Research On The Merger And Acquisition Strategy And Performance Of Pharmaceutical Circulation Enterprises Under The "Two-invoice System" System

With the high-quality development of China’s economy,people’s requirements for the medical industry are also constantly improving,the pharmaceutical industry has grown rapidly,and the competition among enterprises has become more and more fierce.To this,from 2016 to2017,the provinces and cities introduced the "two ticket" system,the system of all kinds of drugs from production enterprises to a pharmaceutical circulation enterprise open an invoice,from the pharmaceutical circulation enterprises to terminal medical institutions to open an invoice,do not allow drugs in multiple pharmaceutical circulation enterprises repeatedly make out an invoice,thus effectively avoid the drugs in the process of circulation.Pharmaceutical circulation enterprises need to participate in the bidding and obtain the qualification of the distribution in the intermediate link.At the same time,the high requirements for the distribution qualification of all kinds of drugs are put forward in the bidding,which makes a considerable number of small and medium-sized pharmaceutical circulation enterprises cannot reach the bidding qualification,and can only be forced to transform or be acquired.Therefore,in the face of many opportunities for merger and acquisition,the large pharmaceutical circulation enterprises carried out large-scale merger and acquisition activities from 2016 to 2017,and rapidly realized the nationwide expansion.On the basis of the detailed policy interpretation and significance analysis of the "two-vote system" system,and the understanding of the overall merger and acquisition situation of the pharmaceutical industry,Select Ruikang Pharmaceutical Group,a typical pharmaceutical circulation enterprise with drugs and medical device distribution as the main business,Analyzing the causes of its large-scale mergers and acquisitions,By consulting its annual report and public information analysis,it has summarized its main merger and acquisition strategies,On this basis,the EVA model is used to analyze the financial effect of mergers and acquisitions,To analyze the non-financial effect of mergers and acquisitions with all kinds of public information,It is concluded that mergers and acquisitions caused by the "two-vote system" can improve enterprise performance in the short term.At the same time,in the process of analysis,we found a series of problems such as goodwill impairment,shortage of circulation funds and stock price fluctuations,and gave targeted suggestions such as accurate evaluation of the target company,preventing financial risks and strengthening internal control.At present,scholars for mergers and acquisition study of strategy and effect is generally empirical research,this paper is on the basis of the case analysis,previous research,in-depth analysis of ruikang pharmaceutical merger and acquisition strategy and its effect,found the large-scale mergers and acquisitions and give Suggestions,hope can provide certain reference for later pharmaceutical circulation enterprises and mergers and acquisitions.