Research On The Merger And Acquisition Behavior Of Yuheng Pharmaceutical

Pharmaceutical industry is a relatively high degree of marketization of the industry in China,With the increasing demand of people's health,market size maintain a stable growth rate.It is based on the pharmaceutical market optimistic expectations,A large influx of capital invest into the pharmaceutical industry.Compared with international counterparts,the enterprise scale is generally small,equipment level is not good,R&D capacity is weak,Product quality is uneven,it does not match the people's increasingly high demand.Caused a large share of imported drugs,foreign primary research medicine occupy the Chinese pharmaceutical market,especially high-end drugs.In the global integration of today,China's national pharmaceutical enterprises must face to the pressure of competition of foreign giants.The first to do is to develop,The enterprises should grow bigger and stronger with the fastest speed.In order to gain a place in the market,they must enhance their competitive strength.The research and development of drugs has the characteristics of long cycle and high risk.The pharmaceutical industry is a knowledge intensive,capital intensive industry.The enterprises choice of the expansion of the path of development,mergers and acquisitions become an important option.Most of the large pharmaceutical enterprises in the world have used M&a means to expand the product line,expand the market and increase the competitive ability of the international market.Domestic pharmaceutical industry is due to changes in the market environment currently,competition intensifies,the entire industry is into the shuffle stage.There have been a lot of mergers and acquisitions opportunities.At the same time,the development of China's capital market matures,some outstanding enterprises has grown,and the successful listing,with conditions and the ability of capital gradually mature,a large number of mergers and acquisitions in the pharmaceutical industry came into being.This paper is through the study of previous mergers and acquisitions since the founding of the Harbin Gloria pharmaceuticals CO.LTD.To observe the intrinsic motivation and the law of the M&A behavior,and analyze the change of the intrinsic value of the company,and an empirical analysis of the relationship between the changes in M&A behavior and the changes in the value of the company to the stock price movements in the two level market.Through the study of typical individual cases,we hope to explore the general rules of the pharmaceutical industry mergers and acquisitions,to analysis of the success of medical enterprise mergers and acquisitions and avoid the failure of mergers and acquisitions.At the same time,the study of the merger and acquisition of pharmaceutical listing Corporation and capital,capital market for a healthy interaction,in order to obtain eapital and eapital market recognition,some company complete the company's acquisition strategy.The merger and acquisition behavior of Harbin Gloria Pharmaceutical Co.,Ltd.interact with capital market,in the domestic pharmaceutical listed companies has certain representativeness,the empirical case study,reveal the laws and principles also applies to the other pharmaceutical industry as the reference.