Research On The Value Creation Of Luoyang Molybdenum's Continuous Cross-border Mergers And Acquisition

With the advancement of the Belt and Road Initiative,enterprises are "going global" through cross-border mergers and acquisitions.Cross-border mergers and acquisitions can not only enable enterprises to quickly obtain mineral resources,expand the international market and improve their comprehensive competitiveness,but also effectively solve the dilemma of domestic mineral resource shortage.However,the process of cross-border mergers and acquisitions is very complex and faces many risks.Therefore,many companies have suffered from poor performance or even bankruptcy due to the failure of cross-border mergers and acquisitions.In this context,this paper takes "continuous cross-border M&A to achieve value creation" as the starting point,selects the cross-border M&A events of CMOC for more than ten years as the case study object,and uses the resource orchestration theory to attempt to analyze two issues in continuous cross-border M&A of enterprises: First,the process of realizing value creation through resource orchestration in continuous cross-border M&A of COMC.The second,the effect of continuous cross-border mergers and acquisitions in COMC to achieve value creation.Strive to explore the internal relationship of several mergers and acquisitions and the resource allocation methods used by COMC to achieve value creation at different stages.Finally,evaluate the effect of continuous cross-border mergers and acquisitions in COMC to achieve value creation through comprehensive indicators.Based on the characteristics of several mergers and acquisitions of COMC,this paper divides the process of its continuous mergers and acquisitions into three stages: resource accumulation,trade expansion,and focused development.It analyzes how COMC achieves value creation through resource orchestration at each stage,that is,which resource structuring method was selected at different stages,and how resource restructuring method was achieved.This paper summarizes the specific process of COMC to create value through continuous cross-border mergers and acquisitions,which can provide reference for other mining enterprises to carry out continuous mergers and acquisitions.Research has shown that there is an inherent correlation between various merger and acquisition events in continuous enterprise mergers and acquisitions,which is implemented based on the strategic guidance of the enterprise.All M&A events revolve around the implementation of corporate strategy,and resources are arranged in different ways at different stages.Enterprise resource orchestration will undergo a process of resource structuring,resource restructuring,and value leveraging.According to the resource requirements at different stages,enterprises will choose to obtain resources through horizontal or vertical resource structure;With the accumulation of M&A experience,the integration methods of enterprises will gradually deepen,and the integration strategy will be transformed from the initially most conservative stable resource restructuring to a rich resource restructuring and then to the most in-depth pioneering resource restructuring;With the deepening of integration methods,value leveraging has also shifted from environmental leveraging to business leveraging,and finally to platform leveraging.From the perspective of value creation effects,COMC has grown from a small and medium-sized enterprise to an international mining giant,achieving very good value creation effects through continuous cross-border mergers and acquisitions.