Research On The Value Creation Of China Resources Sanjiu's Continuous Mergers And Acquisitions From The Perspective Of Resource Orchestratio

In recent years,the country has introduced a series of high-pressure policies for the pharmaceutical industry to regulate the high-quality development of the industry.In this context,the whole industry is facing huge challenges and fierce competition,and pharmaceutical companies are scrambling to take actions to strengthen themselves in order to comply with policy requirements and seek an advantageous position in the competition.Achieving innovative breakthroughs through endogenous development alone would require a large investment of the time cost and wait an uncertain outcome.As a result,frequent mergers and acquisitions have become a major means for pharmaceutical companies to quickly improve their core competencies and capture market share.So,how do companies create value through continuous M&As? Based on a resource orchestration perspective,this paper takes the successive M&As implemented by CR SANJIU during 2012-2020 as the research object to explore the process and effect of value creation through continuous M&As in CR SANJIU.In the field of M&As,the existing studies have mainly focus on "single M&A ",mostly from the static perspectives of the motivation,transaction mode and risk of M&As,but rarely explore the dynamic connection between continuous M&As.This paper divides the sequential M&A process into two M&A phases based on changes in corporate development strategies and business segments,and analyzes the resource structuring,resource bundling and resource leveraging processes in each phase,and finally evaluates the effect of value creation from both qualitative and quantitative perspectives.The study shows that there is an inherent correlation between successive M&A events of firms.The role of resource orchestration is critical in the process of moving from resources to value.The process of resource orchestration is continuously adjusted in response to successive M&As and changes in the internal and external environment: resource structuring moves from horizontal to bi-directional,restructuring moves from enrichment to pioneering,and eventually evolves from business leveraging resource utilization to platform leveraging resource utilization in a shallow to deep orchestration process.In terms of value creation,successive M&As have brought value to the enterprise through resource orchestration and achieved strategic objectives.Among them,the value creation effect of CR SANJIU was most significant in qualitative aspects such as expansion of products and businesses,enhancement of R&D capabilities and the improvement of industry status;In terms of quantitative analysis,CR SANJIU short-term market effect is still possible,with a lag in the performance of long-term financial indicators,but with great potential for future growth and a good overall EVA performance.In summary,when creating value through successive mergers and acquisitions,companies need to pay attention to the ways of resource orchestration,adjust the strategies of M&As and orchestration in a timely manner,integrate resources reasonably and effectively,and leverage resources to create value.