Research On Synergies Of Mergers And Acquisitions In Medical Device Industry Based On Y Case

The medical device industry is a multi-disciplinary,multi-knowledge and multi-technology industry with high capital requirements and barriers to entry.It represents the comprehensive level of a country and is therefore highly valued.Due to the characteristics of multiple,small,scattered and low-level competition among enterprises in this industry,as well as the promotion of new medical reform policies and aging population,mergers and acquisitions have become the main driving force for the development of China's medical device industry.Since 2013,China's medical equipment market has seen a rapid increase in mergers and acquisitions.Both the number of mergers and acquisitions and the amount of mergers and acquisitions have repeatedly break through history to create a new high.However,there are risks in mergers and acquisitions.If blindly following mergers and acquisitions,it is very likely to lead to a failure of mergers and acquisitions.Faced with such a huge wave of mergers and acquisitions,how to enable companies to achieve synergies in mergers and acquisitions is worth exploring.This paper combines theoretical analysis with case analysis,and it studies the synergistic effects of mergers and acquisitions among medical device companies.Firstly,reviewing and summarizing relevant domestic and foreign literatures,summarizing the concepts and theories of mergers and acquisitions and synergies,and the evaluation methods of synergy effects.Secondly,the overall situation of mergers and acquisitions in the medical device industry was introduced.It is believed that mergers and acquisitions in China's medical device companies are mainly based on horizontal mergers and acquisitions,which provides the basis for the selection of post-merger cases and the construction of an evaluation index system.In order to measure the synergies acquired by M&A,it has the support of evaluation indicators.This article selected accounting research method to select a total of 16 financial indicators from the three aspects of operation,management,and finance through indicator design and indicator testing.The index evaluation system for the synergy effect of M&A in the industry.Immediately afterwards,a representative company Y in this industry was chosen as a case study object,and a horizontal and vertical comparison of the synergies before and after the Y M&A S transaction was made using the index system researched and summarized above,combining the results of the two aspects.Finally,synthesize the subdivided synergies and use the analytic hierarchy process to assign weights to each indicator.After normalizing the indicator values,calculate the comprehensive scores of the synergies before and after the merger and acquisition to determine whether the merger has achieved synergy.And summarize its experience and deficiencies,and provide advice for mergers and acquisitions of other companies in this industry.Through the above research,this paper draws the following conclusions: First,taking the case enterprise as the representative,the research on the synergies of mergers and acquisitions of medical device companies is in line with the development trend of the industry.Second,to optimize the evaluation index system for measuring the synergies of mergers and acquisitions,so that the selection of evaluation indicators is more scientific and more reasonable.Thirdly,a comprehensive analysis of synergy effects can reflect its overall situation more intuitively and accurately.