Research On The Value Mechanism Of Continuous Cross-border M&A Driven By Strategy

Driven by the prosperous development of the auto industry,the auto parts industry has also maintained a rapid development,and the state has also attached importance and policy support to it.Foreign component companies make full use of their technological advantages to aggressively enter the Chinese market,and the fierce competitive environment accelerates the pace of cross-border mergers and acquisitions by local companies.The new crown pneumonia epidemic in 2020 has accelerated the process of globalization,and China’s economy has taken the lead in realizing recovery.This is an opportunity for Chinese manufacturing companies to introduce technology and talents,reconstruct the value chain,and carry out global asset allocation.However,cross-border mergers and acquisitions face many difficulties.How to choose the target of merger and integrate resources has become the key to the creation of value in mergers and acquisitions.Therefore,it is of practical significance to study how auto parts companies carry out continuous cross-border mergers and acquisitions driven by strategy,and how to realize value creation.In view of this,this article selects the typical auto parts leader company A as example and adopts a single case study method to study the realization mechanism of continuous cross-border M&As value creation driven by strategy.Firstly,it introduces the theory used in this article,constructs a theoretical application framework,combs the views of domestic and foreign scholars,and summarizes the research space of this article.Secondly,describe the strategic stages of company A,introduce the division and changes of corporate strategy,the continuous cross-border mergers and acquisitions in each stage,and the characteristics of resource structure.Third,analyze the selection of corporate mergers and acquisitions in each strategic stage,resource restructuring strategies,and the effect of continuous mergers and acquisitions value creation,so as to carry out further analysis and discussion on the value creation mechanism of continuous cross-border mergers and acquisitions.Finally,based on the above research content,summarize the research conclusions for manufacturing companies and provide relevant references and suggestions for their mergers and acquisitions.This article reveals the value creation path of auto parts companies’ continuous cross-border mergers and acquisitions,and highlights the driving role of corporate strategy.Finally,the following three conclusions are obtained: First,corporate strategy will affect the choice of mergers and acquisitions,continuous mergers and acquisitions can help companies in strategic layout and landing,and the accumulation of resources brought about by mergers and acquisitions will also affect the adjustment of the next stage of strategy;second,growth In the course of continuous mergers and acquisitions,companies in China usually experience the evolutionary process of "horizontal resource structuring-vertical resource structuring-horizontal + vertical resource structuring cycle";third,the continuous cross-border mergers and acquisitions activities of companies are often accompanied by the accumulation of resources and With the cyclical improvement of dynamic capabilities,the company’s core resource gaps are constantly changing and acquiring.Therefore,its restructuring strategy has gradually transitioned from stable reorganization to rich reorganization and finally to pioneering reorganization,and different strategies match the capabilities of the company at different stages.Work together with ability to realize the enhancement of corporate value.This article is no longer limited to the motivation and performance analysis of continuous cross-border mergers and acquisitions,but explains how continuous cross-border mergers and acquisitions create value for enterprises based on the perspective of resources and dynamic capabilities.In addition,the selected cases are In addition,the selected cases are representative in the industry and can closely follow policies and industry development trends,and provide reference value for cross-border M&As in the post-epidemic era.