| Since the 18th CPC National Congress,the key tasks of State-Owned enterprises have become more clear.In the new era,state-owned enterprises should realize strategic transformation,optimize capital distribution,adjust industrial structure,constantly improve independent innovation ability,conquer core technology,realize digital transformation,give full play to the high-tech advantages of state-owned enterprises,and enhance their core competitiveness.As the "national team" of China’s military electronics industry,CETC has adjusted its strategic positioning to realize industrial digitization,improve its r&d and innovation capabilities,promote the group’s asset securitization rate,complement its business shortcomings and enrich the relevant business chain.In the process of strategic transformation,it has become an important strategic measure to carry out internal acquisition and extension merger with listed companies of sub-groups as the main body.CETC Digital Technology Co.,Ltd is one of the major m&a platforms under CETC.This paper takes CETC Digital Technology Co.,Ltd(former East China Computer)’s m&a behavior of entrepreneurial companies as the research object.Through the method of case study,it explores the strategic layout of CETC Digital Technology Co.,Ltd through m&a since 2010 under the strategic guidance of CETC.And gradually put forward and realize the "cloud-edge-end" strategy process.Through the analysis of the company through mergers and acquisitions to achieve strategic transformation of the path,explore the state-owned group of listed companies to achieve strategic transformation mode.The research concludes that the strategic transformation path of the group company through mergers and acquisitions of affiliated listed platforms is as follows:First,the group company shall formulate the overall development strategy according to its own development situation,cultivate entrepreneurial enterprises,and determine the strategic deployment at the company level according to the adjustment of the position of the listed company in the industrial chain;Second,strategic transformation of listed companies can be realized through mergers and acquisitions of listed companies.Group companies cultivate start-up enterprises by importing resources to them,and then import them into state-owned enterprises through state-owned enterprises’ merger and acquisition of start-up enterprises,so as to re-integrate the strategic resources within the whole group.Therefore,the strategic transformation of state-owned enterprises through MERGERS and acquisitions is essentially the integration of state-owned resources under the guidance of the macro-strategy of the group company.Through the matching of development strategies and coordination of strategic behaviors between the group company and state-owned enterprises,the strategic goals are finally achieved at the level of state-owned enterprises and the group.This paper analyzes the strategic transformation path of CETC digital as a typical case,hoping to study the role of series mergers and acquisitions of listed companies in promoting corporate strategic transformation from the strategic perspective of the group,providing new content for mergers and acquisitions of listed companies. |
