Study On Performance Of Continuous Merger And Acquisition Of AKSW Co.,LTD

With our country economic growth from a high-speed into a high-speed,economic transition makes the market competition become increasingly fierce,and more and more enterprises are also from relying on internal capital accumulation of endogenous growth to favoring the faster denotative mergers and acquisitions(Referred to as M&A)expansion.Because of industry consolidation and upgrading pressure,the pharmaceutical industry mergers and acquisitions activity is especially active,by the end of 2017,there were 351 M&A events and the deals also reached 147.945 billion yuan.Pharmaceutical industry enterprises is regarding M&A as an important means to seize market "commanding heights",continuous M&A is also increasingly common.However,whether the pharmaceutical enterprise "continuous M&A" behaviour is to create value or to achieve the enterprise mergers and acquisitions?Whether "continuous M&A" is the optimal allocation of resources and value enhancement or lead to increase transaction costs and resource waste?The scientific and accurate evaluation of the pharmaceutical enterprise continuous M&A performance is the key to answer these questions.This article selects AKSW company as the research sample,using the case method,event study method and principal component analysis(PCA),analysising and evaluating continuous AKSW company mergers and acquisitions market performance and financial performance,thus to explore whether the medical listed company's M&A can create value,to find problems and putting forward some suggestions.This paper is divided into five chapters:first chapter is introduction,mainly introducing the research background and research significance,on the basis of combing the domestic and foreign related research results,putting forward the research ideas and methods,summarizing the research characteristics and innovation.Definition and theoretical basis,the second chapter is mainly to define the concept of mergers and acquisitions,mergers and acquisitions and mergers and acquisitions performance continuously,reviews the traditional and emerging continuous M&A motivation theory and continuous M&A performance evaluation method,it discusses characteristics of the pharmaceutical industry present situation and the M&A.The third chapter is continuous AKSW company merger and acquisition case introduction,mainly including AKSW company profile,continuous M&A process and analysis of its continuous M&A motivation.The fourth chapter is this article core part,analyze the AKSW company continuous acquisition of epitaxial growth performance and market performance,analysis and evaluation of continuous market performance and financial performance of M&A and reveal AKSW company continuous value creation of M&A.The fifth chapter is insufficient to this article research conclusion,and outlook.In this paper,we get the conclusions as follows:(1)The AKSW company's continuous M&A motivation is various,in order to alleviate the external competitive pressure,to reduce the risk,obtain competitive advantage,the pursuit of financial,business and management synergy are the main reasons for its continuous M&A.(2)Compared with the endogenous growth of changchun high-tech,after continuous M&A AKSW company's performance is more stable and has better market expectations,but performance growth and market value growth condition is more poor.(3)The AKSW company continuous M&A market performance has both positive and there are also negative,into accurate health and genetic engineering bring its positive excess return,and into the chemical pharmaceutical has poor excess returns.(4)The fluctuation of AKSW company epitaxial growth's comprehensive financial performance and each dimension of financial performance is less than the endogenous growth of changchun gaoxin,despite its continuous profitability and debt paying ability is lower than after the merger of changchun high,but its development and"blood" of cash flow ability is superior to changchun high-tech.This paper's main contribution is:it will help improve medicine listed companies' continuous mergers and acquisitions performance evaluation,to provide a reference for other enterprises to implement continuous M&A.