Study On The Economic Consequences Of Successive Mergers And Acquisitions Of Aier Ophthalmology

Endogenous growth by virtue of enterprise’s own strength and growth by merger and acquisition of resources outside of itself are two carriages for enterprises to realize their own development and growth.Merger and acquisition is a way for enterprises to realize rapid growth,which involves the capital management of enterprises themselves.In 2019,China’s enterprise merger and acquisition market reached $246.7 billion in transaction amount,and pharmaceutical enterprises,as the active sector of the merger and acquisition market,accounted for about one-tenth of the share.With the rapid development of China’s M&A market,the market and the system environment of China are becoming more and more perfect.With the needs of enterprises to realize their own growth,some listed companies appear the trend of frequent M&A.Continuous M&A provides opportunities for enterprises to achieve overspeed development,and is gradually known by the public.At present,experts and scholars at home and abroad have carried out a variety of studies on continuous merger and acquisition,and have different research results on its economic consequences.For the economic consequences of successive mergers and acquisitions,different scholars have adopted different methods to study them,focusing on the short-term economic consequences while studying the medium-and long-term economic consequences.It pays attention to both the financial value and the non-financial value.As the first private eye medical institution listed on IPO in China,Aier Eye Care has grown rapidly from a "clinic" eye hospital to a leading private eye medical institution in China.Continuous merger and acquisition is an important means to achieve rapid growth.The focus of this paper is the continuous merger and acquisition cases of Aier Ophthalmology.This paper will start from the motivation of Aier’s continuous mergers and acquisitions,combined with literature review method,case study method,event study method and economic added value(EVA)evaluation method,to study the economic consequences of Aier’s continuous mergers and acquisitions,and adopt excess return rate to analyze the short-term results.From the aspects of EVA value,synergistic effect,market reaction and strategic value,this paper analyzes the medium and long term results and studies the economic consequences of the continuous merger and acquisition activities of Aier Ophthalmology.In this paper,it is found that the short-term economic consequences of the continuous mergers and acquisitions of Aier Ophthalmology show a positive trend,and in the long term,it has achieved a certain synergistic effect of operation and management,and at the same time,it has brought the rapid growth of economic added value for the enterprise,and the strategic value has been gradually realized.This is closely related to the choice of target enterprises,the best form of merger and acquisition and the active integration after merger and acquisition.This paper draws conclusions and enlightenment,hoping to provide suggestions and references for themselves and other enterprises carrying out continuous mergers and acquisitions.