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Introduction 介绍

随着全球化进程的加速，跨国公司在全球流行起来。 在这方面，国际化的优势之一是通过兼并和收购。 公司由于某种原因而采取这一措施。 一般来说，这些公司的目标是重组资产或重新分配资源。 然而，最终的目标是整合资源并从兼并中获得收益。 尽管有巨大的预期效益，但大多数公司都会遇到失败而不是成功。 这正是我们在这篇文章中所分析的 - 影响因素决定是否成功。With the acceleration of the process of globalization, multinational corporations become popular all over the world. In terms of this, one of the favored route for internationalization is through mergers and acquisitions. Corporations take this measure on account of one reason or another. Generally, the companies aim at restructuring assets or reallocating the resources. Nevertheless, the ultimate goal is to integrate resource and obtain the benefit from mergers and acquisitions. In spite of the enormous anticipated benefit, a majority of the corporations do such things encounter failures rather than successes. This is exactly what we would analysis in this essay-the influence factors that determine whether it would succeed. 

定义与差异
影响因素
公司的意图和他们的地位
以前的准备不足
公司之间的管理和所有制结构的差异
兼并并购后的整合过程
忽视人为因素
在诺基亚，西门子和微软之间并购案例

Definition and difference
The influence factors
The corporations’ intention and their status in quo
The inadequacy of the previous preparation
The difference of management and ownership structure between corporations
The process of integration after mergers and acquisitions
The ignore of the human factor
The case of the mergers and acquisitions among Nokia, Siemens and Microsoft

Conclusion 
Mergers and acquisitions is a fast way for corporations to expand and become multinational. However, successful M&A is the minority and the behavior is usually counterproductive at the same time, especially in cross border mergers and acquisitions. The previous preparation and sufficient assessment on the target company is the first step in M&A. In this process, many factors should be covered, such as the difference of management and ownership structure between corporations, the finance statement and financial situation, the culture gap between companies and so on. As for the selection, the corporations’ intention and their status in quo is most Reference. This determines whether the project can bring out huge earnings in the future. Besides, whether the M&A can be successful depends on the integration process. It is also the most direct link to create value. 

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