Study On The Synergistic Effect Of Horizontal Mergers And Acquisitions In Shanghai RAAS

At present,the development of China's economy is in the stage of transformation and acceleration.Emerging industries are booming and demand for expansion is soaring.According to data compiled by China Mergers and acquisitions database,since 2009,China's Mergers and acquisitions market has been on a growing trend and recorded a record in2015.From the point of blood products industry,with the development of economic and social,products symptoms of clinical use and aging population increases,rising blood demand in our country,blood products industry is in short supply.The domestic blood products enterprises mostly adopt the merger and acquisition of the main,self-built as auxiliary pulp station expansion mode.And since the standard of self-built pulp station is gradually improved,the adoption of self-built means to expand the scale is slow,so most enterprises through mergers and acquisitions to enhance their competitiveness.Shanghai RAAS has expanded in size since its successful listing in 2008,but the results are not impressive.In order to occupy more market share in the industry background,the company is excavating the potential of the existing pulp station,beginning to look for expansion opportunities in the industry,and embarked on the road of acquisition and reorganization.After completing the merger and acquisition of Banghe and Tonglu,Shanghai RAAS has become the largest blood products enterprise in China.Nowadays,no matter in the product category or the size and the income scale,Shanghai RAAS has been the domestic blood products industry leader.With the dual catalysis of national policies and the particularity of the industry,the integration of blood products enterprises is still the trend of the future.As an important theory of horizontal mergers and acquisitions,Synergies is not only one of the main motivations of mergers and acquisitions company,but also the key to the success of merger and acquisition activity.It is of great theoretical and practical significance to evaluate the synergistic effect of horizontal mergers and acquisitions.Therefore,this paper combines the development characteristics of the blood products industry with the case of Shanghai RAAS's mergers and acquisitions.Based on the financial data,appropriate financial indicators are selected to analyze and evaluate the operatingsynergies,management synergies and financial synergies of the case companies.In addition,the thesis also evaluates the realization degree of synergistic effect from the perspective of strategy.Finally,it was found that Shanghai RAAS gained a larger market share after the acquisition,consolidated its core competitiveness,and realized the operating synergistic effect better.The effect of cost reduction is basically achieved in the management synergy,but the asset management level is slightly deficient.The risk control ability is enhanced in the aspect of financial synergy,but the tax effect is not obvious.Finally,through analyzing and evaluating the merger and acquisition synergies of the case enterprises,the key points of the synergistic effect are explored,and it is hoped that it can be used as a reference for the enterprises that are facing the wave of Mergers and acquisitions.In addition,some Suggestions on the future development of Shanghai RAAS are put forward.