A Dissertation Submitted to Guangdong University of Technology
for the Degree of Master
（Master of Business Administration）
Performance Research on A Series of Mergers and
Acquisitions of YD Pharmaceutical Group Limited
Master Candidate: Yuling Mai
Supervisor: Associate Prof. Jin He
May 2022
School of Management
Guangdong University of Technology
Guangzhou, Guangdong, P. R. China, 510520

摘要
摘要
随着“走出去”的开放政策深入施行，近年来，我国企业的海外并购数量和规模呈
快速增长趋势。不仅仅是为了实现全球化的战略布局，而且是更有利于资源整合。随
着人们对生活质量的需求增长，我国人们的健康意识也不停增强，医药行业的发展越
来越吸引大众的眼球。随着医疗政策改革频出、宏观环境较好，药企的海外并购活动
频繁，截止到 2019年交易金额同比增长 12%达到 221亿美元，而 10%为海外并购。医
药企业为了进一步深化完善产业链，选取优质的标的企业作为并购对象，尤其是国外
先进的医药技术有助于加快企业发展。因此，通过海外并购提升自我研发能力、企业
估值和丰富产品线，已成为中国医药企业发展的明智选择之一。
海外并购不意味着企业的国际化进程和产业升级就一帆风顺，如何让海外并购对
企业并购后的绩效和整合管理等问题发挥积极作用，都是亟待研究的话题。要实现企
业并购绩效，协同效应无疑是最主要来源，因此本文将从协同效应的角度出发，选取
了 YD医药，一家通过外延合作及系列并购了多家海外公司，现已成为国家战备储备
急救用药和麻醉药品定点企业、国家高新技术的企业。以其 2015年至 2020年期间发
生的三起海外并购活动视为一个整体，并以此作为研究对象。通过运用协同效应理论
来分析和研究本文案例提及的系列并购活动，来评价 YD医药系列并购产生的绩效，
并在这基础上进一步分析，找到该系列并购案例绩效是如何产生的。
研究发现，YD医药的长远战略发展方向所作出的系列并购行为分别在经营协同、
管理协同、财务协同三方面都收获了较好的绩效效果，通过财务数据分析，纵向一体
化经营和对研发的投入及管理都有效提升了企业绩效。最后本文基于系列案例分析得
出，提出了并购标的精准选择，借鉴 “内生外延”发展战略等建议，在一定程度上望能
给其他企业做并购行为决定时起到参考和战略指导意义。
关键词：并购；系列并购；并购绩效；协同效应
I

广东工业大学硕士专业学位论文
Abstract
With the in-depth implementation of the opening-up policy of "going out", the number
and scale of overseas M&A of Chinese enterprises have shown a rapid growth trend in
recent years. Not only to achieve the strategic layout of globalization, but also to be more
conducive to resource integration. With the growth of people's demand for quality of life,
people's health awareness in China has been strengthened. Nowadays, in public, the
development of the pharmaceutical industry has been more attractive. With the frequent
reform of medical policies and the good macro environment, pharmaceutical enterprises
have frequent overseas M&A activities. By 2019, the transaction amount has increased by
12% year-on-year to US$22.1 billion, while 10% is overseas M&A. In order to further
deepen and improve the industrial chain, pharmaceutical enterprises select high-quality
target enterprises as M&A objects, especially foreign advanced pharmaceutical technology,
which will help to speed up the development of enterprises. Therefore, it has become one of
the wise choices for the development of Chinese pharmaceutical enterprises to improve their
self-development ability, enterprise valuation and enrich their product lines through overseas
mergers and acquisitions.
Overseas M&A does not mean that the internationalization process and industrial
upgrading of enterprises will be smooth sailing. How to make overseas M&A play a positive
role in the performance and integration management of enterprises after M&A is an urgent
topic to be studied. Synergy is the main source of strategic M&A performance. Therefore,
from the perspective of synergy, this thesis selects YD Pharmaceutical Group Limited, a
company that has acquired many overseas companies through extension cooperation and
series, and has become a designated enterprise of national war preparedness reserve, first-aid
drugs and narcotic drugs, and a national high-tech enterprise.Take the three overseas M&A
activities from 2015 to 2020 as a whole and take it as the research object. This thesis studies
a series of strategic M&A behaviors of YD Pharmaceutical Group Limited, applies the M&A
performance generation mechanism and evaluation system based on synergy theory to this
case, evaluates the M&A performance of YD Pharmaceutical Group Limited, makes an
in-depth analysis on this basis, and excavates the generation path of M&A performance.
The research results show that a series of M&A activities implemented by YD
Pharmaceutical Group Limited from the perspective of enterprise development strategy have
achieved good performance in operation coordination, management coordination and
financial coordination. Through financial data analysis, vertical integrated operation and
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