Research On M&A Valuation And Value Creation Of Biomedicine Enterprises

Along with the rapid development of market economy in our country,the real economy and capital market booming,China's political economy has entered the new normal,deepen the industrial transformation and upgrading,improve industry layout has become our country enterprise to realize the value creation,apparently to keep competition advantage,one of the inevitable path to maintain sustainable development.Throughout the course of political and economic development,mergers and acquisitions have been one of the main means for enterprises to seek their own development and achieve rapid expansion.Merger and acquisition of our country began to sprout from the global fifth wave of mergers and acquisitions in the late,only several decades,the whole development of mergers and acquisitions the big,complex enterprise behavior in our country is not yet mature,through mergers and acquisitions bring to our country enterprise value enhancement effect is still uncertainty,still need to be further discussed.No matter theoretical analysis or practical observation,merger and acquisition for enterprise development are the pros and cons of half a double-edged sword: if m&a successfully completed,mergers and acquisitions will realize its m&a motivation,through the "1 + 1 > 2" value creation mechanism of mergers and acquisitions,quickly realize own value of ascension.In the same way,the failure of mergers and acquisitions,not only difficult to achieve the desired value enhancement,will give enterprise mergers and acquisitions party causes waste of manpower and material resources,financial resources,overdraw its inherent competitive advantages,run out of its core competitiveness.Therefore,how to every link of the mergers and acquisitions,safeguard enterprise merger is successful,the m&a party realize value enhancement through mergers and acquisitions,is each enterprise and regulatory agencies,the main problem with significant challenges.By analyzing the existing research results found that at present,a lot of research on mergers and acquisitions and value creation,that is,the analysis focused on mergers and acquisitions mergers and acquisitions performance evaluation,few from mergers and acquisitions valuation,analysis of influence on the enterprise value creation of M&A behavior research.In M&A cases in practice,the rationality of the M&A valuation to the merger agreement can be reached,be can bring value in return for mergers and acquisitions,mergers and acquisitions mark realize the value of M&A enterprises create plays a vital role.In this paper,aiming at huarun san-jiu case,through mergers and acquisitions in 2015 all the beneficial to its shares,Beijing hundred OTT and mergers and acquisitions in 2016 torch pharmaceutical M&A on numerical analysis of two summed up the experience and lessons in mergers and acquisitions valuation and value creation,try to restore CR san-jiu implementation mechanism and principle of value creation through M&A.This paper is divided into six parts.First of all,in the first chapter,the research background,research significance,research ideas and research contents are discussed in the first chapter.Then,in a lot of reading related books and good literature,on the basis of the summary combing m&a valuation and value creation frontier in the field of research,in the second chapter of this paper,the theoretical basis and research status summary and summarized,to lay a solid theoretical foundation to the research of this article;Then,in the third chapter,on the basis of analysis about the present situation of China's M&A market,further refined to in this paper,the author studies on biological medicine industry the present situation of mergers and acquisitions,for the case study of bedding should be environment;Since then,from the fourth chapter began into the case study part,the target case – CR sanjiu for mergers and acquisitions of the keep on the acquired party-the Zhongyi shares,Beijing Hundred OTT pharmaceutical industry were summarized,and the flame of two acquisitions background,mergers and acquisitions motivation and M&A process and related conditions necessary to introduce;Based on the key part into the core of this article,in the fifth chapter respectively using the method of income and the market method for CR san-jiu after completion of the merger to evaluate the value of,through mergers and acquisitions after CR san-jiu confirm income method is more suitable for the market price of reasonable area of the research and development of higher growth,profitability is better but have a higher risk of biological pharmaceutical companies,and give full consideration to the CR san-jiu may encounter in the future business opportunities and risks,sensitivity analysis,the result of the income method valuation valuation result is more rationality and credibility.Through the analysis and research on the whole process of China resources,the merger value creation mechanism is restored.Finally,on the basis of the foregoing research in this paper,some Suggestions for the valuation and value creation of other similar enterprises in the biomedical industry are proposed.