According to a survey research on the problem of the failure of mergers and acquisitions in the US Bain Consulting Company, it shows that in the case of failed mergers and acquisitions，20%occurred before the formal signing of mergers and acquisitions，It is due to the lack of preparations for mergers and acquisitions; 80%occur in the integrated period of 1 & mdash; 3 years after signing，It is because of poor integration work。SHRM's survey found，Five of the factors that may cause the failure of the company's integration are about human resources: low production efficiency、Cultural conflict、Loss of key talents。Incorrect integration after acquisition，Especially for poor control of human resources integration risks，The main reason for the failure of many companies in the mergers and acquisitions。

As the famous manager Drucker said: & ldquo; Company acquisition is not just a financial activity，Only after the acquisition, the company will integrate and develop the company，Successful business，is a successful acquisition，Otherwise, it is just financial manipulation，It will lead to both business and financial failure。So，Completion of acquisition is not the same as a successful merger，Whether the acquisition of mergers and acquisitions can not only depend on the ability to create value created by mergers and acquisitions，It depends on the integration after mergers and acquisitions，Especially for personnel integration。& rdquo; inductive analysis，The author believes that there are the following bet365 best casino games five aspects of risks。

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After the corporate mergers and acquisitions，It will bring different degrees of psychological changes to the employees of M & A companies and employees of mergers and acquisitions，But the undeniable point is，The changes in these employees' psychology will affect the effective operation of the enterprise。

MARKS、CutCliffe (1988) and Greenwood (1994) Studies (1994) Studies，Employees of M & A companies，They will have a sense of superiority，In the early stage of mergers and acquisitions，They will consider the situation in all aspects and oppose mergers and acquisitions，After the merger and acquisition，Acknowledging the integration of the enterprise。For employees of the acquired enterprise，There will be a fuzzy state of employees，They only know that M & A will bring organizational structure、Changes in jobs, etc.，But how can it change，It is difficult to predict the role positioning and position of your own organization，thus causing employees' tension、​​anxiety emotion，This can easily cause employees to lose its aggressive spirit，Decrease efficiency。Ni Hao、Li Keqin、Xiong Jiusheng (2003) proposed that the focus of human resource management in mergers and acquisitions from the perspective of psychology is the imbalance and reconstruction of psychological contracts。They believe that the merger and acquisition brings a huge psychological impact on employees that have caused their enthusiasm for work，Even strategic employees、Core employee exit，This phenomenon impacts the stable structure of the original psychological contract，Causes a lot of waste of human capital。

　　Risks of Corporate Culture Conflict

Corporate culture as bet365 best casino games an intangible asset，Corporate culture as an intangible asset。Corporate culture can not only improve the owner's consciousness and noble sentiment of employees，And can make employees have deep feelings for enterprises。Excellent corporate culture can create a good corporate environment，Improve employees' cultural literacy and moral standards，A cohesion can be formed internally、Out of heart and binding force，Become an indispensable spiritual forces and moral norms for the development of enterprises，Can have a positive effect on enterprises，Reasonable allocation of corporate resources，to improve the competitiveness of the enterprise。

J. C. Cabrera (1982) believes that every company has its own unique culture，The differences in the corporate culture of both parties in mergers and acquisitions make the two sides conflict after the merger，If it cannot be properly resolved，undoubtedly damage the realization of the goal of mergers and acquisitions。

Abrams (1998) research indicates，Each enterprise、Each enterprise、Each individual will have its own value concept，These are things at the conscious level，It will not be easily changed as device assets。When the cultural incompatibility of the M & A enterprise，New spiritual culture will inevitably bring a psychological impact to the employees of the original business，generate loss and uncomfortable，Then stimulate their dive consciousness to resist the new values ​​and business philosophy，Forming the formation of new spiritual culture。

　Salary conflict risk

In the process of integration after mergers and acquisitions，There are countless examples that failed because they did not integrate the salary，such as 1996 & ldquo; Cisco & rdquo;，bet365 live casino games Due to the change of commission policy, the original STRATA company sales staff resigned in large quotations，Finally paralyzed the business。

