摘 要

在企业进行跨国并购时，文化冲突对并购的成效及后续影响越来越受到重视。与企业并购绩效相关的文化冲突可分为地域文化冲突、组织文化冲突（企业文化冲突）以及品牌文化冲突。本文选取安踏体育用品股份有限公司（简称：安踏）为例，分析中国企业在并购时以及在完成并购后可能遭遇的具体的文化冲突。总结并提出企业应当采取何种措施来妥善地处理这些文化冲突，从而达到并购绩效的更大化。通过分析研究发现组织文化冲突（企业文化冲突）和品牌文化冲突对于该企业的并购绩效影响较大。安踏运用了聘请职业经理人、成立独立的品牌事业部、更换产品设计师、统一企业文化等措施来达到解决文化冲突的目的。这些措施可为从事鞋类和服装生产的国内企业进行跨国并购时化解文化冲突提供借鉴。

关键词：中国企业；安踏；跨国并购；文化冲突

Abstract

In the process of transnational mergers and acquisitions, the impact of cultural conflict on the performance and the lasting development has gained more attention. The cultural conflicts related to the performance of mergers and acquisitions include divided into regional cultural conflict, organizational culture conflict (corporate culture conflict) and brand culture conflict. This paper, with ANTA sporting goods Limited company (ANTA) as an example to explore Chinese enterprises in transnational mergers and acquisitions, analyzes those existing cultural conflicts in details. This paper also summarizes and puts forward the measures taken to deal with these cultural conflicts properly to achieve better performance. It is concluded that organizational culture conflict (corporate culture conflict) and brand culture conflict have a great impact on the performance of mergers and acquisitions. Hiring professional managers, setting up separated brand unit, replacing the product designers and integrating the corporation culture are the measures ANTA took in dealing with cultural conflicts. These resolutions are expected to provide a reference for the domestic enterprises engaged in footwear and apparel production to solve cultural conflicts in transnational mergers and acquisitions.

Key words: Chinese enterprises; ANTA; transnational M amp; A; cultural conflicts

Contents

1 Introduction 1

2 Literature Review 3

2.1 Conception of transnational M amp; A 3

2.2 Cultural conflicts and its effect 3

3 Cultural Conflicts between ANTA and FILA 5

3.1 Brief introduction of ANTA 5

3.1.1 History of ANTA 5

3.1.2 “Multi-brand” strategy 5

3.1.3 Corporate culture of ANTA 6

3.2 Brief introduction of FILA 7

3.2.1 Basic information of FILA 7

3.2.2 The ownership of FILA China 7

3.3 Cultural conflicts: Chinese and Italian (regional) 8

3.4 Cultural conflicts: ANTA company and FILA company (organizational) 8

3.5 Cultural conflicts: ANTA and FILA (brand located) 9

4 Countermeasures ANTA took in Mamp;A 10

4.1 Set-up of FILA brand unit 10

4.2 Top management turnover 10

4.3 Current status of FILA 11

4.3.1 Vertical comparison 11

4.3.2 Horizontal comparison 11

5 Suggestions for Cultural Conflicts in Mamp;A 12

5.1 Hire professional manager 12

5.2 Allow independent management rights 12

5.3 Replace the chief designer 12

5.4 Change the prolocutors 12

6 Conclusion 14

References 16

Acknowledgements 17

Cultural Conflicts and Resolutions in Transnational Mergers and Acquisitions by Chinese Enterprises—A Case Study of ANTA Sporting Goods Co.Ltd

1 Introduction

With the great progress China economy made in last three decades, Chinese enterprises are now stronger than before. The communication among companies from different countries are now easier with the increasing foreign language learners. The communication among different companies promote the flow of the funds in different regions. All the factors, including market, materials, low labor price and policy are attracting enterprises to expand their business among the world. Mergers and acquisitions are the most common way of expanding business. It’s easier than building up a new company and waiting it to grow up into an acceptable size. But the most common way is not so easy for every company to take well control. In the past, Chinese enterprises are the merging targets of multinational corporations. In recent years, starting from about 15 years ago, things became to change.

Firstly, large state-owned companies started the transnational mergers and acquisitions. Their targets are mainly concerned with energy and minerals. Those oil company and some companies with plenty of natural resources are taking into considerations. With the further development of China economy, Chinese private enterprises are now active in mergers and acquisitions. Though Chinese private enterprises are not outstanding as state-owned enterprises, they are quite different now. Chinese private enterprises are making a transformation from merged side into merging side, and many of them are seeking the chance to become multinational corporations.

Especially in sports goods production industry, good opportunities are waiting for those big companies. Chinese government pay more attention to the upgrading and development of sports. People in China are gradually noticing the importance of sports and its relation with health. A lot of Chinese are willing to pay more money in buying sports equipment. The release of “Second Child” policy and the 2022 Beijing Winter Olympic Games offer those sport goods producers a chance to expand their business. None of them have set up skiing equipment production line before the news of 2022 Beijing Winter Olympic Games came out. And to meet the increasing need for child apparel in the near future, most of Chinese sporting goods companies have KIDS department separated and invest more fund into this area. And in the past, most of women were not interested in sports. But now most of them are willing to shape their bodies and enjoy the excitement bring by excising. The increasing needs of women sports is also a promoting factor.

Except for opportunities, whole industry of sporting goods are facing with great challenges. When the positive effect of 2008 Beijing Olympic Games fading off, the sports goods industry suffered from stock crisis. The need of sporting goods were over estimated. Most of them regarded the market of China is boundless and promising. Sporting goods companies enlarged their production blindly. Their unlimited on enlarging production caused the fund shortage. The direct result is that they are forced to shut many shops.

Out of the purpose of expanding the international markets and surviving stock crisis, two leaders in sporting goods industry, LI NING and ANTA, first began their transnational mergers and acquisitions. ANTA bought the ownership of the Italian sports brand FILA by 600 million H.K dollar. This M amp; A case received negative reaction in stock markets. Most of investors did not believe that ANTA can manage this brand well. This paper focuses on the cultural conflicts among two brands, the merged brand and the merging brand with different cultures of two companies, the brand culture and the cultures of two regions.