| Summary: | At present, mergers and acquisitions play a very important role in firm’s business strategy. As a result, more and more companies attempt to engage in M&A activities for further development. In this dissertation, the aim is to evaluate and analyze the M&A’s impact on pharmaceutical companies’ performance.
Firstly, some background of M&A would be introduced in the introduction chapter like its definition, historical developments and its types. Then in the literature review chapter, the motives for engaging in M&A, determinants of companies' performance following M&A and empirical studies of M&A are discussed and some M&A theories are presented as well.
For the methodology and analysis parts, the accounting analysis and the event study are used in turn to prove the M&A theories mentioned in the literature review. Finally, the conclusion of this dissertation is reached.
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