| The country vigorously promotes the reform of the medical and health system,which promotes the rapid development of the Chinese pharmaceutical market,but the competition among pharmaceutical companies is becoming more and more serious.In order to seek their own development and increase market share,many pharmaceutical companies are trying to expand new development paths through overseas mergers and acquisitions.However,in the wave of mergers and acquisitions of pharmaceutical companies,some companies have relatively large negative effects due to mergers and acquisitions.Therefore,it is necessary to evaluate and analyze the performance of mergers and acquisitions of enterprises,and further explore the impact of mergers and acquisitions on related enterprises.This article selects Fosun Pharmas merger and acquisition of Indian pharmaceutical company Grande Pharmaceuticals as a case to evaluate its merger and acquisition activities,which can provide experience and reference for other pharmaceutical companies cross-border mergers and acquisitions.First of all,it expounds the basic situation of the enterprises of both sides of the merger,the background and process of the merger and acquisition,and the motivation of the merger.Second,evaluate the performance of mergers and acquisitions through empirical analysis.On the one hand,the financial statement data of Fosun Pharma from 2016 to2021 were selected,and the balanced scorecard was used to evaluate the performance from the four dimensions of finance,customers,internal processes,and learning and growth.The three dimensions of customers,internal processes,and learning and growth have all achieved positive effects,and the financial dimension has achieved partial synergies.On the other hand,a vector autoregressive(VAR)model was constructed to study the influence of the four dimensions on comprehensive performance after mergers and acquisitions.The research shows that learning and growth capabilities have a positive impact on comprehensive performance,while internal management has a negative impact on comprehensive performance.The customer dimension negatively affects the comprehensive performance in a certain lag period,and the impact of financial management on the comprehensive performance is small and can basically be ignored.Finally,in the future mergers and acquisitions,pharmaceutical companies can improve and work hard in three aspects:emphasizing post-merger integration work,selecting suitable companies for mergers and acquisitions,and vigorously improving scientific research capabilities. |
