Research On The Risk-controlling Of Horizontal M&A Of List Company In The Pharmaceutical Industry

The world pharmaceutical industry is growing faster than other traditional industry. Meanwhile, Chinese pharmaceutical industry is facing big challenge along with tariff tax's reduction, strictly protection of patented drug's property, gradually opening restriction foreign circulation enterprise into domestic market. To scramble for market share in China, foreign capital is launching offensive on domestic pharmaceutical business by right of abundant capital. Some studies show that some districts' pharmaceutical business will surge a tidal wave of M&A when it suffers from pressure from the exterior. In addition, domestic pharmaceutical enterprises need recombining in a large-scale way due to the business actuality of low added-value, low-level scientific technology, lacking innovation capability, small scale of enterprises, low degree of industry concentration and non-standard operation of medicine market. Facing the dual pressure, M&A of Chinese pharmaceutical enterprises will welcome in an unprecedented tidal wave, and what's more, horizontal M&A will become the mainstream. Although horizontal M&A can bring considerable income and scale effect, it contains great venture. So it is very important to research on risk-controlling of horizontal M&A of list company in the pharmaceutical industry in either theory or practice.First, the thesis analyzes and summarizes the researches on the topic at home and abroad. And then, the thesis discusses the theory of risk-controlling of M&A by combining the theory of M&A with the theory of risk management. Second, the thesis analyzes profoundly the pharmaceutical industry actuality of M&A. Thereafter, the thesis selects 48 list companies of pharmaceutical industry from the list companies in Shanghai and Shenzhen stock exchanges, which occurred horizontal M&A, and selects four financial indexes which are CROA, ROE, EPS and OCFPS for evaluating indicators and makes the empirical research on them by accounting income approach. Afterward, the thesis researches thoroughly several typical cases of Chinese pharmaceutical businesses' horizontal M&A of list company. By the analysis, it opens out the primary characteristic and any serious matter of Chinese pharmaceutical businesses' horizontal M&A of list company. Then, the thesis gives some advices on primary risks of horizontal M&A of Chinese pharmaceutical industry. At last, the thesis summarizes the conclusion drawing from the research and some novelties, and what's more, advances prospect.The purpose of research of the thesis is to use for reference to the actual practice of horizontal M&A of Chinese pharmaceutical industry.