This study investigates corporate mergers and acquisitions (M&A) as a strategic lever for value creation. Drawing on comparative analysis of representative domestic and cross-border M&A cases—including TCL's acquisition of Alcatel

Geely's acquisition of Volvo

and SAIC's acquisition of SsangYong—the paper identifies four empirically grounded value-creation pathways: (1) operational synergy

manifested in cost reduction and enhanced process efficiency; (2) strategic synergy

achieved through strengthened market power and improved competitive positioning; (3) financial synergy

reflected in optimized capital structure

reduced cost of capital

and improved cash flow stability; and (4) growth synergy

enabling geographic market expansion

product portfolio diversification

and entry into new business domains. Building upon established theoretical frameworks in M&A literature

the paper classifies associated risks into three temporally distinct phases: pre-acquisition information asymmetry and valuation uncertainty; transaction-phase financing constraints and financial misalignment; and post-acquisition integration challenges—including cultural

managerial

technological

and operational misfits. The case analyses demonstrate how failures in mitigating these phase-specific risks have led to value erosion

strategic drift

or outright financial impairment. The findings underscore that while M&A holds intrinsic potential for value creation

successful realization hinges not on transaction execution alone

but on disciplined strategic alignment

rigorous due diligence

and systematic

capability-driven post-merger integration. Absent such integrated risk governance

M&A activity may impair—not enhance—firm value.