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1、ACKNOWLEDGEMENTSIwouldliketoexpressmygreatappreciationtoProfessorQing,Liwhohelpedmeduringwritingthisdissertation.Asmysupervisor,hesetsagoodexamplebyhisbehaviors.Ilearnedfromhimnotonlyknowledgebutalsolifeattitudes.WheneverIneedhishelp,hewillmakeeveryefforttohelpmewithmyproblem
2、.IalsowanttothankalltheteacherswhotaughtmeinallthecoursesatMBACentreduringthepastyearsinGuangdongUniversityofForeignStudies.Ilearnedhowtoanalyzethetypicalbusinesscase,andthenfindthekeypointstosolvetheproblem.Finally,Iwanttosaythankstoallmyclassmatesandfriends.Withouttheirhelp
3、andsupport,Icouldn’thavecompletedmydissertation.iiABSTRACTInrecentyears,thenumberofmergerandacquisitioncasesindomesticpharmaceuticalsindustryhasproliferated.Accordingtoincompletestatistics,in2012,mergerandacquisitionbetweendomesticdrugfirmsreached230withtransactionamountof28.
4、374billionyuan.In2013,althoughonly150,butthetradingamountthexceed35billionyuan.Accordingtothestatisticsofwinddata,until30Oct.2014,theamounthasreached121.Withtherapiddevelopmentofnationaleconomy,theinternationalstatusofChinapharmaceuticalmarketisincreasinglyhighlighted.Thetota
5、lamountofdrugsalesofChinarankedthethirdintheworldbehindAmericaandJapan.AnditisexpectedtosurpassJapanin2020,astheworld'ssecond.Thehugemarketpotentialstimulatesthedevelopmentofnationalpharmaceuticalindustry.Domesticpharmaceuticalcompaniesbegantodomergerandacquisitionandstriveto
6、integrateresources,growrapidlyinordertooccupythehugedomesticmarket.However,comparedwithlargemultinationalcompanies,thedomesticpharmaceuticalenterprisesmostlywithacharacterofmorequantitiesbutsmallersize,facethebiggestchallengeisstrengthdisparity.InChina,thereareonlytwocompanie
7、swhosemarketvaluesarebothmorethan50billion.ThebiggestoneisYunnanBaiyao,with53.945billionofmarketvalue.But,itsmarketvalueisonlyoneovertenofthetenthglobalpharmaceuticalcompany.Therefore,forthevastmajorityofdomesticpharmaceuticalcompanies,itisalmostimpossibletogrowthroughthewayo
8、fmergeindustrygiants.FOSUNPHARMAwalkintheforefrontoftheindustryinter
