The Research On Enterprise Value Promotion Of Medical Service Company’s Mergers And Acquisition

Although enterprises have only happened for about 30 years,the market of merger and acquisition in China has developed very fast,especially the merger and acquisition of enterprise.The vigorous development of M&A market has promoted the in-depth study of domestic theory,and the research results on M&A emerge in endlessly.In order to explore the impact of M&A practices in the medical service industry on the rise of enterprise prices,this paper chooses Aier Ophthalmology,a typical representative,as the research object.Influenced by many factors,such as the legacy of planned economy,large domestic population and relatively backward medical technology,China’s medical resources have been insufficient and mismatched for a long time.However,since the new health care reform in 2009,the government has issued many guiding policies to encourage and guide social capital to organize medical institutions to participate in the construction of health care system,and to support the development of private medical service industry.Policy support for private capital to intervene in the medical service industry has brought great opportunities to the development of the medical service industry.More and more companies hope to achieve rapid expansion of the medical service network through mergers and acquisitions.As the only ophthalmic medical company listed in A-share market,Al Ophthalmology has been steadily expanding its M&A since its listing in 2009.During the period from 2009 to 2013,Aier Ophthalmology expanded mainly through new and direct acquisitions;after 2014,Aier Ophthalmology began to embark on the road of leveraged mergers and acquisitions.Through the establishment of M&A funds,it explored a larger scale of expansion model,accelerated the strategic layout of online strategy,and began to develop to Hong Kong,the United States and Europe.At present,there are more than 200 private ophthalmic hospitals under its chain,far surpassing industry competitors,and becoming the only ophthalmic medical chain group with A shares and two European listed companies,covering three continents of Europe,America and Asia.However,M&A is a double-edged sword.M&A has realized rapid expansion of scale and brought benefits such as economic efficiency improvement.However,the failure of M&A will lead to the reduction of M&A economic efficiency,M&A synergy effect and enterprise value.The author combines the development of medical service industry and the practice of merger and acquisition of enterprises,draws lessons from the existing theories and methods,The case of Aier ophthalmology merger and acquisition practice is analyzed.The process,characteristics,motivation,selection and integration of Aier ophthalmology merger and acquisition process are sorted out and summarized,and the step-by-step "anatomical" analysis is carried out.This paper studies the impact of Aier Eye M&A practices on corporate value enhancement,and further explores the internal logic between M&A practices and corporate value.This paper will help us to understand the relationship between M&A practice and enterprise value,help investors,managers,government departments and regulators of both sides of M&A,promote the healthy development of M&A and reorganization activities of enterprises in China,and comprehensively improve the efficiency and level of M&A of enterprises in China.