| With the speedy economic development and well endowed material conditions,people are paying more and more attention to health problems.In the mean time,with the deepening of China’s aging population and therefore the fulminant "invasion" of recent Novel Coronavirus in Jan 2020,the medical device trade has another time become a hot topic.The govt responded absolutely and discharged a series of documents,like the “Twelfth Five-Year Plan” for Medical Device Technology trade and “Made in China 2025”to market the speedy development of medical service.Throughout the event history of medical device trade giants,M＆A has played a significant role within the method of turning into larger and stronger.China’s M＆A market is booming driven by economic development.Blue Sail Medical as a medical equipment enterprise,conjointly seeks cross-border development and release new markets through cross-border M＆A.The scale of M＆A of Blue Sail Medical exceeds its initial scale of the enterprise,it presents the characteristics of "snake swallowing elephant" and " Weak M＆A Strong".At this time,the results of M＆A are often directly related to the selection of payment mood and even affect the M＆A performance and future strategy of enterprises.Blue Sail Medical,a representative enterprise in China’s medical equipment market,its principally produces are low and medium-value consumables.Its main product,PVC gloves,accounts for twenty second of the world market share,and plays a crucial role within the field of low-and medium-end consumables,however it still cannot enter the high-end consumables market.The merger and acquisition of Biosensors International aims to interrupt into the market of high-value consumables.Because of its huge scale,the selection of its payment strategies and therefore the economic effects of the M＆A have deep analysis worth,that is of reference to the event and acquisition of Chinese enterprises.This thesis uses case analysis,literature research,financial index method,comparative analysis to review the case of Blue Sail Medical Merger and Acquisition of Biosensors International.The capital structure theory,management dilution theory and information asymmetry theory are all used.Firstly,this thesis expounds the analysis background and significance,and summarizes the domestic and foreign analysis on the influencing factors of M＆A payment methods and economic consequences;The second part is the theoretical basis of payment methods and related theoretical basis;The third part introduces the basic state of affairs of the participants within the case,and summarizes the process of M＆A and therefore the payment of dealing.The fourth part is case analysis,that analyzes the influencing factors of the selection of payment strategies before M＆A from each internal and external factors,analyzes the requirement of mixed payment,then evaluates the financial indicators,and at last evaluates the selection of M＆A;The fifth part is enlightenment and suggestions.Through the analysis,this thesis holds that the mixed payment plays an unparalleled role in the "snake swallow elephant" cross-border M＆A.This merger and acquisition has brought some positive significance.However,affected by the policy,the effect is far from the expectation. |
