| With the promulgation of relevant medical policies,the state encourages the pharmaceutical retail industry to accelerate the pace of chain-development,and large pharmaceutical retail enterprises quickly realize the industry market concentration through mergers and acquisitions.At the same time,national health issues have received more attention,the consumption demand for daily and preventive drugs has been increasing year by year,which brings opportunities for the development of pharmaceutical retail enterprises,and the wave of mergers and acquisitions in the industry will continue.Therefore,it is of great practical significance to study the value creation of successive mergers and acquisitions of pharmaceutical retail enterprises.What are the reasons for its continuous mergers and acquisitions? What are the paths of value creation through continuous mergers and acquisitions? What is the value creation result of successive mergers and acquisitions? The research on these problems has rich theoretical significance.Based on relevant theories and literature collation and research,this paper makes a comprehensive analysis of successive mergers and acquisitions of common pharmacy over the years.Firstly,the status quo of pharmaceutical retail industry and three rounds of mergers and acquisitions were briefly introduced,and the process and characteristics of mergers and acquisitions of common pharmacy were analyzed in detail.Secondly,based on the realization of strategic layout and synergistic effect,the paper makes an in-depth analysis on the path of value creation promoted by successive mergers and acquisitions of common pharmacy.Finally,using event study method and principal component analysis method to analyze the market value and intrinsic value after the merger of common pharmacy,and obtain the value creation results of the continuous merger of common pharmacy.Based on the case analysis of the continuous mergers and acquisitions of common pharmacy,this paper summarizes the shortcomings of its continuous mergers and acquisitions,and puts forward relative suggestions according to the deficiencies,so as to provide experience for the subsequent continuous mergers and acquisitions of common pharmacy and related enterprises.The results showed that:(1)the continuous merger and acquisition activities of common pharmacy were influenced by both external environment and internal development.(2)The implementation of continuous merger and acquisition activities should be closely related to the enterprise strategy,and only in order to realize the enterprise strategy can the enterprise value creation be driven.(3)Through continuous mergers and acquisitions,the general pharmacy realizes the synergistic effect of operation,finance,management and intangible assets,and the optimization of technology,brand and human resources,so as to realize the value creation.(4)In recent years,the pace of mergers and acquisitions is too fast,the financial synergies are not obvious,and the payment of merger and acquisition consideration is too dependent on cash payment,which leads to the increase of corporate financial risk and so on.These are the main reasons for the slowdown of value creation in the third round of mergers and acquisitions. |
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