Research On The Path Of Post Merger Integration And Value Promotion Of Manufacturing Enterprises

With the rapid development of China's economy and capital market,merger and acquisition has become a necessary choice for Chinese manufacturing enterprises to grow further.The Communist Party of China(CPC)proposed to speed up the development of advanced manufacturing industry,to promote to the high end of the global value chain,to cultivate a number of world-class advanced manufacturing clusters.December 2017,the Central Economic Work Conference proposed that the manufacturing revolution should be transformed from "Made in China" to "Created in China".In March 2018,the government work report proposed that we should speed up the construction of manufacturing powerhouse,create a demonstration zone of "China 2025",and push forward the standard with international advanced level.Under the background of industrial upgrading and resources allocation,more and more manufacturing enterprises realized the adjustment and allocate on efficiency of resource stock through merger,acquisition.Reform of state-owned enterprises restructuring achieved good results,though the value of the enterprise has not been raised.On the one hand,the enterprise lags behind in management system and ideology.On the other hand,it lacks the focus on post-merger integration and long-term strategic vision.On the basis of relevant domestic and outboard researches,combined with Case a,this paper studies the relationship between post-merger integration and value improvement,which is a supplement to the existing research content.First of all,the theoretical background and research foundation of this paper are laid out through the analysis of the resource concept,capability view.The theoretical analysis framework of this paper is preliminarily constructed on the previous research.Secondly,this paper expounds the case overview of group A's value improvement through M&A,mainly introduces the transaction background,transaction process,the integration measures of the four stages and the effect of the final integration.Finally,combining the pre-merger,mid-stage and later integration measures and effects to construct the integrated value effect formation path for manufacturing enterprises.The conclusion of this paper reveals the path of value enhancement in mergers and acquisitions of enterprises,and highlights the process and dynamic characteristics of the determinants in the process of increasing the value of manufacturing companies.This article mainly has four research findings.(1)This paper puts forward the value-recognition,resource-reconstruction,value promotion path model.The paper believes that companies should focus on cultivating the three aspects of M&A:resource identification capability,resource integration capability and implementation capability.The accumulation of M&A capabilities and the enhancement of the value of integration.(2)Resource identification-Resource reconstruction is an important step in integrating.When selecting targets for mergers and acquisitions,companies with rich technical resources or financial resources should be selected,preferably with similar or related companies.Business target business.(3)Resource possession,resource selection and resource utilization are three important strategic dimensions for realizing synergies and enhancing value.(4)Corporate culture plays an important role in post-merger integration.The innovation of this paper is the perspective and the companie selection.The company has 10 years of integrated experience,thus the research is representative.Moreover,these two parties have a decisive position in the manufacturing industry.This paper chooses the impact of the post-merger integration measures on the value promotion as a cut-though perspective,using the single case study method,more vividly answers the process of integrating,emphasised on "how to" enhance value after mergers and acquisitions.