Research On The Promotion Of Enterprise Value Through Continuous M&A Based On Resource-Based Theory

At present,China's beer industry accounts for 80% of the total industry with five Giants: Qingdao,Xuehua,Yanjing,Budweiser and Carlsberg.The common way for these enterprises to develop to today's situation is M&A,which form a scale through contiguous acquisitions of regions.Merger is a double-edged sword.How to create value through M&A is the main challenge for every enterprise.Tsingtao Beer is a typical case of continuous M&A.Whether high-frequency M&A can create value for enterprises is worthy of in-depth study.Based on the resource-based theory,this paper analyzes Tsingtao Beer's continuous mergers,and provides one more document for China's research on the topic of "whether continuous mergers and acquisitions create value".For Chinese enterprises,facing up to this issue can make enterprises more rational and avoid blind expansion or lack of value creation.First of all,introduce the relevant theories,combined with the M &Aprocess of Tsingtao beer in 1993-2018,and analyze by stages.From the perspective of resource integration and absorption,this paper analyzes the effect of M &A.Focus on antecedents,processes,and consequences.From the perspective of strategy,brand,organization and resource integration,this paper constructs a value creation framework with resource as the core,analyzes the path of resource and capacity integration,and finally evaluates the effect and summarizes the experience and enlightenment.The results show that:(1)under the view of resource base,the competition between enterprises is a competition between resources and capabilities,and the ability to utilize resources is reflected in the competitive strength of enterprises.(2)Resources can be divided into reputation,organization and material resources,whose value is reflected in the efficiency and profitability of enterprises.Form a virtuous circle of M&A integration M&A.(3)Integration after M&A is the key.Continuous M&A is only a means.Only by focusing on integration can value be created.