The Medicine Enterprises Value Research In Mergers And Acquisitions

The pharmaceutical industry is closely linked with people's life.It has always been highly attention from the society.There are so many enterprises in the pharmaceutical industry of our country,but most of them are medium-sized and small scale,homogeneous production competition is so serious that margin is meagre. At the same time,a new round of medical reform has been carried out in our country,a variety of updated industry standard put forward more strict requirements for medical enterprises,the development of enterprises has dropped into bottleneck.Based on this situation,many pharmaceutical companies have been beginning to the M&A to integrate high quality resources,realize the scale effect,improve competitiveness of the enterprises.But for now,many M&A of pharmaceutical companies has ended in failure,one of the important factor is the target corporate value assessment is unreasonable so that the payment premium over the fact. Therefore,find the problems;analysis the reasons and give solving measures have extremely import significance to improve the success rate of the M&A.So,this paper start with introducing of concept and theory in pharmaceutical industry,basing on analyzing the present situation about pharmaceutical industry development and M&A,depending on a combination of theory and practice,quantitative analysis and qualitative analysis,some problems in M&A valuation are found through a case analysis,such as information asymmetry;unreasonable evaluation measures and immaterial assets evaluation;ignored synergistic effect value and custom-built evaluation report,then,this paper analysis reasons.Because M&A valuation on both theory and practice in our country are not yet mature,foreign countries have a wealth of experience in it through several M&A.the experience of them have certain reference significance for our country to improve and perfect the pharmaceutical industry's M&A valuation,drawing lessons from overseas experiences and linking with the feature of pharmaceutical industry,some improved measures are put forward,such as making a duteous investigation;selecting evaluation parameters by dynamic angle perfecting medical capital market,building pharmaceutical market databases,optimizing the conditions of immaterial assets,evaluation,thinking highly of synergistic effect evaluation,strengthening assessment supervision and so on.There measures are hoped to offer some reference for pharmaceutical M&A assessment.