途徑，全球已經(jīng)歷了五次并購浪潮。隨著國內(nèi)產(chǎn)業(yè)結(jié)構(gòu)的調(diào)整升級與企業(yè)國際化呼聲的日益高漲，近年來我國企業(yè)并購活動也風起云涌。但無論國外還是國內(nèi)，并購的整體績效并不樂觀，原因之一是企業(yè)忽視了并購后的整合，尤其是文化整合。本文結(jié)合并購整合的一般理論，重點研究了跨國并購中的企業(yè)文化整合問題。首先，本文簡要地回顧和評價國內(nèi)外關(guān)于文化影響跨國公司方面的研究。接著，本文對文化沖擊、文化整合理論和文化整合模式選擇理論進行了概述。在前面分析的基礎上，本文提出了企業(yè)跨國并購后文化整合的對策，包括跨國并購后文化整合模式的選擇、不同整合階段的策略選擇。本文的創(chuàng)新有兩點:一是分析了分析了文化整合中的問題；二是針對不同整合階段提出了跨國并購企業(yè)的文化整合相對的策略。關(guān)鍵詞： 海外并購 文化沖擊 文化整合Abstract Mergers& acquisitions is an exterior growth path to extend enterprise fast. The world has already experienced five times wave tide of M&A. In recent years，mergers acquisitions have developed like rising and surging clouds along with the adjustment upgrade of industrial structure and the demand of enterprises internationalization in our country. But regardless foreign or domestic situation, the performance is far form satisfied. One of the reasons is the neglect of the post- merger integration, especially the culture integration.The paper combines general theory of M&A integration, while emphasizing the importance of culture integration after enterprises M&A. Firstly, the paper simply reviews the studies of culture influences about international business home and abroad. Secondly, the paper has a general discussion about culture conflicts, culture integration theory and mode. Finally, based on the above analysis, the paper raises a few suggestions about culture integration strategies for international M&A, which include the alternatives of integration modes and different strategies at different stages.Two innovations: i, analyses the problems in the process of overseas Mergers and Acquisitions; ii, raising different culture integration strategies at different stages. Key words: International M&A, Culture Conflicts, Culture Integrationii北華航天工業(yè)學院畢業(yè)論文ContentsAbstract in ChineseiAbstractiiIntroduction1Chapter 1: Definition of Cuture, Culture Conflict and Cultural Integration1 1.1 Definition of Cuture.1 1.2 Definition of Culture Conflicts. .2 1.3 Definition of Cultural Integrations . . .3 1.3.1 Cultural Assimilation Mode.3 1.3.2 Cultural Fusion Mode.3 1.3.3 Cultural Separation Mode.4 1.3.4 Cultural Deculturation Mode.4Chapter 2:Cultural Conflicts and Cultural Integrations Modes . . .4 2.1 Cultural Conflicts in Overseas Mergers and Acquisitions. .4 2.1.1 Conflicts between the Developed Countries.4 2.1.2 Conflicts between the Developing Countries.5 2.1.3 Conflicts between the Developing and the Developed.52.2 The alternatives of integration modes.5 2.2.1 Cultural Assimilation Mode.5 2.2.2 Cultural Fusion Mode.5 2.2.3 Cultural Separation Mode.6 2.2.4 Cultural Deculturation Mode.6Chapter3 Problems and New Strategies in Overseas Mergers and Acquisitions63.1 Problems in Overseas Mergers and Acquisitions.7 3.1.1 The Acceptance of Staffs for the M&A.7 3.1.2 Strong Desire to Keep Its Original Targets.73.2 Different Strategies at Different Stages.7 3.2.1 Exploration Stage- Assessment and the Formulation of the Consolidation Plan.7 3.2.2 Collision stage- The Implementation of Integrated Plan.8 3.2.3 Adaptive Phase -Maintenance and Adjustment Plan.8 3.2.4 Innovation Stage -Realization of the Real Cultural Fusion.8Conclusion9Acknowledgments10Bibliography11Cultural Conflict and Integration in Overseas Mergers and AcquisitionsIntroductionSince the late 90s of the next century, M&As have been developing rapidly throughout the world, with the overseas M&As as the major feature. On the forms of foreign investment, greenfield investment is becoming less and less, while the combination of greenfield investment and M&As is increasing sharply. According to one stat. report, the total amount of overseas M&As had risen from $83.1 billion in 1993 to $880 billion in 2006, almost having a growth rate of 10 times. For the year 2007, the total amount of global M&As reached $58.1 billion, holding the growth rate of 58% compared to the same period of the year 2006. However, the increasing numbers can not always indicate a good outcome, which means we should not be satisfied too early. Now here is another group of increasing numbers. Here are some reports about the negative information of overseas M&As: the average failure rate of overseas M&A is about 60%, while China has the highest -about 70%. According to the stat. of World Bank, for the reason to the M&A failures, more than 85% CEO or the authorial department in the International Company refers to the cultural conflicts. They confirm that only the company can handle the differences well can make the overseas M&A a success. Absolutely, its clear that culture has the comparative importance for the success of the overseas M&As. As we all know that M&As play instrumental role in the global economic development, thus many scholars are engaged in the study of influential factors, among most of which they focus culture. Focusing on the culture factor, I would like to talk