企业并购整合中的文化融合模式及其动态适配机制——基于一家中国上市公司的嵌入性案例研究

Abstract

Against the backdrop of continuously active global merger and acquisition (M&A) activities yet persistently high integration failure rates, corporate culture integration, as one of the key factors affecting M&A success, remains a focal topic in both theoretical and practical research. This paper takes five M&A cases of a Chinese manufacturing listed company as samples, focusing on two core issues: "The impact of cultural integration on M&A outcomes" and "Cultural integration models and their dynamic adaptation mechanisms."
This study collected 330 questionnaires from both acquirer and target companies, 44 interview records, as well as materials such as listed company announcements, annual reports, financial statements, feasibility analysis reports, and relevant meeting minutes. A comprehensive and in-depth systematic review and summary were conducted using a methodology combining qualitative research as the primary approach and quantitative analysis as supplementary. The quantitative analysis results indicate that corporate culture integration plays a positive moderating role in the influence chain of "Strategic identification → Execution capability → M&A outcomes," highlighting that the significant impact of corporate culture integration on M&A outcomes permeates the entire M&A integration process. This provides a solid foundation for the case study primarily based on interviews and coding.
Building on this, this study employs an embedded case study method for within-case analysis and cross-case comparison, summarizing four typical corporate culture integration models based on the two dimensions of "Cultural dominance" and "Execution intensity": Takeover, Partnership, Agency, and Evolution models. It also found that the final selection of a cultural integration model is the result of the progressive and interconnected action of three factors—"M&A motivation," "Cultural distance," and "Organizational strength"—following a sequence of "Intent orientation → Feasibility screening → Precise implementation." Furthermore, it was discovered that the chosen model is not static; rather, it undergoes a dynamic adaptation process composed of both passive changes in response to shifts in the aforementioned factors and active changes based on the acquirer's internal drivers. As The Art of War states: "There is no constant tactical disposition in war, just as there is no constant shape in water." The market is like a battlefield, with no constant or fixed strategy. Cultural integration strategies adjust dynamically based on integration results, yet universal underlying principles always exist.
The theoretical contributions of this study lie in: empirically testing the significant moderating role of corporate culture integration in the process where strategic identification affects M&A outcomes, and identifying the mediating role of execution capability on M&A outcomes under the moderating effect of cultural integration (Moderated Mediation). More importantly, it constructs a framework for classifying four corporate culture integration models, breaking through the limitations of single-dimensional classifications. It reveals the patterns of their dynamic adjustment, surpassing the applicability boundaries of static decision-making models and instead emphasizing the dynamic and phased nature of the integration process.
In terms of practical significance, this study closely integrates cultural integration with the attributes of enterprise operation and management, providing comprehensive and dynamic guidance for corporate M&As—from measuring cultural fit to selecting and adjusting integration models. It particularly points out specific paths for complying with regulatory rigidity while preserving cultural flexibility in cross-border M&As. It enlightens enterprises to prioritize cultural integration during M&A integration, select appropriate integration models, and make timely adjustments. This ultimately helps the cultures of both merging entities transition "From conflict to symbiosis and innovation," thereby enhancing strategic consensus and strengthening execution capability to achieve better M&A outcomes.

Date of Award	11 Nov 2025
Original language	Chinese (Simplified)
Awarding Institution	China Europe International Business School
Supervisor	Sheng Huang (Supervisor) & Shaohui Chen (Supervisor)