Research On The Performance Of Serial Mergers And Acquisitions Of F Pharmaceuticals Company

In recent years,in order to adapt to the rapid development of China’s capital market,more and more enterprises regard M&A as an important means of enterprise development.Compared with the development mode of R&D expansion,continuous M&A can quickly obtain market,technology,talent and other resources for enterprises,so it is favored by enterprises.However,can the extension development through continuous M&A really bring value to enterprises? Based on the above background,this paper chooses F Pharmaceutical Company as the research object,analyses its continuous M&A activities,and compares it with Hengrui Pharmaceutical Company,which develops with R&D expansion,studies the impact of its continuous M&A behavior on long-term and short-term performance,helps enterprises to better achieve strategic objectives and expand competitiveness,and for enterprises that adopt continuous M&A development mode.Some suggestions are provided for the follow-up M&A activities of the industry.In this paper,the performance evaluation of F Pharmaceutical Company’s continuous M&A effect is studied,which is divided into six chapters: The first chapter is an introduction,mainly including the research background and significance,as well as the research content and methods.Chapter two is the introduction of related theories and methods;Chapter three is the introduction of F company case and the analysis of continuous M&A;Chapter four is the analysis and evaluation of short-term performance of F company’s continuous M&A effect,selecting event study method to study the market reaction of 23 M&A events of F company,and analyzing and evaluating the results obtained;Chapter five is the analysis and evaluation of long-term performance,and designing and evaluating according to synergy effect The index system of long-term price performance determines the weight of each index through analytic hierarchy process and scores the performance.The financial index method is used to analyze and evaluate the single index,and Hengrui Pharmaceutical is used as a comparative enterprise.The sixth chapter is the conclusion and suggestion of the research,summarizes the previous conclusions and puts forward suggestions and measures.Through the research on the performance of F company’s continuous M&A,it is concluded that in the short run,F company’s M&A performance is good as a whole,but in the long run,its performance in the main business profitability,cost management ability and debt paying ability is not as good as that of HengruiPharmaceutical,which adopts R&D expansion development,resulting in its overall performance is not as good as that of the latter.On this basis,this paper puts forward some suggestions for improvement from the aspects of the selection of the merged enterprises,the choice of payment methods,the integration work after merger and acquisition,the construction of merger performance evaluation system and the choice of development mode,so as to provide reference for future merger and acquisition activities of F company and other enterprises in the same industry.