about how it works in the overseas M&As-the conflicts and integration. This thesis comprises three parts. Chapter 1 offers us a clear understanding about culture and how culture influences peoples behaviors, especially the international businesss functioning. Chapter 2 focuses on the study of culture and culture integration, which includes the major part-culture integration modes. Chapter 3 suggests how we choose the most useful integration modes and what kinds of strategies we can adopt at different stages in the process of culture integration. Chapter 1: Definition of Culture, Culture Conflict and Cultural Integration 1.1 Definition of Culture Before we start the theories discussion, we should give “culture” an exact definition: culture is such a system of values and norms, which is owned by a group of people, designed and built for the existence (Charles, 2009:18). In the 70s of 19th century, the anthropologist Edward Tylor (1871) firstly gave the definition of “culture”: culture is a complexus of knowledge, beliefs, art, morals, laws, habits, and other abilities people need as a member of the society; then followed by some other scholars. Some relatively authoritative definitions are from Geert Hofstede (1982): culture is the complexus of ideologies owned by a group of people, which is also different from another groups; and Zvi Namenwirth & Robert Weber(1987): culture is system of ideas which are destained for humans existence. With the references of these different definitions, Charles.W.L.Hill(2009) gave this comprehensive definition. Here the values are an abstract concept, by which people assure what is the good, right, yearning idea. And norms refer to social rules, thats to say how to tell the appropriateness of some behavior under a specific circumstance. Culture is decided by many factors such as mainstream religions, languages, educations etc. Because we mainly talk about how culture affect people behaviors, we wont give more words talking about this.1.2 Cultural ConflictsIn the year of 1960, American anthropologist Kalvero Oberg (1960) firstly raised the concept of “cultural shock”, and then made further study of cultural clash, dividing it into four stages: a honeymoon stage, the impact stage, the adaptation phase and the stable phase. In the honeymoon stage, people have more curiosity and euphoria, with many prospects for the changes and future; in the impact stage, problems are appearing one after another, then people begin feeling confused and down. As the time goes on, this bad mood would lead the conflicts deeper; in the adaptation phase, as the two sides get to know each others culture, actuarially this stage possibly will not occur for lack of effective mechanism according to the modern theory, the confusion and disorder disappear, they begin to adapting the changed environment; in the stable phase, different members get adapted to the cooperation and exchanges in the new kind of culture. This stage symbolizes the success of the enterprise integration.Later, there comes the more comparatively definition of cultural clash: cultural clash refers to members of a cultural group have the feeling of a psychological conflict and stress when dealing with a different cultural group and asking them to use another culture model.Yet, other scholars hold the opinion that cultural clash refers to the process of opposites and mutual exclusion between each other, led by the great differences in different forms of culture text or factors.1.3 Cultural IntegrationsCultural integration is a process for culture movement. Firstly I would like to talk about the definition of integration. Cultural integration is neither a pile of original culture nor the simple elimination of all the differences between the various cultures, but to make all cultures integrate, coordinate, eventually combined as a whole under the guidance of the enterprise unified values (Li Hui, 2004:177). Cultural integration refers to the harmonious and coordinated formed by the cultural characteristics of difference or contradictory after they have adapted to each other and recognized each other in the M&As process of enterprises (Xu Lunmei, 2005:183). Secondly, the most important part is the discussion about the types of integration. According to the cultural change degrees of their culture and the control power after the M&As, western scholars raised four mode of integration: Assimilation Mode, Fusion Mode, Separation Mode, Deculturation Mode. Here comes the brief introduction of the modes (Luo Dan, 2008:36-38):1.3.1 Cultural Assimilation Mode Assimilation is not a mandatory process, assimilation provided that the other party is willing to accept the culture.When the two sides have clear difference in strength, especially when the poor management of target enterprise on the verge of bankruptcy, the power enterprises culture advantages are easily in wider