Research On The Path And Effect Of Continuous Cross-Industry M&A Of Yingfeng Environment From The Perspective Of Resource-Based Theory

China’s M&A transaction market is booming.Mergers and acquisitions have become a way for many enterprises to carry out industrial transformation,so as to realize their own development and improve their competitiveness.Investors are increasingly favouring up-and-coming industries,such as environmental protection.However,the industry of enterprise transformation and the original industry usually have different industry characteristics and operation mode,so the results of cross-industry transformation through mergers and acquisitions are often not satisfactory.How to bring positive effects to enterprises through continuous cross-industry mergers and acquisitions is worth studying.This paper combines theoretical analysis with practical cases.Firstly,from the perspective of resource-based theory,the multiple mergers and acquisitions of enterprises are divided into different stages.According to the three-step method "resource accumulation"-"resource integration"-"resource utilization" developed from the resource-based theory,By comparing the situation before and after mergers and acquisitions,this paper combs the path of constructing,integrating and utilizing resources through multiple mergers and acquisitions,and analyzes how successive mergers and acquisitions create value for Yingfeng Environment.Secondly,this paper summarizes and evaluates the effects of Yingfeng Environment’s continuous M&A transformation from business,technology,market,talent and financial performance.Finally,this paper summarizes the enlightenment of Yingfeng Environment’s successful transformation of continuous m&a,analyzes the problems and deficiencies in Yingfeng Environment’s cross-border continuous M&A,and puts forward targeted measures and suggestions.As a successful cross-industry merger and acquisition enterprise,has changed from a declining traditional manufacturing industry to a leader in the environmental protection industry,and its diversified continuous merger and acquisition case has certain research value.It is universal and enlightening to the enterprises which hope to transform through merger and acquisition.Therefore,this paper finally summarizes the successful enlightenment of Yingfeng Environment,analyzes the problems existing in its merger and acquisition process and puts forward corresponding suggestions.It is hoped to provide some reference for other cross-industry m&a enterprises on how to identify,acquire,integrate and digest resources.