Performance Evaluation Of Pharmaceutical Companies' Mergers And Acquisitions From The Perspective Of The Balanced Scorecard

As an important part of China's national economy,the pharmaceutical industry has always been the focus of theoretical and practical circles.With the improvement of the national health policy system and health care reform continuously thorough,the pharmaceutical industry increasingly fierce market competition,challenging for pharmaceutical enterprises development,as a pharmaceutical enterprise capital expansion and the main way of resources integration,and active pharmaceutical enterprise merger and acquisition activity,therefore,how to scientific and reasonable evaluation of pharmaceutical enterprise M&A performance,clear the impact of M&A activities on the M&A enterprise is very important.However,in the existing research on mergers and acquisitions of pharmaceutical enterprises,most of the academia rely on the financial indicators of enterprises to evaluate the performance of mergers and acquisitions,pay little attention to non-financial information,and have not formed a relatively complete evaluation system of mergers and acquisitions of pharmaceutical enterprises.On this basis,combined with the development characteristics of China's pharmaceutical enterprises,this paper,by weighing the advantages and disadvantages of various performance evaluation systems in the existing literature,finally chooses to build a comprehensive evaluation system based on the balanced scorecard for M&A performance evaluation in the pharmaceutical industry.Before the case analysis,this paper USES the analytic hierarchy process to judge and score each index in each dimension of the balanced scorecard,and assign weight to each dimension factor,so as to construct the M&A performance evaluation system.In the case analysis,based on the typicality of the case and the availability of data,this paper selects the case of China resources 999 merger and acquisition of Guilin Tianhe,USES the historical standard method to calculate the enterprise performance indicators before and after the merger of China resources 999,and USES the established performance evaluation system to comprehensively evaluate the merger performance of China resources 999.In addition,this article is based on the balanced scorecard performance evaluation perspective,from a financial,customer,internal process,learning and growth four dimensions of 999 carry out specific analysis on the operating conditions of company five years,through the performance score and specific index analysis,in order to determine the impact of M&A for China resources company lump-sum,feasible Suggestions are put forward based on the research conclusion,for other pharmaceutical companies to provide reasonable reference for the reasonable mergers and acquisitions activity.The research shows that the acquisition of Guilin Tianhe by China resources 999 has a positive impact on the operation and development of China resources 999.Compared with before the merger and acquisition,after the merger and acquisition of Guilin Tianhe company,the profitability,operating capacity and other business indicators of China resources 999 company have been improved,and its technical training,industrial planning and other aspects have been improved to some extent.The merger and acquisition business has had a positive effect on China resources 999 company.