| With the decrease of birth rate and the prolongation of life expectancy,the proportion of the population aged 65 and above in the total population continues to increase.From 2010 to 2019,the proportion of aging population in China increased from 8.9% to 12.57%.According to the prediction of the world population outlook of the United Nations,by 2025,the proportion of the aging population in China will exceed 14% and enter the deep aging society.With the increasing proportion of the elderly population,the demand for medical industry will continue to rise.Although China’s medical industry started late,with the introduction of a series of policies,especially the "13th five year plan" for scientific and technological innovation of medical devices,it accelerated the development of China’s medical industry.By the end of 2018,the market scale of China’s medical industry has reached 530 billion yuan,and it is estimated that the market scale will exceed 900 billion yuan in 2022.With the change of domestic medical policies and the vigorous development of capital market,the medical industry has set off a wave of M & A,many small-scale enterprises with small competitive advantage have been acquired.As an important way of enterprise expansion,M & A plays a positive role in centralizing the resources of China’s medical industry,improving the competitiveness of China’s medical enterprises,and promoting the development of the medical industry.This paper mainly studies the strategic layout,M & A behavior and future development prospects of two typical domestic medical device companies,analyzes and evaluates enterprise performance,draws conclusions and puts forward relevant countermeasures and suggestions.The specific contents are divided into the following eight chapters:The first chapter is the introduction,which introduces the research background and significance,the research framework and the innovation and deficiency of this paper.The second chapter is literature review,which combs and summarizes the literature related to M & a performance at home and abroad,and finds that M & A will have a positive impact on corporate performance,but also have a certain negative effect.The third chapter is the theoretical basis.By combing and analyzing the relevant theories of M & a motivation and performance evaluation research methods,the author believes that:(1)M & A is a strategic drive,based on the enterprise resources,in order to produce synergies or reduce transaction costs.(2)The research methods of M & a performance are usually financial index method and non-financial index method,and relatively less economic value added method.The fourth and fifth chapters are the case analysis of M & A behavior,mainly focusing on the strategic layout,M & A behavior,M & A performance and other aspects of Micro Port Scientific and Lepu Medical in 2010-2018.First of all,through the financial index method and EVA method,this chapter finds that M &A has a positive impact on the enterprise,accompanied by a certain negative effect;secondly,combining with the strategic layout of the enterprise,through the in-depth analysis of the specific M & A behavior of the two enterprises,this chapter summarizes the advantages and disadvantages of the respective M & A of the two enterprises.The sixth chapter makes a comparative analysis between Micro Port Scientific and Lepu Medicine,and draws the following conclusions: under the financial indicators and EVA method,the current performance of Micro Port Scientific is weaker than Lepu Medicine;under the non-financial indicators method,the future development ability of Micro Port Scientific is stronger than Lepu Medicine.The seventh chapter is a comprehensive analysis,through the analysis of the future development prospects of Micro Port Scientific and Lepu Medical,combined with the conclusions of the above chapters,further confirmed that the future development ability of Micro Port Scientific is better than Lepu Medical.The eighth chapter is the summary,suggestions and shortcomings,mainly on the basis of the previous analysis,summed up some suggestions on the merger and acquisition of medical enterprises:(1)medical enterprises should implement innovation and technology,and take the merger and acquisition as one of the means of development.(2)M & A should focus on the strategic layout and select appropriate enterprises for M & A.(3)In M & A,we should pay attention to capital risk and integration risk.The main contributions of this paper are as follows:(1)at present,most of the research on M & A is based on a certain M & A behavior of listed companies,and the research on multiple M & A behaviors in a certain period is relatively few.This paper supplements the research on this aspect.(2)In this paper,two medical device companies are typical representatives,from the strategic layout,M & A behavior,M & a performance and other aspects,a more comprehensive and in-depth study is carried out,which has a certain reference significance for the research of M & a strategy and performance in the medical industry. |
