Research On The Performance Of “PE+Listed Company” Mode In M&A In Medical And Health Field

Merger and acquisition is an important tool to promote economic restructuring.Since 2011,driven by the changes in capital market regulation,a new merger and acquisition mode,PE + listed companies,has emerged.On the one hand,it meets the practical needs of industry integration.On the other hand,the model is still in the early stage of development,there are many shortcomings such as insider trading,interest transmission and so on.Therefore,based on the objective interpretation and evaluation of the "PE + listed company" model,the strengths and weaknesses,compliance and promotion of mergers and acquisitions,the study of this model has important theoretical and practical significance.As the most potential medical market in China,the market scale and development potential are huge,but the competition of industry homogeneity is serious.It is the general trend that leading companies in the industry develop rapidly through mergers and acquisitions.Therefore,this study analyses the performance of mergers and acquisitions of "PE + listed companies" model from the medical health industry level.Firstly,the background,advantages,operation points and controversial issues of the model are analyzed.Secondly,taking the leading ophthalmologic Hospital of medical and health industry-Aier eye hospital as the research object,this paper analyzed the M&A performance of this model.By using the method of event study,this study selected listed companies in the medical and health industry which established M&A funds from 2015 to 2017 as the research object,and conducted empirical research on the short-term performance and longterm performance of the model,as well as the changes in corporate governance.Finally,based on the above analysis,summarized the full text and proposed corresponding policy recommendations for the corresponding subjects.First,the results of the case study of Aier eye hospital show that the effect is not significant in terms of short-term performance.In terms of long-term performance,M&A optimizes Aier eye hospital’s financial data,so long-term performance is better.Secondly,the results of empirical research on short-term performance based on industry-level results show that in the short-term,the excess cumulative yield is obtained,so it can create value for shareholders.The empirical results of the factors affecting M&A performance show that M&A funds based on the main business M&A and relatively balanced shareholding ratio are conducive to obtaining a higher cumulative excess return rate,which is easier for investors to recognize.Finally,this study proposed policy recommendations.The suggestions for M&A entities includes information confidentiality and disclosure procedures need to be more stringent,payment methods should be diversified,and strategic investors should be introduced to optimize the company’s shareholding structure.The suggestions to the regulator are as follows: the exchange should strengthen the inquiry to the listed companies which establish the "PE + listed company" model,and improve the information disclosure system of listed companies.