range for identification,and play a leading role. In this mode, the core advantage of the enterprise through the proper way and method, force our enterprise spirit culture, system culture, etc to guide the target enterprise, making the enterprise of the weak culture, influenced by advantage enterprises strong culture shock and replaced.1.3.2 Cultural Fusion Mode When both members of mergers and acquisitions want to save the most personality of their respective companies, cultural traits and organizational practices, then the fusion will be a suitable cultural integration mode.In this process we need focus on two points. The first one is that we should change our mind, respect and accept each others culture; the second one is cultural integration should moved by steps. It needs a long period time to finish this process.1.3.3 Cultural Separation ModeUnder isolated conditions, the M&As enterprises will be difficult to control the acquired company, thats to say isolation is a high-risk choice for the M&As enterprises.Just as its name implies, the two kinds of culture do not have fusion, but each keep relative independence. In addition to a small number of, the necessary cultural contact beyond, merged enterprise has its independent autonomy in management. The purpose of separation strategy is to prevent and avoid conflict.1.3.4 Cultural Deculturation ModeThe mode will lead to the destruction of the cultural personality, refusing to adopt the new culture.The cultural pattern refers to the merger and acquisition of enterprise in order to realize its goal , it applied strong pressure to the target enterprise , trying to suppress, attacks, destroy the culture of the target enterprise, which was forced to collapse and die, thus instilling its culture.However, the process of cultural conflicts and integrations in M&As is quite complex, it needs more time to do deep analysis.Chapter 2:Cultural Conflicts and Cultural Integrations ModesThe proper cultural integration modes play crucial roles for the success of the international mergers and acquisitions. Thus two different enterprises from quite different cultural backgrounds need to adopt different cultural integration modes for their overseas expansions. Even for the same enterprise, it also needs to adjust its strategies for different stages. 2.1 Cultural Conflicts in Overseas Mergers and Acquisitions2.1.1 Conflicts between the Developed CountriesIn the developed world ,though they have much in common but actually they also have cultural conflicts just as the following case. In the year of 1998, German motor corporation Daimler purchased American motor corporation Chrysler. However, 8 years later, Daimler and Chrysler announced to separate to the original two corporation. Its clear that the M&A did not produce the prospected function, even to make worse for their respective performance. From the failure we can easily find that cultural conflicts played an instrumental role. Although they are both from the developed countries, there were some conflicts: Chrysler did not like to be managed by the Germans, and the Germans disliked that the American staffs with same position had much higher wages. These caused the excellent members of Chrysler to leave the new corporation.2.1.2 Conflicts between the Developing CountriesThey have the similar industrial levels and same developing stress, but cultural differences made them develop in different routes.Therefore, in the overseas expansion of corporation from the developing countries, they should learn more to handle the cultural conflicts. Compared to the corporation from the developed , their manage skills need improving more eagerly. Here a good example. Jollibee Foods Corp from PH intended to enjoy Chinas large market by purchasing Yonghe King, a Chinese local enterprise. After the purchase, Jollibee respected the Chinese factors in the company, and handled the different manage style well. And from the moment the increasing returns reflects the success from some aspects, or just form the up trend.2.1.3 Conflicts between the Developing and the DevelopedThis kind of conflicts is more complex than the two other kinds. Firstly speaking, the pure cultural differences makes some visible spectacles; secondly, technique and manage level lead to gaps in their psychology, which are some invisible spectacles. And these invisible spectacles always make more trouble in the process of overseas M&A. Here are the example. In 2004, Lenovo announced to purchase IBMs pc business. Although Lenovo tried to take some measures to make sure the integration process, the results showed that these were far satisfied compared with the original target. Among these were the leaves of many excellent personnels from IBM. Its not hard for us to consider Lenovos strategies: the different manage style, the attitude towards competition and talents.All of these made Lenovo a pa