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ergers and acquisitions between companies involved in both the microscopic and cultural level , but also between countries involved in the political , economic, religious and other macro- cultural level . Cultural integration between employees improperly may cause the opposition, the opposition between employees and management , the opposition between different subsidiaries , etc., greatly damaged the internal unity , affecting the operational efficiency of the entire enterprise .

Integration of corporate culture involves both values, business philosophy , behavior and other aspects of the system . Excellent Chinese enterprises should be able to do absorb the strengths of Western culture , retaining the traditional advantage of the local culture , the formation of a set of two long culture can really achieve the purpose of mergers and acquisitions , increasing the value of mergers and acquisitions .

4 , financial risk
First, there is the risk of acquisition finance . M & M needs to raise funds to undertake the acquired company 's debt burden. M & M process often requires additional funding , post-merger integration companies need additional capital investment and so on. Current international mergers and acquisitions are stock replacement , debt swaps, cash acquisitions and mixed use of these three methods . Stock exchange is the most used way. This method is replaced by the acquired company offering original target company 's stock , thus completing the stock acquisition . Shareholders of the target company 's equity transferred to the acquiring company , the company's mergers and acquisitions to become a new shareholder . Since our stock market and bond market development is still not mature enough , corporate stocks and bonds , there are many restrictions , unable to adapt to the needs of overseas and enough . Therefore , Chinese enterprises overseas mergers and acquisitions primarily through cash transaction , increased transaction costs and financial burden, so mergers and acquisitions of financial risks substantially.

Second, interest rate risk gradually increased. Overseas acquisitions involve two and more than two -currency interest rate , exchange rate issues . Financial crisis, the European debt crisis, the global central banks injected liquidity caused by a different currency interest rates, exchange rate volatility intensified. Target company 's stock value fluctuations bonds also increased . Chinese enterprises overseas mergers and acquisitions may have to pay more interest rate fluctuations losses.

5, the lack of international talent
The lack of cross-border mergers and acquisitions of Chinese enterprises and management talent. As overseas mergers and acquisitions of domestic enterprises started late , cross-border M & A talent pool scarce, causing enterprises overseas M & A strategy formulation and implementation is prone to deviate . Management and the execution level of M & A strategy and tactics and the lack of highly detailed consideration of certainty, easily affected by external forces , resulting in an increased risk of merger decisions , to mergers and acquisitions and long-term development has brought many difficulties .