Performance Analysis And Enlightenment Of Fosun Pharmaceutical's Overseas M&A Alma Company

With the continuous reform of China' s financial system and the gradual maturity of China' s capital market,more and more enterprises begin to use the capital market to help enterprises develop continuously.Enterprise merger and acquisition has also become a way for listed companies to transform and upgrade,expand the market,enhance their performance and improve their competitiveness.Especially in the current economic globalization, enterprises in the road to the international,more and more choose the road of mergers and acquisitions.Fosun pharmaceutical,as the "leader" of domestic pharmaceutical industry,chose the road of overseas merger and acquisition when expanding overseas business.This paper will study fosun pharmaceutical' s overseas m&a and its effect for reference of other enterprises' overseas m&a.The first chapter briefly summarizes the background and significance of the writing,as well as the relevant research methods used,and summarizes the previous studies of various scholars.The second chapter briefly introduces relevant theories of overseas m&a of medical service enterprises,including transaction cost theory, synergistic effect theory and market power theory,indicating the general motivation of overseas m&a of medical service enterprises.Chapter three introduces the development process and status quo of pharmaceutical enterprises' overseas m&a in detail,as well as the plan and motivation of fosun pharmaceutical' s m&a of Alma,namely,to reduce expansion costs,achieve operational synergies and develop overseas businesses,etc.,laying a foundation for the following performance analysis and enlightenment.In chapter four,through the financial interpretation of fosun pharmaceutical,the performance of fosun pharmaceutical' s acquisition of Alma is analyzed from the four aspects of profitability,growth ability,debt paying ability and operating ability,each of which corresponds to four financial indicators.The last two chapters according to the previous chapter fosun medicine from 2012 to 2017,six years of financial performance analysis,the effect of fosun medicine after mergers and acquisitions and mergers and acquisitions motivation realization degree evaluation summary,the following conclusions:(1)the fosun medicine of mergers and acquisitions in the medical services industry for its made tremendous contributions to the overseas expansion,compared with abroad to set up medical service enterprise,obtain the overseas market,to a great extent,reduces the cost;(2)fosun pharma,through its strong management and operation ability,achieves the synergistic effect of operation and management to a certain extent after the merger and acquisition,which enables the company to achieve stable growth;(3)through integration after merger and acquisition,fosun pharma further expands its overseas business and continues to advance towards the development goal of“endogenous growth,extensive expansion and integrated development".In general,fosun pharmaceutical has realized its sustainable development through frequent m&a activities,which not only consolidated its leading position in China,but also made it more competitive internationally.