Research On The Merger And Acquis Irion Operational Performance Of Kangmei Pharmaceutical

Today,the development of China's economic connotation has experienced a series of new policies to digest and adapt to the development trend of mergers and acquisitions market is also gradually clear:the market demand for industrial mergers and acquisitions mainly rises steadily,and the transaction mode of merger and acquisition fund participation becomes more mainstream.Therefore,from the vertical integration perspective of the industry chain,the research on the performance of M&A has become a very important topic.Most of the current scholars' research on the performance of M&A stays only in short-term and case-based transactions.Rarely through long-term series of M&As,the research on the overall M&A integration strategy affects the performance of the company.This article uses event research method,financial analysis method,and EVA evaluation index method to research the merger and acquisition performance of Kangmei Pharmaceutical respectively.The purpose is to provide some suggestions and suggestions for enterprises based on the vertical integration of the industrial chain.This article is a case study.The selected case is a series of M&A integration events from the perspective of vertical integration strategy of the industry chain over the past years of Kangmei Pharmaceutical's business performance.This article first summarizes the research results of some scholars,and chooses the traditional research methods of event analysis method and financial analysis method,EVA index analysis method to study the performance of selected merger and acquisition companies.The first part introduces the topic selection background,research significance,literature review and theoretical support,research framework,case selection,research methods and technical route,and research innovation and deficiencies.The second part of the case description analyzes the vertical integration growth history of Kangmei Pharmaceutical's industrial chain and the timing node selection of Kangmei Pharmaceutical's M&A integration from 2009 to 2017.It is discussed separately from several nodes and taken under the grand strategy of vertical integration of the industry chain.The merger and acquisition measures entered into an in-depth analysis.The third part,which is the third and fourth chapters of this article,analyzes the business performance of Kangmei Pharmaceuticals,first using the traditional evaluation method,then the EVA evaluation index,and adjusting the accounting of Kang Mei Pharmaceutical to calculate the weighted average capital.Cost,finally EVA calculation,and EVA indicator analysis.The fourth part is the final conclusion of the article.Through the case study of Kangmei Pharmaceutical,we have a deeper understanding of the strategy of vertical integration of the industry chain.What strategy does the company itself need and what kind of financial impact does it have?.In the end,a vertical integration strategy for the industry chain is suitable for what kind of company and what kind of company is not suitable.The conclusion that this kind of strategy can bring to the company what is good and what is bad.For the same industry companies play a reference role.