Research On The Effect Of Premium Mergers And Acquisitions Of SSE STAR Market Enterprises From The Perspective Of Resource Orchestration

The establishment of the SSE STAR Market provides financing channels and growth space for science and technology enterprises,and promotes the rapid growth of enterprise performance.However,because the development of science and technology enterprises is driven by technology,the time cost to achieve technological breakthroughs only by capital accumulation is too high,and it is difficult to meet the demand of their high growth,the extensional development mode of mergers and acquisitions has become an important means for science and technology enterprises to quickly obtain strategic resources such as technology and customers,enhance market competitiveness and promote the sustainable development of enterprises.The characteristics of the companies on the STAR Market and the restrictions imposed by the M&A policy on the target parties make it easier for mergers and acquisitions on the STAR Market to generate high valuations and high premiums.The impact of premium mergers and acquisitions on the enterprise is extremely uncertain.If the two sides of the merger and acquisition have synergistic effects and resources can be effectively integrated,the performance level of the enterprise will be significantly improved,otherwise,it will have an adverse impact on the operation of the enterprise.Based on this,this paper selects HYC as the research object,and explores its integration and synergy mechanism and realization effect after the premium M&A.Based on the theory of synergy effect and market power,this paper start from the company’s strategic goals,expounds the motivation of HYC’s premium M&A,the rationality of valuation and the prevention of premium M&A risks.Then,using the theory of resource orchestration to analyze the integration and coordination mechanism of HYC’s use of M&A to create value for enterprise and realize high-quality development from the three stages of resource combination,resource bundling and resource utilization.According to the M&A behavior and resource orchestration process,this paper select event study method and BSC to study the effect of premium M&A.Through the research,the following conclusions are drawn: First,based on the policy orientation,industry environment and the needs of their own development,enterprises should reasonably choose the target of mergers and acquisitions under the guidance of strategic goals;secondly,enterprises should effectively arrange strategic resources such as business,technology,and customers acquired by mergers and acquisitions,realize the integration and coordination of resources,and give full play to the synergistic effect of M&A;thirdly,the premium M&A carried out by the enterprise on the reasonable valuation of the target party,which can bring positive influence to the enterprise and promote the development of the enterprise through the integration and coordination of resources on the basis of effectively preventing risks.This paper innovatively takes the resource orchestration theory as the research perspective of the corporate premium M&A,and constructs an integrated and collaborative analysis framework with "strategic goal-M&A motivation-resource orchestration-M&A effect" as the transmission path,and explores the internal logic between corporate premium M&A and the effect of M&A,then analyze the effect and draw conclusions,and put forward targeted suggestions,in order to provide reference for the follow-up premium M&A activities on the SSE STAR Market.