Case Analysis Of BYSW Merger And Acquisition TAYY

With the acceleration of global integration,the competition between enterprises and enterprises has become more intense,and the pressure on listed companies has also increased.As the best way for the capital market to support the real economy,mergers and acquisitions can not only revitalize corporate assets,significantly reduce time investment and risk exposure,but also enrich corporate capital and improve the operational efficiency of listed companies.Therefore,mergers and acquisitions in the process of enhancing competitiveness of enterprises Play a non-negligible role.In recent years,with the introduction of the "One Belt and One Road" and "Development of M&A and Reorganization Marketization Reform" policies,many companies regard M&A as the main way to enhance their competitiveness.The statistics of the whole market show that they have been listed in 2013.The total transaction volume of M&A is 0.89 trillion yuan.As of 2016,it has expanded to 2.39 trillion yuan,with an average annual growth rate of 41.4%,ranking second in the world.In the first half of 2017 alone,the China M&A Committee held 36 meetings.A total of 102 projects were reviewed.Because the pharmaceutical industry has the characteristics of combining traditional and modern,and has a promoting role in protecting people's health and improving the quality of life of our people,it has a considerable proportion in the Chinese medicine industry in many industries in China.At present,there are many pharmaceutical companies in China,but most of them are small in scale and the overall profitability is low.Among the 102 M&A projects reviewed in the first half of 2017,there are only two pharmaceutical projects,and the marketing strategies of traditional pharmaceutical companies are increasingly converging,competitive and Profitability is declining,and only product differentiation strategies can be used to increase market share.Although domestic pharmaceutical companies are at a relatively low level in terms of R&D capabilities and market share compared to foreign companies,they have great potential from a development perspective,and China's regulatory authorities have repeatedly expressed their support and support.M&A of listed companies,under such a background,has become the main way for Chinese pharmaceutical companies to enhance their competitiveness.BYSW belongs to pharmaceutical companies.Its development is seriously affected by the supply of raw materials.It is difficult to expand the scale of the company through its main business.Enterprises urgently need to promote the development of enterprises through other means,encouragement in the national policy and the market.Under the guidance,BYSW's outreach merger is particularly important.At the beginning of this paper,the research background and significance of this case study are illustrated,and the research results of domestic and foreign mergers and acquisitions are listed in detail.Secondly,it defines the relevant concepts of mergers and acquisitions,and sorts out the relevant theories of mergers and acquisitions.Finally,the merger and acquisition parties are introduced to explain the motivation of the merger and acquisition of the case in this case,and use the event research method,financial and non-financial analysis methods to analyze and evaluate the performance of the M&A event,and finally summarize the M&A events.The research in this paper found that BYSW not only improved the corporate governance structure but also optimized the company's operation through the acquisition of TAYY.It can be seen that the merger has achieved the expected results.Furthermore,it is concluded that the M&A behavior of enterprises can effectively expand the scale of enterprises and enhance their own operating efficiency.At the same time,it is suggested that China's listed companies should actively adopt mergers and acquisitions to enhance their competitiveness,and this case draws inspirations:First,enterprises should The right timing depends on the development strategy to select the appropriate target enterprise according to the development strategy;the second is to strengthen the integration of the two parties after the merger;the third is to strengthen the management of information before the merger;the fourth is to internal control links throughout the merger,reduce the enterprise Risks in the M&A process.