Research On Merger And Acquisition Performance Of Aier Ophthalmology

Strategy for promoting our country comprehensively deepen reform,the government is encouraging all kinds of investment institutions to set up the risk investment funds,mergers and acquisitions funds,equity funds for m&a financing,specifications of all kinds of financial investment main body involved in mergers and acquisitions,industrial funds began to play a more and more important role,for the rapid growth of domestic mergers and acquisitions fund provides a relatively favorable policy environment.There are natural technical barriers in the medical and health industry,which is recognized as an industry with strict management,strong professionalism and long payback time.No matter what kind of industry funds,to enter this field may will face many difficulties.However,it is also full of huge investment opportunities.The medical field has become a capital carnival due to the policy encouragement and market expansion.In the process of Chinese pharmaceutical market transforming from emerging market to strategic market,the big health industry has been more and more favored by the majority of investors,and has become a very hot investment field in recent years.In 2018,the size of China's big health industry has exceeded 6 trillion yuan,involved by more than 200 professional investment funds.With the rapid development of medical and health industry,industrial m&a fund becomes more and more important.The establishment of m&a funds can not only promote the development of enterprises,upgrade industrial structure and integrate resources,but also reduce the obstacles of overproduction to the development of domestic capital market and bring vitality to the capital market.From 2010 to 2017,China's equity investment market raised 704.061 billion yuan,and 986 m&a funds were set up,of which 813 disclosed the raised amount.A series of highly influential medical security incidents in China have led to the government's tightening regulation of the medical and health industry.In addition,the industry scale is expanding and the industrial chain is decentralized.While the m&a fund market is facing opportunities,there are also many challenges.A large number of mergers and acquisitions funds became zombie funds,which were set up and then went nowhere,or there were investment failures and exit failures.However,China's m&a fund market is booming thanks to the policy encouragement,the country's overall deepening of structural reform and the unflagging enthusiasm for industrial restructuring,and the horizontal mergers and acquisitions of Internet enterprises.From the perspective of "listed companies +PE" m&a fund,this paper studies the practical application effect of m&a fund in listed companies,discusses its influence on the m&a performance of listed companies,whether m&a fund really creates value for listed companies,and whether it achieves the original intention of listed companies to set up industrial m&a fund.At present,domestic scholars only analyze the superficial impact of listed enterprises' establishment of m&a funds,and do not mention the impact after the establishment of m&a funds for a period of time.This paper selected the case of aier eye hospital group establishing the first m&a fund for the medical industry,studied its m&a performance based on the "listed company +PE" m&a fund model,and hoped to enrich the research on the effect of m&a fund from the perspective of practice,so as to provide reference for promoting the better application and promotion of m&a fund.In this paper,by combing the research status of m&a fund at home and abroad,combining the two methods of data envelopment analysis and analytic hierarchy process(AHP),the overall model of m&a performance evaluation of aier eye based on DEA--AHP model is constructed.First,the scale efficiency,comprehensive technical efficiency and pure technical efficiency of aier ophthalmology were analyzed.Then,AHP was used to score the comprehensive financial performance of aier ophthalmology,and the influence of m&a fund on aier ophthalmology m&a performance was analyzed from a non-financial perspective.Through the research of this paper,it can be found that after aier eye set up the m&a fund,the overall efficiency of enterprise operation has been continuously improved.Although the scale efficiency of integration and m&a will decline in the early stage,resulting in the decline of m&a performance in 2017,the overall performance still keeps growing.With the deepening of integration and the gradual improvement of industrial structure and industrial chain,its overall efficiency and technical efficiency will inevitably be improved.However,the potential risks brought by m & a fund cannot be ignored.If problems are not properly dealt with,it is bound to affect the overall performance of the company in the future.Aier ophthalmology should optimize the capital structure and operation and management system,improve the capital management ability,and increase the utilization rate of funds,so as to promote the positive effect of merger and acquisition fund on enterprises and obtain more sustainable development ability.At present,there are few researches on m&a performance evaluation from the perspective of "listed companies +PE" m&a funds combined with specific cases.This paper enriches the research on m&a performance evaluation of listed companies by m&a funds and provides reference experience for the market.