随着市场竞争的激烈程度不断攀升，企业为实现业务拓展、资本运作及可持续发展目标，通过横向整合与纵向延伸的战略并购，在实现自身快速发展的同时，推动了产业结构优化与资源的合理配置。并购作为一种成熟的商业策略，已经成为企业快速提升竞争力的重要选择，相较于内生性成长的渐进路径，并购作为资本运作工具也蕴含较高风险，其成效受多重变量制约。近年来我国相关部门颁布了一系列政策，促使医药行业的高质量发展，由此掀起了国内医药企业的并购热潮，连续并购情况也越来越多，并购行为背后的动机及并购绩效差异较大。A医药主营业务涵盖大输液制剂、医疗器械、医药包材、原料药及创新药研发等领域，2020年至2021年，公司发起多起并购，包括2020年收购B药业公司与C药品包装公司、2021年高溢价并购G制药公司等，本文以A医药企业为研究对象，对其连续并购的动因和绩效进行研究以为相关企业提供有益借鉴。

本文对相关文献进行了梳理，明确了连续并购的概念和理论基础；简述了医药行业的发展现状，介绍了A医药企业的基本情况及其连续并购历程；根据外部环境和企业内部情况，探讨了A医药企业实施连续并购行为的动因，包括外部宏观政策的推动、企业整体战略的考量，市场地位的提升和协同效应的发挥；从偿债能力、盈利能力、营运能力、发展能力等财务指标及公司发展战略、创新能力、市场效应等非财务指标对A医药企业的连续并购绩效进行了综合分析，得出以下结论：A医药企业的连续并购行为给企业产生了积极的影响，使得A医药企业实现了阶段性战略目标；提高了创新能力和市场地位；扩大了在医药领域的市场规模，实现了经营协同效应；但同时存在着财务风险增加、并购资源没有充分利用等问题；本文在总结A医药企业连续并购案经验教训的基础上对A企业、同行企业、监管机构以及投资者提出了建议。

本文通过对A医药企业连续并购行为的动因及其绩效的研究，旨在为其后续的并购策略及企业战略调整提供科学依据，同时为同行业企业的连续并购提供有益参考，也有利于产业结构优化与资源的合理配置。

As market competition intensifies, enterprises increasingly utilize strategic mergers and acquisitions (M&A), encompassing both horizontal integration and vertical extension, to achieve business expansion, capital operation, and sustainable development goals. While facilitating rapid corporate growth, this approach also promotes industrial structure optimization and rational resource allocation. As a mature business strategy, M&A has become a crucial choice for enterprises seeking rapid competitiveness enhancement. However, compared to the gradual path of endogenous growth, M&A as a capital operation tool carries higher risks, and its effectiveness is constrained by multiple variables. In recent years, relevant Chinese authorities have promulgated a series of policies aimed at fostering high-quality development within the pharmaceutical industry. This has triggered an M&A boom among domestic pharmaceutical companies, with serial M&A activities becoming increasingly common. The motivations behind these M&A behaviors and their resulting performance vary significantly.Company A Pharmaceutical's core businesses cover large-volume parenteral solutions, medical devices, pharmaceutical packaging materials, active pharmaceutical ingredients, and innovative drug R&D. Between 2020 and 2021, the company initiated multiple acquisitions, including the purchase of Company B Pharma and Company C Pharmaceutical Packaging in 2020, and a high-premium acquisition of Company G Pharmaceutical in 2021. This paper takes Company A Pharmaceutical as the research subject, studying the motivations and performance of its serial M&A activities to provide valuable insights for relevant enterprises.

This paper first reviews relevant literature to clarify the concept and theoretical foundations of serial M&A. It then briefly describes the current development status of the pharmaceutical industry and introduces the basic situation of Company A Pharmaceutical and its serial M&A history. Based on the external environment and the company's internal conditions, the motivations behind Company A's serial M&A are explored, including impetus from external macro policies, considerations of the company's overall strategy, enhancement of market position, and the pursuit of synergistic effects. A comprehensive analysis of the performance of Company A's serial M&A is conducted, utilizing both financial indicators such as solvency, profitability, operational capability and growth potential and non - financial indicators like corporate development strategy, innovation ability and market effects. The conclusions are as follows: The serial M&A activities of Company A Pharmaceutical have generated positive impacts, enabling the company to achieve its phased strategic objectives; enhanced innovation capability and market position; expanded market scale within the pharmaceutical sector; and realized operational synergies. However, issues such as increased financial risk and underutilization of acquired resources also exist. Based on summarizing the experiences and lessons from Company A's serial M&A cases, this paper offers recommendations for Company A itself, peer enterprises, regulatory bodies, and investors.

