国际经济与贸易学院知识库

随着全球化进程的加快以及生物医药行业的快速发展，企业并购已成为提升竞争力、快速实现发展战略的有效手段。本研究以药明康德公司为例，深入分析了其在私有化后2018年至2022年期间的连续并购行为，探讨了这些并购活动对企业的短期市场表现与长期绩效的影响。研究采用事件研究法、熵值法、财务指标分析及非财务指标分析等多种方法，从多个角度全面评价公司的并购绩效。

研究结果表明，在短期内市场对药明康德的并购事件反应显著，部分并购活动引起了负面的超额收益率，可能源于市场对并购整合和前景的不确定性，而其他并购事件则表现出正面超额收益，展现出市场对其并购策略的认可。在长期绩效方面，药明康德的营运效率、盈利能力、偿债能力均优于行业平均水平，其在市场份额、科研能力、员工队伍建设方面的提升，进一步显示出公司由并购带来的强大发展潜力和核心竞争力。

本研究还提出了若干建议，以协助药明康德持续优化并购策略、改善管理与沟通效率、加强企业社会责任实践，并在未来的市场竞争中维持领导地位。研究结论对类似生物医药企业的并购决策和战略规划具有重要参考价值，同时也为相关领域的研究提供了实证基础。

With the acceleration of globalization and the rapid development of biomedicine industry, M&A has become an effective way to enhance competitiveness and quickly realize development strategy.Taking Wuxi AppTec as an example, this study deeply analyzed its successive mergers and acquisitions from 2018 to 2022 after privatization, and discussed the impact of these mergers and acquisitions on the short-term market performance and long-term performance of the company.In this paper, many methods such as event study, entropy, financial index analysis and non-financial index analysis are used to evaluate the M&A performance of companies from multiple perspectives.

The research results show that in the short term, the market has a significant response to Wuxi AppTek's M&A events. Some M&A activities cause negative excess returns, which may be due to the market's uncertainty of M&A integration and prospects, while other M&A events show positive excess returns, which shows the market's recognition of its M&A strategy.In terms of long-term performance, Wuxi AppTec's operating efficiency, profitability and solvency are all better than the industry average, and its improvement in market share, scientific research capability and staff construction further shows the strong development potential and core competitiveness brought about by mergers and acquisitions.

The study also makes several recommendations to help wuxi AppTec continue to optimize its M&A strategy, improve management and communication efficiency, strengthen its corporate social responsibility practices, and maintain its leadership position in the future market competition.The conclusion of this study has important reference value for the M&A decision-making and strategic planning of similar biomedical enterprises, and also provides an empirical basis for the research in related fields.