The Impact Of Geely Group's Continuous Cross-border Mergers And Acquisitions On Corporate Value From The Perspective Of Resource Orchestratio

Under the background of China’s comprehensive implementation of "cultivating world-class enterprises with global competitiveness",many enterprises have ushered in a new opportunity for development.There are huge differences between China’s automobile industry and developed countries in core technologies,and it is difficult to catch up in the short term.Therefore,many enterprises choose to take "continuous cross-border mergers and acquisitions" as the "springboard" to acquire strategic assets,to upgrade core capabilities and to step forward to the world-class enterprises.However,the previous literature on cross-border mergers and acquisitions mainly studied the motivation and performance of cross-border mergers and acquisitions based on a single merger and acquisitions event,and few people combined the overall analysis of multiple mergers and acquisitions from the perspective of resource arrangement.This paper adopts the vertical single case study method,and selects typical enterprises in the automobile industry,which is also a representative enterprise of continuous mergers and acquisitions,Geely Group.Focusing on " From the perspective of resource arrangement,how can Geely Group create value for enterprises through continuous cross-border mergers and acquisitions? What kind of value was created? " This core problem for related analysis.First of all,based on the theory of resource arrangement,scale market theory and springboard theory,the domestic and foreign research results in the relationship between continuous merger and acquisition and value creation,resource arrangement and value creation are reviewed and reviewed.Then,through a detailed analysis of the twelve consecutive cross-border mergers and acquisitions,the mergers and acquisitions events are divided into three stages,which analyze how the three stages acquire,integrate and utilize resources through cross-border mergers and acquisitions,so as to create value for enterprises.Finally,the short-term market effect and the long-term operation effect are analyzed based on the event research method and the key financial index method.It is found that from the perspective of the process of value creation,enterprises will experience the resource stripping process of "two-way resource structure-vertical+ horizontal resource structure" in the process of continuous reverse cross-border merger and acquisition.At the same time,the restructuring strategy will gradually transition from stable,rich and pioneering.From the perspective of value creation,the value of enterprises in the process of continuous merger and acquisition mainly comes from three ways: industrial chain differences leverage,business growth leverage and platform resources leverage.From the perspective of the effect of value creation,continuous cross-border mergers and acquisitions at different stages can create different values for enterprises.This paper explores the influence of continuous transnational on enterprise value from the perspective of resource arrangement not only deepens the relevant literature of resource arrangement and enterprise value creation,but also provides some experience and enlightenment for continuous cross-national mergers and acquisitions in the future.