By studying the motivations and performance of Company A Pharmaceutical's serial M&A activities, this paper aims to provide a scientific basis for its subsequent M&A strategies and corporate strategic adjustments. Simultaneously, it seeks to offer valuable references for serial M&A activities within the same industry and contribute to industrial structure optimization and rational resource allocation.

[1]普华永道.2024年中国企业并购市场回顾与前瞻[EB/OL].(2025-02)[2025-02-28].https://www.pwccn.com/zh/services/deals-m-and-a/publications/ma-2024-review-and-outlook.html

[2]普华永道.2023年中国企业并购市场回顾与前瞻[EB/OL].(2024-02)[2024-03-15].https://www.pwccn.com/zh/services/deals-m-and-a/publications/ma-2023-review-and-outlook.html

[3]普华永道.2022年中国企业并购市场回顾与前瞻[EB/OL]. (2023-02)[2024-03-15].https://www.pwccn.com/zh/services/deals-m-and-a/publications/ma-2022-review-and-outlook.html

[4]Schipper K,Thompson R.Evidence on the capitalized value of merger activity for acquiring firms[J].Journal of financial Economics,1983,11(1-4):85-119.

[5]Xingcai W.A Study on Goodwill Impairment Risk and Prevention for Continuous Mergers and Acquisitions of Company T[J].Academic Journal of Business&Management,2023,5(24):70-76.

[6]Zhang X,Song Y,Liu H.Too Much of a Good Thing?The Impact of Serial MA on Innovation Performance[J].Sustainability,2023,15(12):25-29.

[7]于鸿鹰,何青松,何宗明.组织学习影响科技型企业连续并购决策的实证分析[J].科技进步与对策,2018,35(11):103-108

[8]庄明明,李善民,梁权熙.连续并购对股价崩盘风险的影响研究[J].管理学报,2021,18(7):1086.

[9]林山,刘勇.海外连续并购对环保企业绿色创新能力的影响研究——以中国天楹为例[J].绿色财会,2022,(10):45-51.

[10]吴淑英.战略整合视角下连续并购的企业价值提升研究[D].云南财经大学,2022.

[11]黄嫚丽,张钺,李静.基于时间过程视角的连续并购研究综述[J].管理学报,2020,17(9):1412.

[12]张鑫敏,余学斌.全产业链战略下埃斯顿连续并购绩效研究[J/OL].经营与管理,1-11[2024-03-07].

[13]贺天玥,冯体一,潘超.企业以技术获取为导向的连续并购绩效研究——以新时达为例[J].管理案例研究与评论,2021,14(3):339-354

[14]Yakob R,Nakamura R H,Ström P.Chinese foreign acquisitions aimed for strategic asset-creation and innovation upgrading:The case of Geely and Volvo Cars[J].Technovation,2018,70-7159-72.

[15]Meyer K E,Wright M,Pruthi S.Managing knowledge in foreign entry strategies:a resource‐based analysis[J].Strategic management journal,2009,30(5):557-574.

[16]Hwang,Hyoseok David,Hyun-Dong Kim,and Taeyeon Kim.The blind power:Power-led CEO overconfidence and M&A decision making[J].The North American Journal of Economics and Finance 52(2020):101141.

[17]Sha Y,Kang C,Wang Z.Economic policy uncertainty and mergers and acquisitions:Evidence from China[J].Economic Modelling,2020,89:590-600.

[18]Piesse J,Lee C F,Lin L,et al.Merger and acquisition:Definitions,motives,and market responses[M]//Encyclopedia of finance. Cham:Springer International Publishing,2022:877-894.

[19]Feldman E R,Hernandez E.Synergy in mergers and acquisitions:Typology,life cycles,and value[J].Academy of Management Review,2022,47(4):549-578.

[20]Hong X,Lin X,Fang L,et al.Application of machine learning models for predictions on cross-border merger and acquisition decisions with ESG characteristics from an ecosystem and sustainable development perspective[J].Sustainability,2022,14(5):2838.

