Research On The Serial M&As Integration And Performance Of Hengli Hydraulics From The Perspective Of Resource-focused Action

2020 is the year of testing the achievement of the mid-term goals of"Made in China 2025”and the connecting link of the ten-year action plan.Enterprises are important market entities that undertake this goal,and an increasing number of enterprises have acquired strategic resources such as technology through mergers and acquisitions as an extensional growth method to improve their own production capacity,manufacturing levels and technological innovation capabilities.The strategic goals of both the nation and enterprises are characterized by chronicity and complexity.Enterprises may not be able to achieve their strategic goals with a single merger.Therefore,they often conduct serial mergers and acquisitions(M&As)rather than a single merger and acquisition.From 2000 to 2007,about 70%of listed enterprises in China had chosen to conduct more than two mergers and acquisitions within 3 to 5 years.Serial Mergers and Acquisitions(M&As)refers to the completion of multiple mergers and acquisitions by the same company within a certain period,which emphasize the integrity and relevance of mergers and acquisitions.It is a continuous,repeated,and dynamic merger process under the same strategic goal.However,most of the existing studies on mergers and acquisitions implicitly contain the assumption of independent events,and ignores the mutual influence between multiple mergers and acquisitions of the same company.Besides,there is no theoretical perspective that can make a distinction between serial M&As and a single M&A.The research on the integration and performance evaluation of serial M&As cannot be found either.This paper establishes the internal relationship among strategic orientation,resource-focused action and serial M&As through a literature research method.It summarizes the relationship between the characteristics of serial M&As and M&A integration strategy,sorts out the content of M&A integration,constructs a serial M&As integration model with a transmission path of environment-strategic orientation-resource-focused action-serial M&As characteristics-serial M&A integration.The study also analyzes the merger integration content under the above integration model through case study method.It verifies the effectiveness of the serial M&A integration model.The overall performance of serial M&As is analyzed and the characteristics of the overall performance evaluation of serial M&As are summarized.This paper takes the resource-focused action theory to study the serial M&As,depicts the dynamic process of serial M&As,shows the dynamic changes of serial M&As integration strategies and integration content,and manages to make an effective distinction between serial M&As and single merger.This thesis uses strategic orientation to condense every M&A event of serial M&As into a whole and breaks the assumption of independent events.The author selects successful cases of serial M&As from the perspectives of strategic clarity,strategic and action matching rate,merger synergy,merger premium,merger risk,integration content,etc.,to provide useful experiences for the practice of serial M&As integration and performance evaluation of enterprises.It is found that the strategic orientation of a company will start from primitive,change to complex and finally evolve to synergistic as the serial M&As proceed.Serial M&As decompose the strategic orientation and strategic goals of enterprises,and are a reliable path for latecomers to catch up.The characteristics of serial M&As can affect the strategy and content of merger integration.The chronicity of serial M&As result in the low degree,high independence,and slow tone of serial M&As.Compared with the resource arrangement stage,the resource orchestration stage is more integrated.If one M&A event of serial M&As is regarded as independent,it may lead to distortion of performance evaluation.In addition,the time span of serial M&As is long,and more noise may be mixed in the evaluation of merger performance.The above problems can be solved by designing performance evaluation indicators in accordance with the logic of strategic orientation-merger integration-performance evaluation.