The Analytical Framework of Post-Merger Integration

doi:10.11885/j.issn.1674-5094.2020.08.03.03

Abstract

Abstract: Mergers and acquisitions are important means for enterprises to enhance their competitiveness. In commercial practice， the success rate of mergers and acquisitions is not high. Post-merger integration of enterprises， a dynamic process aiming at optimizing the allocation of resources， faces five key issues: integration level and integration speed， cultural differences， human resources problems， and effective communication. The choice of integration level must consider the task characteristics， organizational culture characteristics and political characteristics of both sides of the merger. The speed of integration is determined by the internal and external heterogeneity of the enterprises involved in the merger and acquisition. The“ 3I Strategy” and“ IASD Model” can be adopted to bridge the cultural differences. Human resources problems should be solved by specific measures according to specific problems. Effective communication requires a detailed communication plan when the integration starts.

Key words: merger of enterprises, acquisition of enterprises, integration of enterprises, human resources, cultural difference

CLC Number:

F271

GUO Shuiwen. The Analytical Framework of Post-Merger Integration[J]. 西南石油大学学报(社会科学版), 2020, 22(6): 21-27.

0
/ / Recommend

Add to citation manager EndNote|Ris|BibTeX

URL: http://journal15.magtechjournal.com/Jwk_xnsk/EN/10.11885/j.issn.1674-5094.2020.08.03.03

