Research On Performance Evaluation Of Pharmaceutical Enterprise Mergers And Acquisition

Under the influence of New Coronavirus,our people’s health consciousness and health care consciousness are gradually awakening.The pharmaceutical manufacturing industry,which is closely related to people’s health and quality of daily life,has attracted much attention.The state has continuously launched innovative policies and reform plans to promote the development of medical related industries,in order to achieve high standards of industrial quality and standardization of management mode.Enterprises in the industry are also trying to adapt to the changes of market environment,meet market demand,improve their strength and improve the position of the industry.Among them,more and more enterprises are expanding their scale in the form of M &A,Actively exploring the impact of M &A on enterprise performance is very important to help enterprises make rational decisions.Firstly,by consulting the relevant literature at home and abroad,combing the relevant theories of M &a performance as the research basis,this paper has a certain understanding of the connotation,influencing factors and research methods of M &a performance,and determines to analyze the M &a performance of pharmaceutical enterprises from the short-term perspective and the long-term perspective.Secondly,the event study method is selected to calculate the excess return rate of enterprise stocks within ten days before and after the announcement date of M &A to evaluate the short-term M &a performance,and the long-term performance of M &A of enterprises with continuous excess return and balanced scorecard is selected to evaluate.Continuous holding excess return is the application of the event research method in long-term research.The calculation idea and analysis method are consistent with the event research method.The enterprise performance is evaluated by the market performance of the company’s stock within two years after the M &A.When using the balanced scorecard,the analytic hierarchy process is added to calculate the weight of each dimension of the Balanced Scorecard in this evaluation,and then the fuzzy comprehensive evaluation method is used to score the performance of this M &A to judge whether the M &A effect reaches the expectation.Finally,the analysis results of the three methods are summarized and the research conclusions are drawn.The research concludes that: in the short window period after the announcement,the market is very optimistic about this M &A,and the company’s shareholders can obtain positive excess returns.With the gradual expansion of the window period,the impact of M &A on short-term performance is gradually weakened;According to the results of continuous holding of excess returns,the performance of China Resources Shuanghe first decreased and then increased within two years after the merger,which indicates that the market is overheated in the short term.With the enhancement of resource integration,the business layout and product structure are gradually improved,and the performance of China Resources Shuanghe in the stock market is gradually warmer;According to the analysis results of the balanced scorecard,the overall effect of this M &A is between average and good,with excellent performance in the customer dimension and learning and growth dimension.The operation ability of the financial dimension and the sales expense management of the internal business process dimension need to be strengthened.The M &A case of China Resources Shuanghe has two enlightenments for the M &A of China’s pharmaceutical manufacturing industry,that is,to rationally understand the impact of M &A activities on performance and ensure that the financial performance and non-financial performance go hand in hand after M & A.