会计学院知识库

  近年来，全球经济增速放缓，市场竞争加剧，许多行业面临严峻的市场形势。同时，我国经济正处于转型加速升级阶段，企业为了避免被市场淘汰，就需要不断增强核心竞争力，争取更大的进步。并购可以帮助企业在激烈的市场竞争中快速实现资源获取、市场扩张及业务整合等战略目标，促进企业提升竞争力和实现价值创造。企业往往会通过连续一系列的并购行为实现整体战略目标，各个并购活动之间具有相关性。然而，只是取得优质资源并不会形成持续的竞争优势，并购后的资源整合与应用才能带来价值创造。同时，资源整合并不是一个稳定的过程，管理者需要不断编排公司现有的及未来可能获取的各种资源帮助企业实现价值创造。因此，从全局出发，将所有并购活动看成连续并购，并运用强调动态配置资源的资源编排理论，可以为我们研究并购活动的价值创造提供新视野。

  本文以资源编排理论为研究视角，以蓝色光标为案例公司，对其2010年至2021年间并购活动进行研究，探究企业连续并购进行价值创造的过程和效果。首先，文章在整理资源编排和连续并购的价值创造研究成果的基础上，梳理出本文的理论思路。其次，对蓝色光标连续并购历程进行整理，并根据其战略目标和并购标的特征将并购活动划分为业务扩展和数字化转型两个阶段。再次，以“动因→过程→结果”为逻辑，分析蓝色光标各并购阶段的并购动因，并以资源编排框架为基础分析其连续并购实现价值创造的路径。最后，使用经济增加值和适当的非财务指标对蓝色光标连续并购的价值创造效果进行评价。

  文章通过分析发现，蓝色光标并购后的资源编排过程对于实现连续并购的价值创造具有重要作用，并购后的资源整合方式差异将会影响连续并购的价值创造效果。与此同时，认为企业应当重视并购后的资源编排以促进并购协同效应的发挥，还要合理选择并购标的以避免盲目并购。通过上述研究，以期对我国企业连续并购的价值创造研究提供一些参考，并在一定程度上丰富案例研究。

       In recent years, global economic growth has slowed down, market competition has intensified, and many industries are facing a severe market situation. At the same time, China's economy is in the stage of accelerated transformation and upgrading. In order to avoid being eliminated by the market, enterprises need to continuously enhance their core competitiveness and strive for greater progress. M&A can help enterprises quickly achieve strategic goals such as resource acquisition, market expansion and business integration in the fierce market competition, and promote enterprises to enhance their competitiveness and realize value creation. Enterprises often achieve their overall strategic goals through a series of M&A activities, and there is a correlation between M&A activities. However, just obtaining high-quality resources will not form a sustainable competitive advantage, and the integration and application of resources after mergers and acquisitions can bring value creation. At the same time, resource integration is not a stable process, and managers need to constantly arrange the existing and future resources of the company to help enterprises achieve value creation. Therefore, from the overall situation, treating all M&A activities as continuous M&A, and applying the resource arrangement theory that emphasizes dynamic allocation of resources, can provide us with a new vision for studying the value creation of M&A activities.

       From the perspective of resource arrangement theory, this paper takes Blue Focus as a case company to study its M&A activities from 2010 to 2021, exploring the process and effect of value creation by continuous M&A. First, on the basis of sorting out the research results of resource arrangement and value creation of successive mergers and acquisitions, the paper combs out the theoretical ideas of this paper. Secondly, it sorted out the M&A process of Blue Focus, and divided the M&A activities into two stages: business expansion and digital transformation according to its strategic objectives and the characteristics of the M&A targets, and analyzed the value creation process of the M&A by using the resource choreography framework. Thirdly, with the logic of "motivation → process → result", this paper analyzes the M&A motivation of Blue Focus in each M&A stage, and analyzes the path of continuous M&A to achieve value creation based on the resource arrangement framework. Finally, using economic added value and appropriate non-financial indicators to evaluate the value creation effect of Blue Focus continuous M&A.

      Through analysis, this paper finds that the resource arrangement process after Blue Focus M&A plays an important role in realizing the value creation of continuous M&A, and the difference of resource integration mode after M&A will affect the value creation effect of continuous M&A.. At the same time, it is considered that enterprises should pay attention to the arrangement of resources after continuous mergers and acquisitions to promote the synergy of M&A, and also choose the target of mergers and acquisitions reasonably to avoid blind mergers and acquisitions. Through the above research, it is expected to provide some reference for the value creation research of continuous M&A of Chinese enterprises and enrich case studies to some extent.