| In the 21 st century,China's economic development is showing prosperity,and at the same time,China's capital market is also becoming mature.In order to achieve business expansion,enhance strategic strength,and enhance and consolidate their positions,more and more companies have taken M & A as one of the important ways to achieve their goals.The quality of China's pharmaceutical companies is uneven,and the industry development is uneven.In recent years,frequent mergers and acquisitions have accelerated the reshuffle of the industry,making the industry's internal competition increasingly fierce.It is undeniable that corporate mergers and acquisitions have significant effects in promoting the optimization of resource allocation and improving resource utilization efficiency,but each merger and acquisition transaction will inevitably have high transaction considerations,which may lead to excessive premiums,which in turn will lead to larger risk.In addition,although many companies hope to expand through mergers and acquisitions,in the face of high domestic and foreign failures in mergers and acquisitions,the enthusiasm of corporate mergers and acquisitions will inevitably be weakened.Compared with other industries,the pharmaceutical industry has more obvious characteristics of light assets,and the merger and acquisition premium rate is relatively high.Therefore,pharmaceutical companies face higher financial risks of mergers and acquisitions.Based on the above background,combined with the status quo of mergers and acquisitions of pharmaceutical companies,the financial risk identification,analysis,and evaluation of typical cases,and the corresponding suggestions for financial risk control of mergers and acquisitions,have strong practical significance for promoting the healthy development of China's pharmaceutical industry.This article follows the logic of problem discovery,problem analysis,and problem solving,and uses a combination of theoretical analysis and case studies.First of all,this article sorts out the relevant literature at home and abroad,finds out the reasons for the M & A premium in M & A activities and what factors will be affected,clarifies the definition of M & A financial risk,and combines the M & A financial risk into pricing risk,Financing risk,debt service risk and integration risk,these risks will contain and influence each other.This case selects Yibai Pharmaceutical's merger and acquisition of Baixiang Pharmaceutical as a merger and acquisition activity,combined with relevant information to identify the risk of this merger and acquisition transaction,uses the analytic hierarchy process and fuzzy comprehensive evaluation method to establish a risk assessment model,and combines goodwill impairment analysis with high premium mergers and acquisitions Follow-up impact of financial risk,found problems in financial risk control.Finally,put forward suggestions for improvement based on the discovered problems: reasonable evaluation of the target company 's value,proper establishment of performance compensation commitments,attempts to diversify financing channels and introduction of contingent payment methods,good post-merger integration work,and strict supervision of goodwill confirmation by the regulatory authorities And impairment provision.The financial risks arising from corporate mergers and acquisitions cannot be ignored.To reduce financial risks and make full use of mergers and acquisitions,it is necessary to control financial risks from the root cause.Before mergers and acquisitions,companies should base themselves on a clear development strategy,carefully select targets based on this,and formulate comprehensive and rigorous mergers and acquisitions with the assistance of a professional team.When implementing mergers and acquisitions,always pay attention to and maintain a high degree of potential risk.Be vigilant and take timely control and precautionary measures when necessary.Only in this way can the merger proceed smoothly and achieve the expected merger effect. |
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