Research On Performance Evaluation Of Horizontal M&A In Pharmaceutical Industry

In recent years,the number of mergers and acquisitions in China's statistics and disclosure of the domestic pharmaceutical industry continues to increase,the amount of mergers and acquisitions involved in M & A activities also increased year by year.It can be seen that the whole pharmaceutical industry in China is in the period of high incidence of M& A activities,expanding the scope of their profits,the formation of scale effect,enhance market share has become the driving force of mergers and acquisitions of pharmaceutical enterprises.Through the classification of the types of M & A activities,it can be seen that horizontal mergers and acquisitions in China's pharmaceutical industry mergers and acquisitions occupy an absolute proportion.However,the pharmaceutical enterprises through the choice of horizontal mergers and acquisitions activities to enhance their business performance of this goal,whether in advance,it depends on a lot of factors,such as the policy environment,market environment,the acquisition of both the characteristics of participation.Therefore,the characteristics of the current pharmaceutical industry horizontal merger based on horizontal merger performance evaluation not only has a certain theoretical significance,more important is to provide a more practical significance for the cross industry mergers and acquisitions.This paper discusses the characteristics of the pharmaceutical industry horizontal merger,using event study method and factor analysis method for the pharmaceutical industry horizontal mergers and acquisitions in the short-term and long-term performa nce evaluation,and analyze the impact of these characteristics on the performance an alysis and comparison,the actual evaluation system applied to the Tiantan biological acquisition of Chengdu Rongsheng the pharmaceutical enterprises horizontal merger in the case of.Finally,we can find out the key factors affecting the performance trend of the horizontal merger and acquisition of the pharmaceutical industry,hoping to m ake the pharmaceutical enterprises to learn from the tide of the future.This paper is divided into seven parts,the first part describes the research backg round,significance,method and purpose;elaborates the related concepts and theories of the second part of this paper involves the literature review on the domestic and f oreign,and the industry,the merger types summarized,determine the choice of the method of event study and the factor analysis method to evaluate the performance of mergers and acquisitions;the third part of the merger on the current status of the e ntire pharmaceutical industry were analyzed,results showed that the horizontal merger has become the industry's main acquisition mode,and then summarized the character istics and causes of the industry horizontal merger;the fourth part is the evaluation t hrough the practical application of event study and financial analysis law on M & a performance in the short term,provides a method for evaluation of the Tiantan biolo gical case;the last two parts according to the former The conclusion of this paper is to give some practical suggestions on how to improve the performance of the comp any through horizontal mergers and acquisitions.