A Study Of Motivation And Performance Of Shanghai RAAS Mergers And Acquisitions

As a new strategic industry in the 21 st century,biopharmaceutical industry will be the focus of attention and vigorous development in the future.As a key branch of biopharmaceutical industry,blood products industry plays a key role in the treatment of hemophilia,infectious diseases and other major diseases.There are large-scale investment and serious technical barriers in the whole industry.At the same time,limited by the field of raw materials,the lack of most products can not be solved through imports.In order to break through the bottleneck and develop rapidly,since 2004,the international blood products industry has begun a large-scale inter-enterprise mergers and acquisitions,which has achieved good results in promoting the development of the industry.Compared with foreign blood products industry,China's blood products industry has the characteristics of short development time,low market concentration,backward research and development technology,and single product structure.In order to shorten the gap with foreign blood products industry,our government actively advocates blood products enterprises to enhance market concentration and participate in international competition of blood products industry through M&A.Since 2008,M&A of blood products industry in China have begun.In 2013,M&A have started.Enterprises hope to give full play to the synergistic effect of M&A,expand the scale of enterprises and break through the bottleneck of enterprise development through M&A among enterprises.Shanghai RAAS is one of them.In 2014,Shanghai RAAS made two large-scale M&A successively,acquiring Zhengzhou Banghe and Tonglu Biology successively.But everything has two sides,M&A are no exception.Good M&A can give full play to the scale synergy and technical synergy generated by mergers and acquisitions,realize the complementary advantages of both sides,and achieve the expectations of M&A.However,an unsatisfactory M&A not only fails to achieve the purpose of M&A,but also restricts the development of enterprises because of the rigid expansion of enterprise scale and insufficient degree of integration,and even leads to the decline of enterprises.In this context,it is very meaningful to analyze the motivation of M&A and to evaluate the performance of M&A.We can objectively evaluate the effect of M&A and whether the expected goal has been achieved through M&A.This paper takes the merger of Zhengzhou Banghe and Tonglu Biology by Shanghai RAAS in 2014 as a case study.Firstly,it introduces the research background,research significance and research methods of this M&A case;then,it introduces the specific content of this M&A case,including the development status of China's blood products industry,the status of M&A,and the specific process of M&A;secondly,it analyses the motivation of this M&A based on the relevant theory of M&A motivation;finally,it makes profit.By using the methods of financial index research,factor analysis and non-financial index research,this paper analyzed the performance of M&A.Finally,it was found that through two M&As in 2014,the profitability,solvency,operation ability and development ability of Shanghai RAAS's financial index performance were improved,and the performance of non-financial index including product structure,market concentration and other aspects were improved.The industry achieved the expected goal through M&A integration.Finally,through the analysis of the results,from the point of view of the government and the enterprise itself,it provides some enlightenment suggestions for M&As of blood products industry.