A Study On The Economic Consequence Of The Mergers And Acquisitions Of China Resources Sanjiu

In an increasingly competitive environment,companies want to continue to grow and develop,generally dependent on internal and external development of two ways.In the global wave of mergers and acquisitions again and again under the impact of Chinese enterprises bigger and stronger and more inclined to the way of mergers and acquisitions for enterprises to bring fresh blood,especially in the national policy under the guidance of mergers and acquisitions more active in the country.Domestic pharmaceutical companies everywhere,industry concentration is low,more,small,scattered industry characteristics of China’s pharmaceutical industry has become one of the main constraints.And pharmaceutical companies in the development stage requires a lot of financial support,and for drug research and development work is also a great risk,which the demand for funds put forward higher requirements.In this way,pharmaceutical companies rely solely on their own development,research and development can not meet the high demand for capital,so mergers and acquisitions is the inevitable choice of the pharmaceutical industry.The research on the economic consequences of mergers and acquisitions in pharmaceutical companies can supplement the domestic gaps in the mergers and acquisitions of pharmaceutical industry,provide case support for mergers and acquisitions of pharmaceutical companies,and provide effective suggestions to improve the probability of mergers and acquisitions success of domestic pharmaceutical industry.By collecting and sorting out the domestic and foreign literature on the economic consequences of mergers and acquisitions,the paper summarizes the domestic and international research on the economic consequences of mergers and acquisitions.Based on the theories of agent theory,synergistic effect theory,market power theory and pride hypothesis,this paper takes the case of Huarun Sanjiu series acquisition as an example,and uses the methods of case analysis,literature research and financial index.Motivations to enrich the product line to achieve the overall development of the layout,to achieve economies of’ scale to enhance market price changes to cope with the ability to obtain new profit growth point to maintain industry advantages and access to medical resources to save research and development costs,analysis of mergers and acquisitions process may have the value of risk assessment,financing Risk,debt-servicing risk,and integration risk.Through the capital market response,the financial level of financial indicators and management level of synergies to verify the three levels of China Huarun Sanjiu series of the economic consequences of’mergers and acquisitions.Summarize the Huarun Sanjiu mergers and acquisitions decision-making,pre-merger and post-merger integration of valuable experience for the merger of pharmaceutical companies to provide effective recommendations.