[21]Verma P.Effective Execution of Mergers and Acquisitions for IT Supply Chain[J].International Journal of Computer Trends and Technology,2022,70(7):8-10.

[22]Alvarez-González P,Otero-Neira C.Mergers and acquisitions success:examining customer loyalty[J].Marketing Intelligence&Planning,2023,41(1):48-61.

[23]Liu S,Sualihu M A,Sun M,et al.Exploring the acquisition behavior of penny stock firms[J].The British Accounting Review,2024,56(6):101276.

[24]刘刚,殷建瓴,耿天成.产业间距离,技术异质性与企业并购绩效——基于A股上市企业的实证研究[J].中国软科学,2020,12:104-116.

[25]王艳,徐淑芳,何竺虔.谁更能顺水推舟?来自并购绩效影响因素的经验证据[J].管理评论,2020,9:280-295.

[26]郑碧霞,施海柳.考虑协同效应的企业并购决策方法研究——以福州市63家生物与新医药企业为例[J].东南学术,2020(02):207-216.

[27]蒋冠宏.并购如何提升企业市场势力——来自中国企业的证据[J].中国工业经济,2021,5:170-188.

[28]张晓旭,姚海鑫,杜心宇.连续并购的同伴效应与企业内部控制[J].Journal of Northeastern University(Social Science),2007,23(6):22-31.

[29]周静.企业并购动因及并购绩效影响因素分析[J].商场现代化,2022,976(19):76-78.

[30]杨培华.苏宁易购连续并购财务风险研究[J].现代营销(下旬刊),2023,(08):106-108.

[31]孙溥君.吉利控股连续跨国并购动因分析[J].中国商论,2023,(17):160-163.

[32]刘娇娆.以转型升级为导向的制造业民企连续并购绩效研究——以东山精密为例[J].财会通讯,2023,(06):112-118.

[33]刘桔林,刘雨珍,刘雯玥,等.安踏体育连续并购动因及绩效探析[J].湖南财政经济学院学报,2024,40(01):56-72.

[34]张娜,吴宝宏.朗姿股份连续并购动因分析[J].现代营销(下旬刊),2024,(02):95-97.

[35]谷强平,武悦.华熙生物连续并购动因探析[J].合作经济与科技,2024,(24):116-117.

[36]宋毅成,颜苏.产业链并购与上市公司质量[J].中国金融,2019(03):53-54.

[37]魏江,王丁,刘洋.来源国劣势与合法化战略——新兴经济企业跨国并购的案例研究[J].管理世界,2020,36(3):101-119.

[38]何瑛,李雯琦.基于管理者行为的掌趣科技商誉减值剖析[J].财会月刊,2020(1):10-18.

[39]夏冬艳.管理层过度自信对并购商誉减值风险的影响研究[J].财会通讯,2021,18(5):112-116.

[40]徐伟莉.关于我国企业跨国并购动机及财务风险控制的研究[J].上海商业,2022,(03),104-106.

[41]Irwin K,Armstrong C,Drnevich P,et al.The Motives for Mergers and Acquisitions and Their Implications for Research and Practice[J].Strategic Management Review,2025.

[42]Khan A,Kalisz D.Post-Acquisition operating performance of acquiring firms following cross-border mergers and acquisitions[J].Economies,2024,12(7):172.

[43]花双莲,韩群.资本结构偏离程度,现金持有与并购绩效[J].山东科技大学学报(社会科学版),2023,25(4):85-95.

[44]兰洁,林爱杰.双循环背景下东道国国家风险对我国企业海外并购绩效的影响[J].重庆大学学报(社会科学版),2021,27(3):228-244.

[45]宋思淼,梁雯.经济政策不确定性影响企业并购决策吗——基于能力与意愿角度的分析[J].金融经济学研究,2021,36(01):108-121.

[46]胡国柳,胡珺,李少华.政府控制,政府层级与企业并购绩效[J].预测,2015,34(1):54-59.

[47]程冕,许自坚,史本山.组织资本对企业并购与并购绩效的影响研究[J].财经问题研究,2019,11:137-145.

[48]王雅茹,刘淑莲.企业声誉与并购溢价决策——基于业绩期望差距的调节效应[J].北京工商大学学报(社会科学版),2020,35(1):76-89.

[49]王爱群,闫盼盼,赵东.海归董事对企业跨境并购绩效的影响研究[J].经济经纬,2021,2:102-111.

