基于长短期窗口下华润三九连续并购市场效应研究
Research on the Market Effect of China Resources Sanjiu Continuous Merger and Acquisition under the Long-Term and Short-Term Window

华润三九作为医药企业连续并购的典型案例，本文则选取华润三九2017年转向大健康业务后到2022年间的连续并购事件作为研究对象，从理论角度分析华润三九连续并购动因，并借助事件研究法和托宾Q值分别对其连续并购的长短期市场效应进行分析，从短期市场来看，并购事件获得的正超额收益大于负超额收益，创造了较好的市场价值，短期市场效应表现良好。由于市场坚定看衰医药企业进军非本公司擅长领域的行为的原因，长期市场效应则表现不佳。针对以上得出的结论，此本文提出了三点建议，第一，选择契合公司战略的并购标的。第二，重视并购的后整合。以期为同行业并购提供借鉴。第三，采用多元化的支付方式进行并购。通过研究华润三九连续并购，希望可以为我国其他医药企业在进行类似并购时提供一定的借鉴，为中国医药行业的发展带来积极的影响。
China Resources Sanjiu as a typical case of pharmaceutical enterprise mergers and acquisitions, this paper selects China Resources Sanjiu in 2017 to the big health business to 2022 continuous mergers and acquisitions as a research object, from the theoretical perspective of analysis of r continuous mergers and acquisitions, and with the help of event research and Tobin Q value analyzed the continuous mergers and short-term market effect, from the short-term market, mergers and acquisitions events positive excess returns greater than negative excess returns, created a good market value, short-term market effect performance is good. Because the market is determined to decline the behavior of pharmaceutical companies into the field that the company is good at, the long-term market effect is not good. In view of the above conclusions, this paper puts forward three suggestions. First, select the acquisition target of the company strategy. Second, attach importance to the post-integration, in order to provide reference for the same industry mergers and acquisitions. Third, adopt diversified payment methods for mergers and acquisitions. Through the study of continuous mergers and acquisitions of China Resources Sanjiu, it can provide some reference for other pharmaceutical enterprises in China in conducting similar mergers and acquisitions, and bring a positive impact on the development of China’s pharmaceutical industry.