http://journal15.magtechjournal.com/Jwk_xnsk/EN/Y2020/V22/I6/21

References

[1] Christensen C M, Alton R, Rising C, et al. The new M & A playbook[J]. Harvard Business Review, 2011, 89(3):48-57.
[2] Haleblian J, Devers C E, Mcnamara G, et al. Taking stock of what we know about mergers and acquisitions:a review and research agenda[J]. Journal of Management, 2009, 35(3):469-502.
[3] Vrontis D, Dauber D. Opposing positions in M & A research:culture, integration and performance[J]. Cross Cultural Management An International Journal, 2012, 19(3):375-398.
[4] Zollo M, Singh H. Deliberate learning in corporate acquisitions:post-acquisition strategies and integration capability in U.S. bank mergers[J]. Strategic Management Journal, 2004, 25(13):1233-1256.
[5] Puranam P, Singh H, Zollo M. Organizing for innovation:managing the coordination-autonomy dilemma in technology acquisitions[J]. Academy of Management journal, 2006, 49(2):263-280.
[6] 王长征.并购整合:通过能力管理创造价值[J].外国经济与管理, 2000(12):13-19.
[7] 崔永梅,陆桂芬,张文彬. 我国企业并购后整合的难点与对策[J]. 统计与决策, 2011(21):160-162.
[8] Haspeslagh P C, Jemison D B. Managing acquisitions:creating value through corporate renewal[M].New York:Free Press, 1991.
[9] Pablo A L. Determinants of acquisition integration level:a decision-making perspective[J].Academy of Management Journal, 1994.37(4):803-836.
[10] Graebner, Melissa & Heimeriks, Koen & Huy, Quy & Vaara, Eero. The process of postmerger integration:a review and agenda for future research[J]. The Academy of Management Annals,2017,11:1005-1064.
[11] Bodner, Julia and Capron, Laurence.Post-merger integration[J].Journal of Organization Design, 2018,7(1):3-20.
[12] 薛有志.并购与企业高成长[M].天津:南开大学出版社, 2004:105-108.
[13] Larsson R, Finkelstein S. Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions:a case survey of synergy realization[J]. Organization Science, 1999, 10(1):1-26.
[14] Homburg C, Bucerius M. Is speed of integration really a success factor of mergers and acquisitions? an analysis of the role of internal and external relatedness[J]. Strategic management journal, 2006,27(4):347-367.
[15] Stahl G K., et al. Sociocultural integration in mergers and acquisitions:unresolved paradoxes and directions for future research[J]. Thunderbird International Business Review, 2013, 55(4):333-356.
[16] Gomes E. Critical success factors through the mergers and acquisitions process:revealing pre-and post-M & a connections for improved performance[J]. Thunderbird International Business Review, 2013,55(1):13-35.
[17] Bauer F, Matzler K. Antecedents of M & A success:the role of strategic complementarity, cultural fit, and degree and speed of integration[J]. Strategic Management Journal, 2014, 35(2):269-291.
[18] Bragado J F. Setting the correct speed for postmerger integration[J]. M & A Europe, 1992,5(1):24-31.
[19] Olie R. Shades of culture and institutions in international mergers[J]. Organization Studies, 1994,15(3):381-405.
[20] Ranft A L, Lord M D. Acquiring new technologies and capabilities:a grounded model of acquisition implementation[J]. Organization science, 2002,13(4):355-457.
[21] Blöcher A, Glaum M. Die rolle der unternehmenskultur bei akquisitionen und die Möglichkeiten und Grenzen einer Cultural Due Diligence[J].Die Betriebswirtschaft, 2005(65):295-317.
[22] Weber Y, Shlomo Y T. Mergers and acquisitions process:the use of corporate culture analysis[J]. Cross Cultural Management, 2012,19(3):288-303.
[23] Slangen, Arjen H L. National cultural distance and initial foreign acquisition performance:The moderating effect of integration[J].Journal of World Business,2006, 41(2):161-170.
[24] Seo Myeong-Gu, Hill N.Understanding the human side of merger and acquisitionAn integrative framework[J]. The Journal of Applied Behavioral Science, 2005(41):422-443.
[25] Schweiger D M, Very P. Creating value through merger and acquisition integration[M]. Bingley:Emerald Group Publishing Limited, 2003:1-26.
[26] Habeck M M, Kröger F, Träm M R. After the merger:seven strategies for successful post-merger integration[M].Englewood:Prentice Hall Press, 2000.
[27] Weber Y, Tarba S Y. Human resource practices and performance of M & A in Israel[J].Human Resource Management Review, 2010(20):203-211.
[28] Papadakis V M. The role of broader context and the communication program in merger and acquisition implementation success[J]. Management Decision, 2005, 43(2):236-255.
[29] Bresman H, Birkinshaw J, Nobel R. Knowledge transfer in international acquisitions[J]. Journal of international business studies, 1999, 30(3):439-462.
[30] Perrin T. Occupational need in severe dementia:a descriptive study[J]. Journal of Advanced Nursing, 1997, 25(5):934-941.
[31] Mielke P W, Berry K J. An extended class of permutation techniques for matched pairs[J]. Communications in Statistics Theory & Methods, 1982, 11(11):1197-1207.
[32] Bastien D T. Common patterns of behavior and communication in corporate mergers and acquisitions[J]. Human Resource Management, 2006, 26(1):17-33.
[33] Mitchell Lee Marks, Philip H Mirvis. Rebuilding after the merger:dealing with survivor sickness[J]. Organizational Dynamics, 1992, 21(2):18-32.
[34] Elsass P M. Acculturation in acquired organizations:a force-field perspective[J]. Human Relations, 1994, 47(4):431-453.
[35] Buono, Anthony F, Bowditch, James L. The human side of mergers and acquisitions:managing collisions between people, cultures, and organizations[M]. San Francisco:Jossey-Bass Publishers, 1989:68-79.
[36] Cobb A T, Wooten K C, Folger R. Justice in the making:toward understanding the theory and practice of justice in organizational change and development[J]. Research in Organizational Change & Development, 1995, 8:243-295.
[37] Sue Cartwright, Cary L Cooper. Managing mergers acquisitions & strategic alliances:integrated people and cultures[J]. European management journal, 1996, 14(5):236-252.
[38] Harrison, Cerith. Ensuring a smooth combination of benefit plans[J]. Mergers & Acquisitions the Dealermakers Journal, 1998,3(16):39-42.
[39] Cameron K S, Freeman S I. Cultural congruence, strength, and type:relationships to effectiveness[J]. Research in Organizational Change & Development, 1991, 5(2):23-58.
[40] Ivancevich J M, Schweiger D M, Power F R. Strategies for managing human resources during mergers and HR[J]. Human Resource Planning, 1987, 10(1):19-35.
[41] Terry D J, Carey C J, Callan V J. Employee adjustment to an organizational merger:an intergroup perspective[J]. Personality and Social Psychology Bulletin, 2001,27(6):267-280.
[42] Gaertner S L, Dovidio J F, Bachman B A. Revisiting the contact hypothesis:the induction of a common ingroup identity[J]. International journal of intercultural relations, 1996, 20(34):271-290.
[43] Gaplin T J,Herndon M. The complete guide to mergers and acquisitions, process tools to support M & A integration at every level[M]. San Francisco:Jossey-Bass, 2000:28-36.
[44] Feldman R, Wholey D, Christianson J. A descriptive economic analysis of HMO mergers and failures, 19851992[J]. Medical Care Research & Review, 1995, 52(2):279-304.
[45] 项保华,殷瑾.购并后整合模式选择和对策研究[J]. 中国软科学, 2001(4):56-59.