随着我国“走出去”及“一带一路”战略的实施，有色金属企业积极投身于跨国并购的浪潮中，通过并购企业进一步优化了全球资源配置、突破贸易壁垒、拓宽海外市场，为我国经济发展和科技进步作出了更大贡献。紫金矿业作为有色金属行业领军，2005年起开始频繁进行跨国并购，极大地提升了企业绩效。在此背景下，基于资源编排视角，对紫金矿业2005-2022年间连续开展的跨国并购活动展开分析，旨在探讨紫金矿业如何通过连续跨国并购实现价值创造，并评估其价值创造效果。期望能揭示紫金矿业如何通过资源编排和连续并购策略，有效整合资源，实现企业价值的持续增长。

首先，以资源编排理论为核心框架，对相关文献和理论基础进行了系统的梳理与总结。在此基础上，对紫金矿业2005-2022年间所实施的连续跨国并购行为进行梳理，根据企业战略目标的演变，将这一过程划分为两个主要阶段：国际市场扩张阶段、多元化战略转型阶段，并总结归纳了紫金矿业进行连续跨国并购的动因。其次，依照资源编排理论中的“构建资源-资源重组-资源撬动”的逻辑路径，对这两个并购阶段过程进行分析。最后，运用事件研究法对其短期市场效应进行分析，综合运用业务能力评估、财务指标分析以及经济增加值对其长期经营绩效进行分析，从而实现对紫金矿业连续跨国并购的价值创造效果进行全面而客观的评估。

经研究得出结论：第一，连续并购中的各交易事件并非孤立存在，而是紧密相连，共同服务于企业的整体战略。随着企业战略目标的演变，连续并购的特征亦会发生变化，以适应不同阶段的战略需求。第二，在连续并购的进程中，资源编排方式对于实现价值创造具有关键作用。这些编排方式会随着并购活动的持续推进而不断调整优化，以更好地服务于价值创造的目标。第三，从价值创造的视角来看，连续并购整体上有助于提升企业价值。从短期市场来看，大多并购事件为紫金带来了显著的价值提升。从长期价值来看，连续并购使其在保有资源量、产量、研发创新及行业地位上均展现出显著的价值效应，得以实现优异的经营业绩，同时引发EVA随资源编排方式的变化而出现波动。总体来看，连续并购及后续的妥善整合，对企业整体价值创造产生了积极的推动作用。

With the in-depth implementation of China's "going out" strategy and "One Belt and One Road", non-ferrous metal enterprises actively participate in the wave of transnational mergers and acquisitions, through which enterprises can further optimize the allocation of global resources, help break through trade barriers, further expand overseas markets, and make greater contributions to national economic development and scientific and technological progress. ZiJin Mining, as a leader in the non-ferrous metals industry, has frequently carried out cross-border mergers and acquisitions since 2005, which has greatly improved corporate performance. In this context, based on the perspective of resource arrangement, this paper analyzes in detail ZiJin's continuous cross-border M&A activities from 2005 to 2022, aiming to explore how ZiJin achieves value creation through continuous cross-border M&A and further evaluate the effect of value creation. It is expected to reveal how ZiJin can effectively integrate resources and enhance competitiveness through resource arrangement and continuous merger and acquisition strategy, so as to achieve continuous growth of enterprise value.

First of all, with the resource arrangement theory as the core framework, the relevant literature and theoretical basis are systematically combed and summarized. On this basis, the paper systematically reviews ZiJin Mining's continuous mergers and acquisitions from 2005 to 2022, divides the process into two main stages according to the evolution of the company's strategic objectives: international market expansion stage and diversification strategy transformation stage, and summarizes the motivation of ZiJin Mining's continuous cross-border mergers and acquisitions. Secondly, according to the logical path of "constructing resources-reorganizing resources-leveraging resources to create value" in resource arrangement theory, the two stages of merger and acquisition are analyzed. Finally, the short-term market effect of ZiJin Mining is analyzed by the event research method, and the long-term business performance is analyzed by the comprehensive use of business capability evaluation, financial index analysis and economic added value, so as to achieve a comprehensive and objective evaluation of the value creation effect of ZiJin Mining's continuous cross-border mergers and acquisitions.

The following conclusions are drawn from the research: First, the transaction events in the process of continuous mergers and acquisitions do not exist in isolation, but are closely linked, and jointly serve the overall strategic development layout of enterprises. With the gradual evolution and deepening of corporate strategic objectives, the characteristics of continuous mergers and acquisitions will also change accordingly to adapt to the strategic needs of different stages. Second, in the process of continuous mergers and acquisitions, the specific way of resource arrangement plays a key role in realizing value creation. These arrangements are not static, but with the continuous advancement of M&A activities and constantly adjust and optimize, in order to better serve the goal of enterprise value creation. Third, from the perspective of value creation, continuous mergers and acquisitions as a whole help to enhance enterprise value. From the short-term market point of view, most mergers and acquisitions have brought significant short-term value improvement to ZiJin. From the perspective of long-term value, continuous mergers and acquisitions have demonstrated significant value effects in terms of resource reserves, production, R&D innovation and industry position. At the same time, through continuous mergers and acquisitions and reasonable resource arrangement, enterprises can achieve excellent business performance, and then cause economic added value to fluctuate with the change of resource arrangement mode. On the whole, continuous mergers and acquisitions and their subsequent proper integration measures have played a positive role in promoting the overall value creation of enterprises.

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