Research On Continuous Enterprise Value Creation Of TCL Technology Based On Resource Arrangement Theory

According to the "2020 Review of China’s M&A Market and 2021 Perspective" released by Pw C,the transaction value of China’s M&A activities reached the highest level since 2016 in 2020,reaching US$733.8 billion,thanks to China’s industrial upgrading,"dual circulation",5G large-scale construction and other related policy support.Specifically,the M&A activities in the communication equipment sector are more active,the semiconductor and intelligent manufacturing fields have attracted much attention,and the technology iteration field of photovoltaic and battery is facing broader prospects.At present,traditional industries have used mergers and acquisitions to carry out industrial upgrading and transformation,and electronic information manufacturing is one of the representative industries.Through continuous mergers and acquisitions,it can effectively alleviate the long-term problems of lack of core technology,weak independent innovation ability,and development control in China’s electronic information manufacturing industry,help realize the optimization of capital structure,accelerate the pace of transformation,and enhance industrial advantages and enterprise competitiveness.This paper selects TCL technology in electronic information manufacturing enterprises as the research object,takes the resource arrangement theory as the research framework throughout the text,relies on the literature research method and case analysis method to realize the enterprise value creation process from the analysis of "building resource combination","resource merger and integration" and "resource transformation and utilization",and conducts quantitative and qualitative analysis of the value creation effect based on the event research method and the comparative analysis method.From the perspective of value creation process,firstly,the company through business divestiture,participate in the mixed reform of Zhonghuan Group,merge with Suzhou Samsung,and acquire Moka International Limited to build a resource portfolio,forming a new situation in semiconductor display,new energy materials and semiconductor materials business,continue to expand the industrial line,expand the industrial chain,and lay the foundation for forming a competitive advantage.Secondly,through the establishment of R&D laboratories,strengthen R&D investment,build new R&D centers,promote "industryuniversity-research" cooperation,build new production bases and industrial lines,introduce strategic investors,and improve the talent training system to integrate resources,and use resources to enhance the innovation and production capabilities of enterprises,to consolidate core advantages.Finally,TCL Technology transforms and utilizes the resources obtained into advanced technology,customer resources,international resources,and management methods,gradually occupies advantages in emerging markets,accelerates the global layout of enterprises,accelerates the upgrading of Industry 4.0,improves the operational efficiency of enterprises,and improves product quality.From the perspective of value creation effect,continuous mergers and acquisitions generally enhance the economic and social value of enterprises and achieve investment expectations.Among them,the most significant value improvement is in the non-financial performance such as building a global layout,producing innovative products,and social responsibility,and the market response is mixed,and the financial performance is relatively stable but has development potential.In general,enterprises enhance their core competitiveness through reasonable resource arrangement and open new paths for value creation.Starting from the enterprise strategy of TCL Technology,this paper clarifies the internal logic of continuous M&A value creation,clarifies the role of resource arrangement in it,analyzes the effect of continuous M&A value creation,and puts forward reasonable suggestions for continuous M&A.This is a new path for the electronic information manufacturing industry to obtain technology,market,status,and other resources,and is of positive significance to promote the transformation and upgrading of China’s traditional industries,break through technical bottlenecks,and strengthen the competitiveness of enterprises.