Research On The Value Enhancement Of Enterprises Through Continuous Mergers And Acquisitions From The Perspective Of Strategic Integratio

After entering the 21 st century,Chinese medicine industry ushered in new opportunities for development.The significant growth of the pharmaceutical market has gradually revealed the trend of industry mergers and acquisitions.Haisco plays a leading role in China’s chemical and pharmaceutical industry,and has also achieved rapid expansion of enterprises through continuous mergers and acquisitions,which has brought about the improvement of enterprise value.Taking the successive M&A events of Haisco from 2015 to 2018 as a case,this paper uses a variety of methods to analyze the impact of continuous M&A on enterprise value,finds the actual problems faced by Haisco in the continuous M&A activities,provides valuable suggestions for them,and finally draws enlightenment.Through case studies,this paper finds that:(1)Haisco’s continuous M&A is mainly vertical M&A,mainly through medical devices and medical diagnosis,drug manufacturing and drug research and development,biotechnology and biomaterials.(2)Haisco presents the characteristics of mergers and acquisitions that are mainly overseas acquisitions,mainly cash payment methods,and mergers and acquisitions of multi-shift technology introduction.(3)Successive mergers and acquisitions have had the impact of first reducing and then increasing Haisco’s return on net assets;Continuous mergers and acquisitions have obvious feedback on the short-term market of Haisco,but the long-term market performance is not good;The merger and acquisition of Haisco promoted the growth of EVA value and generated a value creation effect.Even if the comprehensive evaluation results suggest that Haisco’s M&A behavior can have a significant positive impact on enterprise value,there are still some indicators that perform poorly,and the reason is that Haisco still has problems such as single payment methods,insufficient integration depth,and too fast M&A frequency.Subsequently,this paper puts forward suggestions for improving the use of diversified payment methods,reasonable control of M&A interval,emphasis on post-M&A technology integration,and reasonable selection of M&A targets.Through these improvements,the value enhancement performance of Haisco’s continuous mergers and acquisitions can be more significant and lasting.At the end of the article,three case enlightenments are summarized: first,carefully select M&A targets and comply with the strategic choices of enterprises;Second,pay attention to financial risks and face up to the impact of mergers and acquisitions on the enhancement of enterprise value;Third,choose a reasonable time for mergers and acquisitions,and pay attention to later integration.These enlightenments can provide some reference and inspiration for other companies in the pharmaceutical industry when carrying out mergers and acquisitions.