Analysis Of The Motivation And Effect Of Continuous Mergers And Acquisitions Of Enterprises From The Perspective Of Strategic Transformatio

With the accelerated pace of domestic industrial transformation and upgrading,strategic transformation has become an inevitable choice for many enterprises.Continuous M?A is the behavior of enterprises to carry out multiple M?A activities in a certain period of time.It is one of the important ways for enterprises to implement long-term strategic planning.However,after consulting the relevant literature,the author found that the current research on Enterprise M?A is still dominated by "single M?A",and there is less research on the related problems of continuous M?A from the perspective of strategic transformation.Zhonghuan Co.,Ltd.,a listed company on Shenzhen Stock Exchange,was founded in 1999.After the financial crisis in 2008,it began to explore strategic transformation.Since 2016,it has accelerated the realization of strategic objectives through continuous M?A activities,successively acquired Guodian photovoltaic,Xinjiang GCL,Huansheng photovoltaic,etc.,and the enterprise strength has been greatly improved.Based on the synergy theory,combined with the strategic transformation background of Zhonghuan shares,this paper uses the case study method to deeply analyze the motivation and effect of continuous M?A of Zhonghuan shares.The study found that the motivation of continuous M?A of Zhonghuan Co.,Ltd.is mainly the pursuit of synergy in production,market,management,finance and other fields.At the same time,this paper uses the event research method to evaluate the short-term performance of enterprises,and uses the Balanced Scorecard to evaluate the medium and long-term performance of enterprises.It is found that through continuous M?A activities,the short-term performance of enterprises has improved,and the indicators of financial,business process,customer,learning and innovation dimension have been improved.On the whole,the overall performance of M?A of central Co.,Ltd.has been improved under the background of strategic transformation.The case of continuous M?A of Zhonghuan also brings enlightenment to other enterprises to carry out similar M?A activities,that is,enterprises should choose the opportunity of strategic transformation carefully,the motivation of M?A should be closely combined with the strategic objectives,and the effect of M?A should be viewed comprehensively,so as to improve the overall performance of continuous M?A under the background of strategic transformation.