Analysis Of Serial M&A Performance Of Watson Biological

In recent years,the state has issued documents on the development of the pharmaceutical industry at the policy level,which makes the m&a enthusiasm of pharmaceutical companies continuously high,and the number of mergers and acquisitions and the scale of mergers and acquisitions are growing rapidly.The study found that the pharmaceutical industry mergers and acquisitions activity in the show the characteristics of the continuous acquisition,namely enterprise transactions have occurred many times in a period of time,Watson creature is a typical representative of this kind of company.This continuous m&a phenomenon cannot be explained by simply applying the existing merger theory.Therefore,it is very important to make scientific and reasonable performance evaluation on the continuous m&a of pharmaceutical industry enterprises.Based on the case study,this paper analyzes the motivation and performance of Watson biological continuous mergers and acquisitions in order to be able to recognize this new phenomenon.This paper is divided into five chapters.The first chapter is the introduction,which introduces the research background and significance of this paper,and summarizes the literature review on the factors influencing performance and the results of performance.The second chapter is a theoretical review,which mainly elaborates the concept definition of continuous m&a,analysis method and motivation theory of continuous m&a.The third chapter is the case introduction,which mainly introduces the basic situation of the case,the general situation of the pharmaceutical industry,the continuous m&a process and the motivation of the company.Fourth chapter for the paper detailed the research process,this chapter will be to Watson for m&a financial performance and market performance,analyze the synergistic effect,which respectively using the event analysis,accounting method and EVA method.The fifth chapter is the conclusion and countermeasures of this paper,as well as the shortcomings of this paper.After analysis,this paper considers that the continuous m&a of Watson biology includes the subjective motivation of management,the need of the company to improve the competitive advantage and the pressure of the listed growth to drive the three levels;The overall performance of short-term performance of the company shows the process of first rise and then decline,while the long-term performanceshows the process of decreasing first and then rising.Financial performance: the ability to grow is better,and most of the other abilities have declined in different degrees.EVA economic added value analysis found that continuous mergers and acquisitions did not enhance the value of enterprises.Through the case analysis,the conclusion: the continuous acquisition of the company's strategic transformation,but mergers and acquisitions to help promote competition ability as the standard,moreover also note manager's combination of organizational learning and excessive...