在過去三十年里，兼併與收購（併購）成為在主導世界的經濟舞台上越來越普及的商業行為，但這個急速發展的商業活動卻伴隨著很低的成功率和滿意度。許多學者在併購后的整合階段調查了導致這些失敗的因素。雖然他們對文化在此階段的積極還是消極影響進行了辯論，但交易談判在併購結果中的作用卻被忽視。因此，跨國併購被一直在國際談判領域內進行分析，以確定談判階段是否對其成功有所影響。
Ghauri構架（2003）為國際談判的建立以及應用提供了良好的基礎。該框架包含了很多談判的方面，因此將有助於對併購談判進行全面分析。然而，該模式並不適用於所有的國際談判。有的學者批評它，有的學者推崇它。根據文獻綜述和定性研究，我講針對交易談判在跨國併購成功中的作用進行分析并帶來一些答案。
首先需要強調，併購交易前的階段是一個決定性的階段。這個耗時的階段設定了併購成功的先決條件：在對盡可能多的風險分析的前提下以目標價格進行收購。這是一個雙重階段：雖然盡職調查部分是非常技術性的，但是關係建立需要更多的心理和文化適應力。如果滿足這些先決條件，談判過程可能是一個成功併購的開端。
在過去一個世紀，美國形成了一個成熟的談判模式，它可能成為併購交易中最有效和最成功的模式。在新美國模式對商業世界的影響下，該談判模式已經被其他發達國家應用，現在正向新興國家擴展。如果談判過程的標準化在輕微地消除談判風格中的文化特性，該模式卻不適應非常不同的文化，不能克服嚴重妨礙談判的重大社會經濟環境問題。因此，為這個已經很複雜的過程添加一個國際層面會帶來更昂貴和耗時的事務并增加風險。

Over the last three decades, mergers and acquisitions (M&A) have been an increasing popular business practice to the extent of dominating world economy scene. This boom contrasts with a high rate of failure and dissatisfaction. A myriad of scholars investigated on the factors causing these failures during the post-merger integration process. While they debate on whether culture positively or negatively impacts the post-merger stage, the role of negotiation in the outcome of the M&A is quite overlooked. Thus, cross-border mergers and acquisitions were analysed within the scope of international negotiations to determine whether the negotiation stage has an impact on their success.
Ghauri framework (2003) provides an excellent foundation to build upon and apply a unique international negotiation. The model embraces a lot of the negotiation’s aspects and would therefore help to come with a comprehensive analysis of M&A negotiations. Nevertheless, the model is not universally applied to all international negotiations. Hence, it has been critiqued and supported by other academics. In the light of both a literature review and a qualitative study, several answers were given on what role the negotiation stage plays in the success of transnational M&As.
The crucial role of the pre-negotiation stage can be highlighted. This time-consuming phase sets the prerequisites of an M&A success: buying at a targeted price under terms that encompass as much risks as possible. It is a two-fold stage: while the due diligence part is very technical, the relationship building requires a lot more psychology and cultural adaptability. Should these prerequisites be met, the negotiation process can bode for successful M&As.
Over the past century, the United States elaborated a negotiation model to become the most efficient and successful possible in M&A deals. Under the Anglo-Saxon influence on the business world, the model spread over other developed countries and is now reaching emerging countries. If this standardisation of the process is slightly erasing cultural specificities in the negotiation style, this model does not adapt to very different cultures and cannot overcome major environmental issues which might dramatically hinder negotiations. Thus, adding an international dimension to this already complex process results in a more expensive and time-consuming transaction and increases risks.

摘 要 ii
Abstract iii
Introduction 1
Chapter 1: Theoretical Framework 4
1. The negotiation process of M&A 5
1.1 Pre-negotiation 5
1.2 Face-to-face negotiation 6
1.3 Post-negotiation 8
1.4 Outcome 8
2. Background factors influencing the M&A negotiation 10
2.1 Objectives 10
2.2 Environment 12
2.3 Third parties 14
2.4 Negotiators 15
3. Atmosphere during the M&A negotiation 17
3.1 Conflict and cooperation 17
3.2 Power and dependence 18
3.3 Expectations 18
4. Cultural and strategic dimensions in cross-border M&A 20
4.1 Time 20
4.2 Individualist/collectivist 21
4.3 Communication 21
4.4 Personal relations 23
4.5 Strategic factors 23
Conclusion 25
Chapter 2: Empirical Framework 27
1. Methodology of the empirical study 27
1.1 Methodology selection 27
1.2 The sample 28
1.3 The interview form 31
1.4 Processing of data 31
2. Findings 33
2.1 The essential role of the pre-negotiation stage 34
2.2 The impact of cultural differences on the negotiation process 43
Discussion & Conclusion 54
1. Theoretical and managerial contributions 54
1.1 Adaptability of Ghauri’s framework 54
1.2 How to be a successful international negotiator 56
1.3 Defining success 56
1.4 Future of the global M&A market 57
2. General conclusion 58
3. Limits and perspectives for future research 60
3.1 A non-exhaustive research 60
3.2 A French research 61
3.3 Focus on the pre-negotiation stage 61
References 63
Appendices 69

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