[50]向诚,赵宇洋.管理者偏度偏好与企业并购绩效[J].系统管理学报,2021,30(4):601-617.

[51]Reglero J,Corzo Santamaría T,Saénz-Diez R.Long-term effect of the form of payment in Spanish mergers and acquisitions: an event study[J].Cogent Business & Management,2024,11(1):2374878.

[52]朱莺.中国集成电路产业上市公司并购绩效影响因素研究[J].兰州学刊,2022(12):41-51.

[53]杨超,谢志华,宋迪.业绩承诺协议设置,私募股权与上市公司并购绩效[J].南开管理评论,2018,6:198-209.

[54]邵春燕,冯晨星,李洪霞.融资约束对文化企业并购绩效的影响——基于支付方式的中介作用[J].经济与管理评论,2019,3:61-70.

[55]张广会.业绩承诺对企业并购绩效的影响研究——以A公司为例[J].全国流通经济,2023,(16):122-125.

[56]刘凯月,孙佩红,李天旭,等.媒体情绪、资产误定价与公司并购绩效[J].财经理论研究,2024,(02):80-94.

[57]简冠群,冯浩文.企业履行社会责任对并购绩效影响分析——以安踏收购斐乐为例[J].新会计,2023,(03):23-29.

[58]段瑶瑶,赵怡蕊,甘志霞.“一带一路”倡议下我国企业跨国并购绩效的影响因素分析[J].中国商论,2024,(06):53-56.

[59]雷玲晓.外来者劣势对中国企业跨国并购绩效的影响——基于无形资源的视角[J].现代商业,2024,(09):94-97.

[60]宋维佳,乔治.我国资源型企业跨国并购绩效研究——基于短期和中长期视角[J].财经问题研究,2014(7):98-105.

[61]高伟凯.华贸物流连续并购绩效分析[J].经济研究导刊,2023,(20):82-86.

[62]Gulati P A,Garg S.Impact of merger on stock returns and economic value added (EVA) of the acquiring firms:a study from Indian corporate sector[J].International Journal of Emerging Markets,2022,19(3):649-664.

[63]苏婧,冯晓琦,李思瑞,等.我国大型券商的海外并购动因,效益和风险[J].改革与战略,2015(11):83-86.

[64]宁宇新,李悦玲.基于粗糙集的企业技术并购战略绩效评价方法[J].统计与决策,2016(10):183-186.

[65]Golgeci I,Kurt Y,Vashchillo-Mollett K,et al.Understanding the role of serial acquisition and subsidiary autonomy in providing value within servitizing industrial networks[J].Journal of Business & Industrial Marketing,2024,39(7):1582-1599.

[66]Ilaboya O J,Monye–Emina H E.Business Combination and Corporate Performance:A Balanced Score Card Approach[J].African Development Finance Journal,2023,5(3):1-18.

[67]杨海燕,黄赞.主并公司实现并购绩效了吗?[J].投资研究,2017,36(3):74-84.

[68]杨雄辉.上市公司并购短期绩效测量及理论分析[J].中国注册会计师,2021(09):61-64.

[69]宋哲.新乳业连续并购短期绩效分析——基于事件研究法[J].现代营销(下旬刊),2023,(11):135-137.

[70]Boloupremo T,Ogege S.Mergers,acquisitions and financial performance:A study of selected financial institutions[J].EMAJ: Emerging Markets Journal,2019,9(1):36-44.

[71]Coccorese P,Ferri G.Are mergers among cooperative banks worth a dime?Evidence on efficiency effects of M&As in Italy[J].Economic Modelling,2020,84:147-164.

[72]蒋志雄,王宇露.技术获取型并购行为与企业并购绩效[J].统计与决策,2022,38(09):179-183

[73]杨书敏.探究企业并购协同效应[J].上海商业,2021(11):176-177.

[74]徐炜锋,阮青松.企业社会资本能否促成企业并购取得成功？——基于资源获取视角[J].软科学,2022,36(10):63-69.

[75]Trujillo A J,Garcia‐Morales E E,Kabarriti G,et al.Do mergers and acquisitions improve firms' financial performance?The case of the US generic drug industry[J].Managerial and Decision Economics,2020,41(1):10-24.

[76]Yang B,Sun J,Guo J M,et al.Can financial media sentiment predict merger and acquisition performance?[J].Economic Modelling,2019,80:121-129.