Each enterprise before the merger has its own salary mechanism，So，When mergers and acquisitions，One problem that is easy to encounter is the risk of compensation conflict: the establishment of the positions of both parties in mergers and acquisitions、The salary level and scope of each same position、bonus system、Performance assessment standards and welfare benefits，These may have inconsistent places。And these inconsistent places should be inconsistent if it is not handled appropriately，It will also eventually affect the effective operation of the enterprise。

　　Conflict risk of organizational structure

Enterprise organizational structure is the contact information or form of the interaction of various organic composition in the corporate organization，To be effective、Reasonably organize the organization members，Cooperative efforts to achieve common goals。The organizational structure is the carrier of corporate resources and power allocation，It is under the act of human beings，Transmission through information，Carrying the business flow of the enterprise，Process of promoting or obstructing corporate mission。Due to the basic status and key role of the organizational structure in the enterprise，M & A activities performed by the enterprise obviously considers the risk of conflict of organizational structure。

Obviously，The previous organizational structure of both parties in mergers and acquisitions is likely to be less similar or even opposed，For example, one party is a flat type，One is a towering type，This is prone to contradictions after mergers and acquisitions。There are many reasons bet365 best casino games for the conflict，For example, Ruth N. Bramson (2000) believes that one of the reasons for the conflict of organizational structure is the discrimination of the merger and the lack of unified organizational vision of the merger。The conflict of the organizational structure of both parties in mergers and acquisitions will cause mergers and acquisitions companies to form a system that is unable to form an open and self -disciplinary organic combination，Unable to build an internal logistics of the enterprise、Network structure with smooth capital flow and information flow，Responsible、Right、The inaccurate Li's clearly leads to the effect of not effective collaboration between the departments，Can't restrict the emergence of problems such as reasonable restrictions，Results will inevitably affect enterprise integration。

　　Human resources flow risk

An announcement of the corporate mergers and acquisitions，Risks of human resources is prone to occur。This risk mainly includes two aspects: First, the active layoff behavior of the enterprise，The second is the active departure of employees。

First，The layoffs will have a huge impact on the reduced employees。Decoring will lead to a temporary interruption of their career，Loss of professional qualifications，The corresponding salary remuneration、Welfare benefits, etc.。This will not only have a certain adverse effect on their material life，It will also affect its spiritual life。This part of the person may be because of this sudden change，Undertake greater psychological pressure，The spiritual burden worsen。

Next，The layoff will also affect the employees left。Thornhill et al. (1997) proposed the concept of & ldquo; survivor & rdquo;，and introduce Bet365 lotto review & ldquo; Survivor syndrome & rdquo;，That is，Facing the cut of colleagues，They will feel frustrated、loss、Unpreparedness to management and uncertainty of your future，Make & ldquo; Survivor & rdquo; feel frustrated、Disappointment and dissatisfaction。They will keep discussing each other's feelings，Ask if you will further lay off for a layoffs，and actively find new job opportunities to prevent itself，Therefore, the valuable working time wasted，and further affect work performance，Leading a decline in productivity。So，How to arrange the problem of cutting employees，Enterprises should pay enough attention。

The main person who takes the initiative to resign mainly includes senior managers、Professional and technical personnel and other key talents，Of course, including some ordinary employees。I.t.kay and M.Shelton (2000) think，senior managers will worry about the decrease in future rights、Settlement of status，Other employees will worry about being discriminated against in the future，These concerns to accumulate to a certain extent will lead to their initiative to leave。and the departure of these people，Especially the loss of senior managers and core employees who are vital to the development of the enterprise will bring a fatal blow to the enterprise。The most direct impact is the loss of the interests created by the employees created by the company in the short term，Secondly, some customers will worry about the departure of these core personnel，Also find the explicit cost and hidden cost of replace these personnel。

(Author Unit: Institute of Insurance University of Foreign Economics and Trade University)