| Although China’s manufacturing industry presents a situation of large scale and many types,it is still criticized by low technology and low brand reputation.With the increasingly fierce international competition,the status of China’s manufacturing industry in the entire industrial value chain and the entire manufacturing industry the scale does not match.In order to break through the dilemma of the bottom of the industrial value chain,M&A has become a booster for companies to achieve a competitive advantage.Facing the high failure rate of mergers and acquisitions,how to improve the success rate of mergers and acquisitions is the main research content of this article.Through combing the relevant theories of strategic management and M&A,as well as studying relevant literature on M&A drivers,M&A target selection,M&A integration,M&A risk,M&A performance,and value chain M&A,this paper attempts to learn from value chain M&A thinking about how to improve the success rate of mergers and acquisitions.In the theoretical part,this article mainly describes the concept,necessity and scope of application of value chain mergers and acquisitions with enterprises as the starting point,and how to carry out value chain mergers and acquisitions,such as clear motivation,choice of mergers and acquisitions,follow-up integration measures and what to face The risk analysis will provide a theoretical basis for Mengniu’s value chain M&A model research below.This article selects Mengniu as the analysis object of value chain mergers and acquisitions.First,it uses the five-force model to analyze Mengniu’s external industrial environment in detail and the difficulties and opportunities it faces.It combines the internal and external value chains to analyze the competitive advantages and disadvantages of Mengniu and the future development strategy to clarify Mengniu’s M&A motives,followed by determining the Mengniu value chain M&A model and the rationality of Mengniu’s M&A target selection based on the previous analysis results,and reanalyzing the risks faced by Mengniu’s M&A target from the perspective of optimizing the value chain Evaluate and provide advice for Mengniu on Mengniu value chain M&A integration.Finally,a balanced scorecard is used to comprehensively evaluate Mengniu’s value chain M&A performance.Through the above process,it is believed that value chain M&A can indeed provide a reasonable and reliable M&A model for traditional manufacturing M&A in many aspects.Value chain M&A has certain reference significance. |
