Research On Value Creation Of Tonghua Jiama Merger And Acquisition Of Shengt Biology

In recent years,the work of medical reform has been continuously carried out,and various medical reform policies,such as "two-vote system","zero-plus" and graded treatment,have been constantly promoted and implemented.The development momentum of the pharmaceutical market has been rapid,so the internal competition in the pharmaceutical industry has become increasingly fierce.The development of the pharmaceutical industry has attracted much attention from the theoretical and practical circles.In the rapid development of China’s pharmaceutical enterprises,some problems have been exposed,such as unreasonable development structure,low industry concentration,scale effect to be strengthened,and weak ability of new drug r&d and innovation.Therefore,Chinese pharmaceutical enterprises have adopted mergers and acquisitions to cope with some problems in the development.Among them,small and medium-sized pharmaceutical enterprises hope to seek development through mergers and acquisitions,while large-scale enterprises hope to optimize product structure,integrate high-quality resources,expand market share and consolidate market position to maximize enterprise value through mergers and acquisitions.Therefore,pharmaceutical enterprises emerged in the seventh m&a boom.However,it is found that not all m&a activities create value for enterprises,so it is crucial for enterprises to analyze the path of m&a value creation and study whether m&a activities can create value for enterprises.China’s pharmaceutical enterprises continue to expand the market scale,mergers and acquisitions activities are in full swing.The study of the case of tonghua jinma’s merger with shengtai biology is not only conducive to the analysis of the impact of the merger on tonghua jinma,but also helpful to provide experience for other similar enterprises’ merger and acquisition activities.Meanwhile,it is hoped to supplement the theory of pharmaceutical enterprises’ merger and acquisition.The acquisition of shengtai by tonghua jinma is a typical case of pharmaceutical enterprises in recent years.Through the analysis of this case,it mainly studies the value creation path and the value creation effect of m&a.This article first introduces the development of the pharmaceutical industry current situation,both sides of mergers and acquisitions and mergers and acquisitions and merger and acquisition process,and then on the basis of m&a motivation,from two aspects of m&a process and synergy value creation path of m&a are analyzed,and the event study method,EVA method and from two aspects of both short-term and long-term financial index method,according to the research results on relevant inspiration to provide experience for reference to similar enterprises.