Research On The Value Creation Of Enterprise M&A From The Perspective Of Open Innovation

Before the 1980 s,most companies only invested resources in internal R&D laboratories,and the development,manufacturing,and marketing of innovative ideas were all undertaken by companies.However,as the requirements for technical links in the subsequent production process become higher and higher,it is difficult for a single enterprise to meet its own technological innovation requirements for capital and technology,and gradually try to cooperate with enterprises and research institutions with technological advantages in the industry.With the development of information technology at the end of the 20 th century,the boundaries of traditional forms of innovation in the past have gradually faded,and open innovation has emerged.M&A,as an external resource acquisition mode of open innovation,is the main way for companies with lower technical levels to quickly acquire high-level technology in the industry and expand strategically.Through internal learning and integration,the degree of innovation and continuous innovation capabilities of the company are both Has an effective impact.Through the collation of relevant literature,it is found that the mechanism of M&A value creation has multiple perspectives,including the institutional arbitrage perspective,learning perspective,springboard perspective,resource integration perspective,value network perspective,and so on.Open innovation is an important research direction in the theoretical and practical circles.Existing related research has been around for a short time,mainly around its advantages and disadvantages,and its impact on innovation performance.At present,the number of studies that are close to the value creation of M&A activities is relatively short.less.Through the perspective of open innovation,this article explores what value the different stages of M&A activities create for the long-term development of the company? And analyze the value creation path among them,and evaluate the effect of M&A value creation.This article breaks through the existing literature’s traditional thinking that companies realize value creation through mergers and acquisitions,introduces the perspective of open innovation,and combines Haier Group’s several merger and acquisition cases to analyze the path of "corporate merger and acquisition value creation" from the perspective of "open innovation" As well as the results,Haier’s past mergers and acquisitions were divided into different open innovation stages for vertical exploration: the initial technological alliance stage was classified as absorptive open innovation,and the value creation phase corresponds to the value identification stage.This stage is mainly Design capacity reserves and plans for subsequent mergers and acquisitions.The screening stage of the main M&A activities is classified as complementary open innovation,which is the stage of value acquisition in value creation.It is analyzed from the perspectives of rationality of M&A motivations,effectiveness of M&A activities,and adaptability to the M&A environment.The internalization and innovation stage of technology integration after mergers and acquisitions is classified as iterative open innovation,which corresponds to the core value creation stage in the value creation process,and analyzes from the two perspectives of establishing a technological innovation system and establishing a global innovation network.On the basis of discussing the value creation path of open innovation,evaluate the effect of value creation through financial,customer,innovation and growth aspects to verify whether Haier’s M&A path has made a reasonable and effective contribution to the open innovation model..The study found that manufacturing companies that lacked technical support in the initial stage chose to go through the stage of "technical alliances-screening mergers-integration and internalization" in order to make up for their own technical limitations.The use of resources enhances its own brand status,and provides reputation and financial support for subsequent M&A activities;then,through several reasonable and effective M&A activities in the complementary open innovation stage,the business scope of the company is expanded,and the acquired party’s technology patents are obtained.Upgrading the size of the enterprise;finally,through the iterative open innovation stage,it integrates and internalizes the early resources and technologies,establishes its own technological innovation system,and at the same time develops the global innovation network,completes the establishment of an open innovation platform with its own characteristics.It can be concluded that Haier’s merger and acquisition integration road has provided strong support for its own business and technological progress,and through the subsequent manifestation of the open innovation platform,it has created huge corporate value for Haier Group.This article provides ideas for Chinese enterprises to integrate and use the results of mergers and acquisitions,create value creation paths,and establish sustainable development models.Expanding the results of value creation from one’s own company to other companies and industries,this innovation model points out the direction for many companies striving to establish a technological innovation system and build a global technological network.At the same time,it further explores the theoretical framework of M&A value creation,emphasizing that the focus of value creation should be approached from pure "value acquisition" to "innovative development",supplementing and enriching my country’s existing M&A theories,and contributing to subsequent M&A value creation and open innovation.The research provides certain ideas and directions.