M&A Performance Analysis Of Aier Eye Hospital Under The Hierarchical Chain Business Model

In order to enhance the market competitiveness of enterprises,M&A has become an important means for most enterprises to expand scale,improve efficiency and realize core competitiveness.Aier Eye Hospital Group Co.,Ltd.(hereinafter referred to as "Aier",the same hereinafter)as a large private hospital specialized in ophthalmology in China,has carried out a series of mergers and acquisitions since it was listed in 2009.Aier has developed from a regional ophthalmic hospital into an ophthalmic medical service group serving customers all over the world,creating a precedent of the Trinity hierarchical chain business model of "central city hospital-provincial capital hospital-prefecture and county-level hospital" in the medical industry.Based on the annual financial report data of Aier from 2010 to 2020,this paper uses the financial index analysis method to analyze three levels.First,by analyzing the performance changes before and after M&A,it is found that under the hierarchical chain model,the M&A activities of Aier have enhanced its profitability,operation ability and development ability,and decreased its solvency;Secondly,the comparative enterprises are selected for horizontal comparative analysis.It is found that Aier is weak in terms of solvency,profitability,accounts receivable and survival liquidity,which needs to be strengthened;Third,in the analysis of the advantages and disadvantages between Aier and public hospitals in the same industry,it is found that Aier has advantages in business scale and outpatient volume under the hierarchical chain business model,but it is weak in scientific research achievements and human resources.Through the analysis and summary of the above three levels,this paper finds that M&A helps enterprises establish and improve the hierarchical chain business model,improve efficiency and expand market competitiveness.The hierarchical chain business model is conducive to the rapid expansion of enterprises,improve market share and point out the direction for M&A.At the same time,the analysis and summary also found that the direction of enterprise M&A needs to adapt to the market demand,reasonably select the target company of M&A,and pay attention to the integration after M&A.