Study On The Financial Performance Of Shanghai RASS M&a TONROL

Biopharmaceutical industry is a strategic emerging industry in the 21 st century in China and a key area of future economic development and industrial transformation.As biomedical field is mainly a product of the blood products,has particularity itself and irreplaceability,industry high barriers to entry,its demand is increasing,with the scale effect of sustainability,high concentration is inevitable trend in the development of blood products industry,m&a blood products enterprise in our country has become the most convenient way to improve the competitiveness.In 2014,Shanghai RAAS Blood Products Co.,ltd.acquired TONROL bio-pharmaceutical Co.,ltd.for 4.7 billion yuan,rapidly expanding its business scale and becoming the largest Blood Products enterprise in China.The case is blood products industry in our country at present the biggest single merger,this article selects the study of the m&a events,using event study method and the method of financial indicators,using the selected window period of accumulative total supernormal yield performance and reflect the debt paying ability,operation ability,profitability and development ability of financial indicators,from two aspects of short-term performance and long-term performance studied the acquisition event in Shanghai RAAS's financial performance,the influence of the research conclusion and put forward the optimization advice and enlightenment,trying to for the future of China biological products niche of mergers and acquisitions to provide certain reference significance.This paper is divided into five parts.The first part is the introduction,summarizing the current research status of m&a performance at home and abroad.research contents and methods,and introducing the research background and significance The concepts and theories showed in the second part expounds related to m&a performance,and provides the theoretical basis for this paper.The third part introduces the background of the case of Shanghai RASS's acquisition of TONROL,including the current situation of the blood products industry in China and the company profile of the two sides of the merger.The fourth part is the analysis of the financial performance of this case.The event research method and the financial index method are respectively used to study the impact of the m&a event on the financial performance from the aspects of short-term performance and long-term performance.After the comprehensive analysis,it is concluded that Shanghai RASS has obtained the improvement of financial performance through the acquisition.Is the fifth part summarizes the research conclusion,including the short-term performance outstanding,long-term performance due to the policy becomes not obvious,the enterprise business strategy have some problems,and put forward the suggestion to m&a performance optimization,such as make full use of the assetsand clear profit point.There are some examples of the enlightenment to other mergers and acquisitions in the industry,including science,formulate strategic objectives,with target companies,reasonable choice of payment,attaches great importance to the merger and acquisition resources conformity.