| After the new medical reform policy was officially promulgated in 2009,the state has introduced various laws and regulations and industrial policies to encourage mergers and acquisitions in the pharmaceutical industry,The pattern of the pharmaceutical industry has undergone great changes.Nowadays,our country's economic development has entered a new normal,industrialization,urbanization,accelerating population aging,changes in disease spectrum,changes in ecological environment and lifestyle,innovation in medical technology,etc.All set higher requirements for deepening the new medical reform policy.Wind shows that in 2015,China's pharmaceutical industry issued 531 state-level documents,and in 2016,it issued 1488 documents,the government regulates and adjusts the pharmaceutical industry more frequently,making efforts to change the industry situation of "small,scattered and chaotic" in the pharmaceutical industry.However,the profit margins of pharmaceutical companies have also been drastically reduced,especially for the first time,the annual growth rate of the pharmaceutical industry in 2015 is below 10%.The transformation of the pharmaceutical industry is imperative.The previous development methods have not been able to adapt to the wave of new medical reform The challenges brought by new drug research and development to improve the quality of medicines,the introduction of heavy varieties has become the inevitable path for business transformation.As can be seen from six wave of mergers and acquisitions in western countries,the company in order to achieve optimal allocation of resources and industrial integration,in addition to relying on its own business development achieved by the creation of an internal,they can also approach this through mergers and acquisitions.From a development strategy perspective,M&A can make full use of external advantages and resources to realize its rapid development.As an effective means of rapid expansion,M&A has had a significant impact on the adjustment of China's industrial structure.The pharmaceutical industry is an important part of our national economy.It is an industry closely related to the people's livelihood and is receiving more and more attention from the outside world.However,at present,China's pharmaceutical industry can be described as a small-scale production,a large number of enterprises,repeated product levels,low scientific and technological content,low management level and low production capacity.Experts agree that the pharmaceutical industry in China must go through a large-scale merger and acquisition process in order to get out of a situation of low competitiveness,diversified industry concentration and small market share.In recent years,M&A activities of China's pharmaceutical listed companies in China's capital market are also flourishing and unprecedented prosperity.They achieve the integration and upgrading of industries through a large number of M&A activities so as to meet the requirements of new medical reform policies and their own development and expansion.For example,the number of mergers and acquisitions in the pharmaceutical industry in 2016 once again set a new historical record.In 2016,the number of M&A deals in the pharmaceutical industry exceeded 400 and the total amount exceeded 180 billion.However,the long-term development of domestic and foreign enterprises shows that mergers and acquisitions are two-sided.It is a double-edged sword.Relevant empirical studies also show that the success rate of mergers and acquisitions is not high.While making a significant contribution to a large number of enterprises,many enterprises also plunged into the abyss of bankruptcy.So in the context of new medical reform,the frequent mergers and acquisitions in the pharmaceutical industry,can create wealth for the enterprise? The wave of new medical reform to the pharmaceutical industry is the opportunity or challenge? What is the performance of M&A in the pharmaceutical industry under the new medical reform? How to maximize the advantages of M&A for resource allocation? Therefore,this paper creatively put forward the research question,that is,study the performance of M&A activities of Chinese pharmaceutical listed companies under the background of new medical reform,and put the research time on the implementation of new medical reform so as to make the research sample more pertinent and time-efficient.Based on the domestic and foreign researches on the study of the effect of M&A,this paper draws lessons from the mature M&A motivation theory and M&A performance theory in foreign countries and finds the direction for further study.By elaborating the development status and M&A history of China's pharmaceutical industry,based on the analysis of motivation of mergers and acquisitions in China's pharmaceutical industry,we use SPSS22.0 statistical analysis software,select 11 financial indicators to build a comprehensive performance score model using factor analysis,and analyze the 40 mergers and acquisitions in the 2010-2013 year before and after the merger three years of performance,that is,the comparative analysis of the financial indicators of 40 samples from 2009 to 2016,empirical studies show that the overall performance of listed pharmaceutical companies fell sharply in the mergering year and jagged fluctuations in the three years after the merger,barely reached the pre-merger performance level in the third year after the merger,draw the medical reform background of the new medical reform M&A behavior is not a valid conclusion,and use the results of the study to find the main reasons for M&A performance in pharmaceutical industry and the problems in M&A.The full text is mainly based on qualitative and quantitative research methods,theoretical analysis and empirical research methods of combining the empirical analysis of China's pharmaceutical industry M&A performance,and to improve the performance of enterprises to provide effective advice,improve the pharmaceutical patent legal system;improve Innovate the technological level of medicine,improve the capital market,solve the problem of financing difficulties,enrich the payment methods of M&A,make good use of leverage,focus on the integration after M&A,etc.,and guide our pharmaceutical industry to take a more rational view of M&A and make more scientific M&A decisions,so as to optimize the industrial structure and promote the development of China's pharmaceutical industry to a more favorable direction,which has a certain theoretical and practical significance. |
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