Research On Mechanism And Effect Of Strategic Transformation Of Anta Sports Driven By Successive Mergers And Acquisitions

Continuous mergers and acquisitions(M&A)should not be viewed in isolation as a standalone strategic decision,as it is an important means for companies to quickly complete strategic planning.While M&A-related research is a hot topic in academia,there is little research on the motives and effects of continuous M&A,especially in the context of corporate strategic transformation.As market reforms deepen and national consumer demands transform and upgrade,competition in China’s sports shoe and apparel industry is becoming increasingly fierce.Compared to the general footwear and apparel market,the professional attributes of sports shoes and apparel are more prominent,with higher entry barriers and broader market prospects.During the decline of local sports brands after the Olympics,ANTA Sports completed a strategic layout of segmented brands with a well-established supply chain through continuous M&A,and combined it with a channel operation strategy that directly faces consumers.It stood out from a host of traditional sports shoe and apparel brands and has now become the largest sports group in China.This article selects ANTA as a case sample: firstly,it outlines the strategic transformation and continuous M&A process;secondly,it uses theories such as synergy,economies of scale,market power,and diversified operations to analyze ANTA’s M&A motives at different stages of strategic adjustment;thirdly,it combines case analysis to explore the path and effects of continuous M&A driving ANTA’s strategic transformation.The market effects of ANTA’s continuous M&A are analyzed and evaluated using the event study method,and the financial effects are analyzed and evaluated using financial indicators.Finally,an analysis and summary of ANTA’s continuous M&A transactions are provided,along with corresponding recommendations.The study found that: :(1)In the stock market competition,successful M&A can expand the market size and increase the output value of enterprises;(2)Matching of continuous M&A motivation and enterprise development strategy is the basis of synergistic effect;(3)With the continuous adjustment of strategic objectives in different periods,the motivation of continuous M&A also changes;(4)Continuous mergers and acquisitions can gradually promote the implementation of strategic transformation of enterprises from resources,markets,customers and other paths,and help enterprises create value.Therefore,the following enlightenment can be obtained: When encountering changes in internal and external environment,enterprises can selectively carry out multiple mergers and acquisitions,comprehensively integrate strategic resources in multiple dimensions,and promote the rapid landing of enterprise strategy.