随着社会经济的逐步繁荣，人们重视健康的意识不断增强，保健品行业未来有望迎来更大的发展空间，但由于消费者对本土保健品的不信任危机，大大促进了我国越来越多的保健品企业希望通过并购海外品牌度较高的保健品公司来提高自身的市场竞争力。可目前多数的保健品企业在进行海外并购后不仅没有达到预期的绩效目标，甚至经营效果大不如前，因此研究保健品行业海外并购绩效的影响因素是一个重要的问题。

本文选择了金达威和汤臣倍健两个具有行业代表性的公司，首先界定相关概念和理论基础，然后客观描述了保健品行业海外并购现状，其次对案例背景进行了说明，主要包含双案例选择依据、并购双方介绍、并购过程和并购动因；在基于事件研究法和熵值法客观评价案例企业并购前后的短期市场绩效、长期财务绩效后，进行对比总结；最后基于扎根理论质性方法对两个案例企业的相关文本资料进行编码分析后，进一步提炼出影响保健品行业海外并购绩效的因素，并以此提出针对不同阶段提高保健品行业海外并购绩效的建议。

本文通过对两个案例企业进行分析后，主要得出以下几个结论：（1）就短期市场绩效而言，面对众多实施并购的保健品企业，市场更加看好处于行业龙头地位且具有稳定市场份额的汤臣倍健，因此汤臣倍健优于金达威。（2）就长期财务绩效而言，虽然两个公司都受到商誉巨额减值的负面影响，但金达威在并购之后与DRB较好的研究开发整合促使金达威在并购的五年后一跃成为保健品行业产品领先者，生产的NMN产品也让金达威在2020年股价大幅上涨；而汤臣倍健在2019年计提大额商誉减值后面临上市以来首次亏损，因此金达威优于汤臣倍健。（3）基于扎根理论进行编码分析后，本文认为在准备阶段，法律制度环境、行业相关度是影响保健品行业海外并购绩效的主要因素；在交易阶段，评估方法、支付方式是影响保健品行业海外并购绩效的主要因素；在整合阶段，要素层次整合管理、商誉减值是影响保健品行业海外并购绩效的主要因素。

With the gradual prosperity of the social economy, people's awareness of health is increasing, and the health care product industry is expected to usher in greater development space in the future, but due to the consumer distrust crisis of local health care products, it has greatly promoted more and more health product companies in China to hope to improve their market competitiveness through the merger and acquisition of overseas brand health product companies. However, at present, most health care product companies not only fail to achieve the expected performance targets after overseas mergers and acquisitions, but even the operating effect is not as good as before, so it is an important issue to study the influencing factors of the performance of overseas mergers and acquisitions in the health product industry.

This article selects two companies with industry representatives,KINDAWAY and BY-HEALTH, first define the relevant concepts and theoretical basis, then objectively describe the current situation of overseas mergers and acquisitions in the health products industry, and then explain the background of the case, mainly including the basis for the selection of double cases, the introduction of the merger and acquisition parties, the merger process and the motivation for mergers and acquisitions; After objectively evaluating the short-term market and long-term financial performance of the case enterprise before and after merger and acquisition based on the event research method and the entropy value method, the comparison and summary are made; Finally, based on the rooted theoretical qualitative method, the relevant text data of the two case enterprises are encoded and analyzed, and the factors affecting the overseas M&A performance of the health product industry are further extracted, and suggestions are put forward to improve the overseas M&A performance of the health product industry at different stages.

After analyzing the two case companies, the following conclusions are mainly drawn: (1) In terms of short-term market performance, in the face of many health product companies that implement mergers and acquisitions, the market is more optimistic about BY-HEALTH, which is in the leading position in the industry and has a stable market share, so BY-HEALTH is better than KINDAWAY. (2) In terms of long-term financial performance, although both companies were negatively affected by the huge impairment of goodwill, The better research and development integration of KINDAWAY and DRB after the merger and acquisition prompted KINDAWAY to become a product leader in the health care product industry in the five years after the merger, and the NMN products produced also made KINDAWAY's stock price rise sharply in 2020; BY-HEALTH faced its first loss since listing after a large amount of goodwill impairment in 2019, so KINDAWAY was superior to BY-HEALTH. (3) After coding analysis based on the rooted theory, this paper believes that in the preparatory stage, the legal system environment and industry relevance are the main factors affecting the performance of overseas mergers and acquisitions in the health products industry; At the transaction stage, the evaluation method and payment method are the main factors affecting the performance of overseas mergers and acquisitions in the health products industry; In the integration stage, the integration management of the factor level and the impairment of goodwill are the main factors affecting the performance of overseas mergers and acquisitions in the health product industry.

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