| M&A is an important way of external growth of enterprises.While the number and amount of M&A transactions are increasing,the frequency of M&A is also increasing,and continuous M&A activities occur frequently in various industries.Through continuous mergers and acquisitions,enterprises can accumulate and utilize high-quality resources,enhance competitive advantages,and improve their own performance.However,the risks in each link of continuous mergers and acquisitions cannot be ignored,and the identification and prevention of risks is crucial for enterprises.This paper selects Haohaishengke,a representative company in the pharmaceutical manufacturing industry,as the research object.Firstly,it introduces the motivation and process of the company’s continuous mergers and acquisitions since its listing in 2019.Then,based on the perspective of resource arrangement theory,it analyzes the performance of Haohaishengke’s continuous mergers and acquisitions from the perspective of resource arrangement process of constructing resource portfolio,binding resource forming ability and creating value by using ability.Then analyze the possible risks of the enterprise in each link of resource allocation based on its performance.The research findings are as follows:(1)Haohaishengke obtained technological advantages through successive mergers and acquisitions.From the perspective of accumulation and combination of high-quality resources,under the guidance of the strategy of "M & A + R & D",Haohaishengke has accumulated resources such as products and marketing channels through continuous M & A,and acquired advanced technology.By bundling and integrating resources,Haohaishengke has established a product line with a wide range of treatment,complementary product advantages and complete specifications.The industrial chain layout of "raw materials + R&D + manufacturing +sales" has been basically completed,formed a competitive advantage in technology,products and marketing,and improved the market share.(2)The performance of Haohaishengke did not increase significantly under continuous mergers and acquisitions.In the link of making use of advantages to create performance,Haohaishengke has seen a decline in a number of financial indicators after continuous mergers and acquisitions,resulting in low asset operation efficiency and poor overall income.(3)Multiple factors lead to the decline of Haohaishengke’s profit stability.The company’s sales and earnings are seriously affected by the epidemic,some subsidiaries are poorly integrated after merger and acquisition,and the impairment of goodwill and intangible assets constantly occurs,which intensifies the volatility of the company’s performance and decreases the stability of earnings.(4)Continuous mergers and acquisitions increase the risk of Haohaishengke.In addition to the inevitable R&D risks,competitiveness risks and macro environment risks in the development process,the continuous mergers and acquisitions also bring decision-making risks,evaluation risks and payment risks in the process of resource combination,integration risks and operational risks in the process of resource transformation,as well as profit risks and impairment risks in the process of resource utilization.The case study reveals that Haohaishengke should clearly position itself in resource combination,rationally purchase external resources,standardize the process of M&A value evaluation,improve the accuracy of evaluation results,reduce the occupation of its own funds by M&A by optimizing the payment method,pay full attention to independent research and development,and improve the utilization efficiency of existing resources in resource transformation.In the link of resource utilization,it is necessary to further improve the product layout of the company and find its own differentiated competitive advantages,so as to achieve the purpose of improving performance and coping with the risks of continuous mergers and acquisitions. |
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