| With the rapid development of the pharmaceutical industry and the rapid development of the capital market in China,the concentration of the pharmaceutical industry will continue to improve.M & A has become an inevitable trend of the development of pharmaceutical enterprises,and the number and frequency of mergers and acquisitions have gradually increased.M & A behavior presents a trend of continuous mergers and acquisitions.The ultimate goal of M & A is to achieve the expansion of enterprise scale and improve the competitiveness of enterprises,so it is very important to evaluate the performance of pharmaceutical enterprises after successive mergers and acquisitions in a scientific and reasonable manner.In this paper,Conba Company is used as the research object,and the performance of successive M & A is studied by using Harvard Framework.Firstly,this paper expounds the related theoretical basis of continuous M & A,M & A performance,Harvard Analysis Framework and Synergy Theory,and then describes and analyzes the continuous M & A process and motivation of Conba Company.Based on Harvard analysis framework,this paper systematically analyzes the performance of Conba Company from four aspects: strategic analysis,accounting analysis,financial analysis and prospect analysis.Finally,it is concluded that the profitability of Conba has declined first and then increased after successive mergers and acquisitions.Revenue and profit growth declined but net profit growth was well above the industry average,with revenue growth accelerating at an inflection point in the second half of 2016.After successive mergers and acquisitions,the scale of enterprise assets has been expanded,the operation ability has been improved,but the efficiency of asset management is still low.Continuous mergers and acquisitions to a certain extent increase the long-term comprehensive strength of enterprises,after mergers and acquisitions,corporate performance gradually restored to rapid growth,it can be seen that continuous mergers and acquisitions strategy can support the rapid development of enterprises,continuous mergers and acquisitions strategy is effective. |
