Research On Value Creation Of Continuous M & A Of Shandong Sinocera Functional Material Company Limited

Under the current policy background of fully implementing the 14 th five year plan in China,the new material industry has attracted a "policy dividend period".At present,after years of exploration,China’s new material industry has gradually broken foreign technical barriers to the industry,realized technological transformation and entered a stage of rapid development.At the same time,under the market background of coexistence of development and competition,enterprises simply rely on endogenous development can not meet the needs of rapid expansion.Therefore,continuous M&A has become the best choice for enterprises to improve their industry competitiveness and seize market share.Enterprises hope to quickly obtain and accumulate resources through continuous M&A,so as to play a role and realize the improvement of enterprise value.Based on this background,this paper attempts to analyze the continuous M&A behavior of guoci materials from 2015 to 2017 from the perspective of resource arrangement theory,and explore the process and effect of realizing enterprise value creation through continuous M&A.From the perspective of resource arrangement theory,this paper sorts out and summarizes the relevant theoretical basis and relevant literature.With the support of theory and literature,this paper combs the eight consecutive M&A behaviors of guoporcelain materials,and divides the M&A process into two M&A stages according to the strategic objectives of the enterprise and the changes of the M&A business segment.Then,according to the process of "building resource combination-Integrating Resource Formation Ability-using resources to obtain value promotion" in the resource orchestration theory,this paper makes an in-depth analysis of the two M&A stages,and finally evaluates the effect of enterprise value creation after continuous M&A from the non-financial level,financial level and M&A risk response level.The results show that resource arrangement is very important in the path of continuous M&A to realize value creation.There is an internal logical connection between the continuous M&A behavior of enterprises.Enterprises obtain and construct resource combination through M&A;then,by enriching the reorganization resources,we can go deep into the pioneering reorganization resources;finally,it evolves from leveraging business to realizing value creation to leveraging platform to realize value creation.The effect evaluation of value creation starts from the aspects of resource integration,market response,business effect and M&A risk response.On the one hand,value creation is significantly reflected in the enrichment of enterprise product line,the improvement of R&D ability and the enhancement of internal management system;investors are optimistic about most M&A events;At the same time,the short-term effect of financial level is not obvious,and the performance of financial indicators has development potential;in addition,when facing the risks of management,goodwill impairment and exchange rate brought by continuous M&A,enterprises actively take countermeasures.To sum up,if enterprises want to improve enterprise value through continuous M&A,they need to pay attention to the internal logical connection between continuous M&A,reasonably and effectively arrange resources,actively and systematically integrate resources,and make M&A decisions for enterprises by means of value creation.These findings break through the literature on M&A as an independent event,have certain theoretical value for continuous M&A,and also provide practical reference for M&A decision-making.