Research On The Performance Of Continuous M&A Of H Pharmaceutical

China is currently the largest pharmaceutical market in the world.Pharmaceutical enterprises have developed rapidly,but their scale and level are uneven,and their competitiveness is still insufficient.In recent years,influenced by national policies and the complex global environment,Chinese pharmaceutical companies have become increasingly active in continuous mergers and acquisitions.The large number of mergers and acquisitions and transaction amounts have made resources in China’s pharmaceutical industry more concentrated,but many failed mergers and acquisitions have also emerged.Therefore,studying the performance of continuous mergers and acquisitions of pharmaceutical enterprises is of great significance to improving the integration effectiveness and expansion effectiveness of China’s pharmaceutical industry.This paper selects H Pharmaceutical as a sample and takes the continuous M&A events initiated by H Pharmaceutical from 2019 to 2021 as the research object to study the continuous M&A performance of H Pharmaceutical.First of all,based on the current situation of M&A in China’s pharmaceutical industry and the characteristics of H Pharmaceutical,from the perspective of the main M&A party,this paper analyzes the motivation of continuous M&A.Then,select the traditional financial index analysis method,non-financial index analysis method and economic value added(EVA)analysis method to compare the data from 2017-2018 before the continuous merger and acquisition,and analyze the performance level of H Pharmaceutical after the continuous merger and acquisition.Finally,according to the analysis results,find out the problems in the continuous M&A and put forward suggestions.The research results show that the continuous M&A activities carried out by H Pharmaceutical in the past three years have a significant positive effect on the expansion of its scale,the integrity of its industrial chain and the improvement of its profitability,and the motivations for initiating M&A have been realized to varying degrees.However,there are still some problems,such as insufficient use of financial leverage,lack of focus in the selection of M&A objects,and poor operation level after M&A.Based on the analysis results,this paper puts forward three suggestions for H Pharmaceutical for reference:first,optimize the capital structure reasonably and optimize the means of payment for mergers and acquisitions;Second,take the core competitiveness of enterprises as the target of M&A,and select the appropriate target of M&A;Third,we should focus on improving the efficiency of asset operation.