| In order to promote industrial transformation and upgrading,technological innovation,and dual cycle development,and achieve high-quality development,the Chinese government has introduced a series of policies conducive to enterprise mergers and acquisitions,which has led to a rapid growth in domestic investment and mergers and acquisitions.Enterprise merger and acquisition(M&A),as a form of enterprise investment,is not only an effective means of adjusting the changes in the internal structure of the industry,but also an effective means of adjusting the amount of reserves.Through mergers and acquisitions,companies can quickly acquire high-quality resources and technologies,and integrate them with existing resources to achieve good long-term performance.In addition,in the face of the advent of the digital era,more and more high tech enterprises are abandoning "self building" and choosing to "purchase" digital capabilities to gain rapid changes in digital technology and extremely unstable market share.Under the framework of the digital development strategy,enterprises have repeatedly carried out small and medium-sized M&As through procedural M&A,which can well solve the problem of weak follow-up in the process of Digital transformation of enterprises,and make the entire Digital transformation strategy more robust and powerful.Therefore,based on the background of Digital transformation,it is of practical significance to study the motivation and performance of high-tech enterprises’ continuous mergers and acquisitions.Based on the existing literature,this paper aims to deeply explore the background,motivation and impact of Ziguang’s continuous M&A,and analyze the practical experience of Ziguang’s Digital transformation and continuous M&A in detail,in order to better grasp the transformation effect of Ziguang.Firstly,this article introduces the overview of Ziguang Shares,the process and path of continuous mergers and acquisitions;Secondly,it explores the motivation of its continuous M&A under the Digital transformation in detail;Thirdly,the process of continuous merger and acquisition of enterprises is divided into four stages.The financial performance indicators are selected and compared horizontally and vertically for several years to examine the impact of merger and acquisition plans on the financial aspects of the company during the entire implementation stage;Finally,the non-financial effects before and after the company’s Digital transformation are evaluated by studying the innovation level company’s input-output indicators and changes in its personnel composition,as well as business level and company level performance.The study found that,starting from the company’s performance,most indicators of financial performance corresponding to the company’s four major capabilities showed a trend of improvement and improvement after the implementation of mergers and acquisitions,and by comparing them with the industry average,it was possible to smoothly obtain positive financial results for the company.EVA indicators have increased significantly after mergers and acquisitions,showing an upward trend year by year,even exceeding net profit.From the perspective of non-financial performance,digital business revenue has increased significantly after mergers and acquisitions,and R&D investment,patent output,personnel education structure,and changes have also been positively improved.The degree of digital indicators of the company far exceeds the industry average,and both the digital platform and the industrial chain have achieved innovation.In the end,it is proposed that similar companies should adjust their strategic planning in combination with their own development,carefully implement mergers and acquisitions,select appropriate merger targets,strengthen R&D innovation,and continuously improve the company’s R&D technology level. |
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