医药企业并购动因与绩效分析——以华润双鹤并购华润紫竹为例

Analysis of the Motives and Performance of Mergers and Acquisitions in Pharmaceutical Enterprises—A Case Study of CR Double-Crane’s Acquisition of CR Zizhu

摘要: 并购是企业进行战略扩张、优化资源配置以及提升竞争力的重要手段，对于企业的发展前景具有深远的影响。本文将以华润双鹤并购华润紫竹为研究案例，将华润双鹤作为研究对象，首先分析该公司主要的并购动因，通过事件研究法分析企业短期并购绩效，使用财务指标法分析企业中长期并购绩效，并使用非财务指标法用以弥补单一财务指标的不足。在此基础上总结出相应的结论与对策，为医药行业的其他企业提供重要的并购借鉴经验。

Abstract: Mergers and acquisitions are important means for enterprises to carry out strategic expansion, optimize resource allocation, and enhance competitiveness, and have a profound impact on the development prospects of enterprises. This paper takes the merger and acquisition of China Resources Zizhu by China Resources Double-Crane as a research case, and takes China Resources Double-Crane as the research object. Firstly, it analyzes the main motives for the company’s mergers and acquisitions. It analyzes the short-term merger and acquisition performance of the enterprise through the event study method, analyzes the medium- and long-term merger and acquisition performance of the enterprise using the financial indicator method, and uses the non-financial indicator method to make up for the shortcomings of a single financial indicator. On this basis, corresponding conclusions and countermeasures are summarized to provide important reference experience for mergers and acquisitions of other enterprises in the pharmaceutical industry.