[77]黄宏斌,杜依娜,牛煜文.技术协同导向的企业跨国并购绩效研究——基于博腾股份跨国并购J-STAR的案例分析[J].会计之友,2022,692(20):79-85.

[78]娄磊,蒋海新,张曌.我国上市公司并购绩效实证研究[J].商业经济研究,2020,797(10):172-176.

[79]敬志红,肖明玉.企业连续并购绩效研究——以海信视像为例[J].现代企业文化,2023,(26):61-64.

[80]周玲燕,王波,蒋玉娟.企业连续并购绩效评价与耦合协同性测度——以新希望乳业为例企业连续并购绩效评价与耦合协同性测度——以新希望乳业为例[J].商业会计,2023,(17):33-38.

[81]周利芬.连续并购对公司绩效影响研究——以天娱数科为例[J].绿色财会,2023,(09):19-29.

[82]吴浩冉.连续并购对企业绩效的影响分析——以伊利股份为例[J].国际商务财会,2024,(19):77-81.

[83]刘莹,丁慧平,崔婧.上市公司并购次序对并购绩效影响的实证检验[J].统计与决策,2017(11):185-188.

[84]余鹏翼,敖润楠,陈文婷.CEO年龄,风险承担与并购[J].经济理论与经济管理,2020,40(2):87.

[85]兰岚.产业演进视角下企业并购绩效分析——以乐普医疗为例[J].财会通讯,2020, 6:105-108.

[86]方中坚,王彩依,沈晨,等.近10年中国医药行业并购现状和发展态势探析[J].中国新药杂志,2023,32(15):1503-1506.

[87]周利芬.民营医药企业海外并购的战略动因与风险[J].对外经贸实务,2019,7:79-83.

[88]潘恒.医药企业跨国并购的财务风险——以A集团为例[J].经济研究导刊,2024,(01):96-98.

[89]张娜娜,苏敏艳,郑慧凌,等.技术并购对医药企业创新绩效的影响:基于吸收能力和动态能力的分析[J].科技管理研究,2019, 21:147-153.

[90]张永冀,何宇,张能鲲,等.中国医药上市公司技术并购与绩效研究[J].管理评论,2020,32(8): 131-142.

[91]于赫,王晓颖.技术并购对企业创新能力的影响——来自医药企业的实证研究[J].工业技术经济,2021,40(12):25-34.

[92]李汀蕙.并购能提高企业的创新和绩效吗——来自我国医药行业的经验证据[J].统计理论与实践,2021,(04):42-50.

[93]王成芳.上海医药并购康德乐(中国)财务协同效应研究[J].投资与创业,2022,33(12): 58-60..

[94]林泓妍.医药企业连续并购经济效果研究——以华东医药为例[J].会计师,2022,(22):156-158.

[95]Büssgen M ,Stargardt T.To merge or not to merge?The impact of mergers and acquisitions oncorporate success in the pharmaceutical industry[J].Managerial and Decision Economics,2024,45(4):2196-2209.

[96]Bonaime A,Wang Y E.Mergers,product prices,and innovation:evidence from the pharmaceutical industry[J].The Journal of Finance,2024,79(3):2195-2236.

[97]王欣萍.医药企业并购的财务风险与管理控制的案例研究[J].全国流通经济,2021,(05):55-57.

[98]轩辕诗昂.企业合并商誉会计处理探析:以瑞康医药合并交易为例[J].中国注册会计师,2022,(11):84-86.

[99]崔珊珊.中国医药企业跨国并购财务风险研究——以蓝帆医疗并购柏盛国际为例[J].财务管理研究,2022,(09):56-59.

[100]Bates R A,Holton III E F.Computerized performance monitoring:A review of human resource issues[J].Human Resource Management Review,1995,5(4):267-288.

[101]Neely A.The performance measurement revolution:why now and what next?[J].International journal of operations & production management,1999,19(2):205-228.

[102]凌芳.风险投资对上市公司并购绩效影响机制研究[J].投资与创业,2023,34(02):10-12.

[103]陈文杰.企业产权交易与重组：提高中国企业并购绩效的路径分析[J].商业观察,2022,(19):21-2.

[104]Prahalad C K,Hamel G.The Core Competence of the Corporation[J].Harvard Business Review,1990,68:275-292.