Research On The Synergy Effect Of Continuous M&As Of Sunway Communication

Against the backdrop of the evolving sixth wave of global mergers and acquisitions(M&As)and the repeated emphasis by the Party Central Committee at conferences that China’s economy is changing from high-speed development to highquality development,continuous M&As activities by high-tech enterprises to acquire strategic resources are in full swing.However,not all companies are able to obtain synergy effects from continuous M&As to achieve high-quality development,so it is urgent to study the synergy effects of continuous M&As of high-tech companies.The purpose of the thesis is to explore the process and results of the synergy effect generated by the continuous M&As of Sunway communication.Firstly,the thesis systematically reviews the existing domestic and international literature on continuous M&As and synergy effects.On this basis,it applies theories related to resource orchestration and M&As to study the three continuous M&As of Sunway communication,a company in the communications equipment manufacturing industry,as a study.Based on the strategic changes of the case company in different periods,the continuous M&As were divided into single main business stage and multi-main business stage.Through the steps of constructing the resource portfolio,integrating resources to form capabilities and utilising capabilities to generate synergy effects,the operational synergy,management synergy and financial synergy effects of the above two M&As stages were analysed respectively.Finally,financial indicators were used to evaluate the above three synergy effects,and EVA was applied to evaluate the overall synergy effect.The final conclusions of this thesis are as follows:(1)The synergy effects generated by the case companies in different strategic stages are significantly different,and the degree of resource integration is higher in the multi-main business development stage compared to the single main business development stage.(2)From the evaluation results of the synergy effects of continuous M&As of Sunway communication,it is clear that continuous M&As can indeed generate synergy effects and achieve high-quality development.The research in this thesis provides implications for companies wishing to achieve high-quality development through continuous M&As.There are 41 figures,34 tables and 80 references in this thesis.