Research On Dynamic Choice Of M&a Decision Of Real Estate Enterprises Based On Competitive Environment And Strategic Evolution

Since 2010,China's real estate market has been developing rapidly,and various mergers and acquisitions activities of real estate enterprises have been constantly appearing and showing a growing trend.From 2010 to 2016,China's real estate mergers and acquisitions showed "blowout" growth.In 2015,the total value of m&a transactions by Chinese real estate enterprises reached us $62.29 billion,accounting for 19.7% of the total value of m&a transactions actually completed by Chinese enterprises and setting a new record for m&a by real estate enterprises.China invested 3.6 trillion yuan in real estate development and sold 4.39 trillion yuan in commercial housing in 2009,according to the National Bureau of Statistics.By 2018,those figures had soared to $12.03 trillion and $14.997 trillion,respectively.Throughout the development history of Chinese real estate enterprises,the paths of success or failure may be very similar,but sunac's leap forward is difficult to replicate.From the annual performance of 8.3 billion when Sunac went public in 2010 to 455 billion in 2018,sunac has achieved a leaping development path of 55 times in eight years.Under the intense competition pattern,Sunac realizes the passing car on the curve by means of merger and acquisition.Then,how do real estate enterprises make m&a decisions dynamically in the process of competitive environmententerprise strategy evolution?This paper adopts the theory of competitive strategy,the theory of m&a behavior decision,the theory of M&A motivation and the theory of M&A synergy effect.This paper summarizes the dynamic selection model of real estate m&a decision based on competitive environment and strategic evolution from three stages: resource leading,capability leading and dynamic capability leading.The final conclusion is that,based on the competitive environment and the evolution of corporate strategy,the m&a decision choices of real estate enterprises are interactive and dynamically evolving.The four interrelated processes of m & A decision-making are environment,strategic motivation,strategic design and strategic execution.The logical sequence of these four processes is unchangeable.The m&a of real estate enterprises has a certain particularity.The previous researches on m&a decision selection of real estate industry are relatively few.The theoretical significance of sunac m&a decision research is to take Sunac,a "dark horse" in the real estate industry,as a case study,to build a dynamic selection model for m&a decision of real estate enterprises based on competitive environment and strategic evolution,and to explore the influencing factors of M&A on value management and performance growth of real estate enterprises.At the same time,it can improve the theoretical research on the factors of real estate merger and acquisition.The practical significance of Sunac's m&a decision is to analyze how Sunac makes m&a decision dynamically through research.Combined with the enlightenment and thinking of this research to real estate enterprises,it can bring enlightenment and reference for other real estate enterprises' MERGER and acquisition,which has theoretical and practical reference significance.