金融 paper参考案例：Accessing Performance and its Impact on Merger Acquisition
本文是金融专业的留学生paper范例，题目是“Accessing Performance and its Impact on Merger Acquisition（访问性能及其对并购的影响）”,合并通常是公司实现财务和功能增长的一种方式。许多公司合并是为了获得新的市场，接触新的消费者，并改善他们的整体团队。当两家公司合并时，我们都知道，有时这种变化可能是有风险的，但有时，它可能对业务有好处。一个公司的成功或失败主要是由它与环境中影响因素的相互作用的有效性来证明的。其中一些因素可以直接影响业务，但其他因素也可以间接影响业务。考虑合并的第一步是考虑和审查两家公司的财务报表，以确保交易对双方都有财务意义。在评估美敦力与波士顿科学公司(Boston Scientific, Corp)合并的可能性时，人们会考虑这是否会改善它们的财务增长，它们是否会成为对抗竞争对手的强大力量，以及它们拥有的主要资产是否看起来有用。
Introduction 介绍
A merger is often a way for a company to achieve financial and functional growth. Many companies merge to gain new markets to reach new consumers and to improve their overall team. When two companies merge, we all know that sometimes the change can be risky, but on occasion, it can be good for business. The success or failure of a company is primarily proven by the effectiveness of its interaction with its affecting factors within its environment. Some of these factors can affect the business directly, but others can affect the business indirectly as well. The first step when considering a merge is to consider and review the financial statements from both companies to ensure that the deal makes financial sense for both parties. When it comes to evaluating the potential merge between Medtronic and Boston Scientific, Corp, one would want to consider will this improve their financial growth, will they become a powerhouse against competitors, and will the major assets that they have seem useful.
Medtronic and Boston Scientific Corp. Profitability trends美敦力和波士顿科学公司的盈利趋势
Medtronic was created as a medical equipment repair shop in1949 (Medtronic.com). Mainly known for their cardiac and vascular products, which makes up primarily most of their sales. Medtronic works to deliver new and innovative medical technology solutions for many hospitals around the world. This was the start for many more devices, which has been used to improve the lives of many people. Over the years, Medtronic has developed several therapies to aid patients suffering from several illnesses. In the last year, Medtronic therapies improved the lives of more than 75 million people (Medtronics.com). This company is very successful and grossed an annual revenue in 2018 of 30 billion and now has 86,000 employees worldwide.
美敦力公司成立于1949年，最初是一家医疗设备维修公司。主要以其心脏和血管产品而闻名，这是他们销售的主要部分。美敦力致力于为世界各地的许多医院提供新的和创新的医疗技术解决方案。这是更多设备的开始，这些设备已被用于改善许多人的生活。多年来，美敦力已经开发出几种治疗方法来帮助患有多种疾病的患者。去年，美敦力的治疗方法改善了7500多万人的生活。该公司非常成功，2018年的年收入为300亿美元，目前在全球拥有86,000名员工。
Boston Scientific was started in 1979 by John Abele and Pete Nicholas in Watertown, Massachusetts as a holding company for a medical products company called Medi-Tech (Bianco, 2019). The two men received $500,000 to start up the company and raised an additional $300,000 in revenue from the company alone. In the first year of existence, the company had revenue of two million dollars.
The company’s first products were a flexible catheter used in gallbladder surgery. The company since then has expand its product line to include catheter-based devices for use in heart, vascular, respiratory, gastrointestinal, and urological applications (Bianco, 2019). In the early 1980s the team increased their marketing technique by introducing new product development, and growth within the organization.
该公司的首批产品是用于胆囊手术的柔性导管。自那以后，该公司扩大了产品线，包括心脏、血管、呼吸、胃肠道和泌尿系统应用的导管设备(Bianco, 2019)。在20世纪80年代早期，团队通过引入新产品开发来增加他们的营销技巧，并在组织内增长。
The company not only focused on catheters but other products that could be used as options from the traditional ones used during surgery. Medical imaging improvements and, less invasive procedures, the catheters allowed doctors to perform surgical procedures easier. A perfect example would be the procedure for kidney transplant donors today. Boston Scientific continued to grow in its industry and now has over 51 medical products that are mostly used to help patients function normally after surgery or to prevent major surgery. As the years progressed, revenue increased from 16 million in 1983 to 380 million in 1993. Fast forward to 2004, the company currently employs seventeen hundred staff members and had sales of over 5.62 billion in 2004.
With all information discussed on both of companies, it is also proof that a person can take a single invention and eventually turn it into billion-dollar corporation and if the two eventually merged, it would be favorable because of both businesses’ success. Also, since, merging with a smaller successful company would also be an advantage for both entities. Also, Medtronic is a large company that generate three times the amount of revenue than Boston Scientific. For both companies, the revenue over the past few years has been affected by purchases and when it comes to profitability, Boston Scientific stands out against Medtronic on gross profit and even though both company’s revenues are proof of their successes, the merger would be very beneficial to Boston Scientific with 29,000 employees in 2017compared to 86,000 employed by Medtronic nationwide just last year alone. The number of employees combined would allow the companies to skyrocket in business and sales, but not only that, merging could offer tax benefits, entries to global markets, increase in market share, and even aid in financial resources.
Key Financial drivers主要金融司机
Some key financial driversthat will help in the success of the company’s new merge would be financial plan, due diligence in terms of the mission, vision, and values, and the state of the economy. Without a clear-cut strategy, effective management with open communication between stakeholders, the merger will struggle to deliver the desired results for each party. Also, if the company is consumed with debt, been involved in many lawsuits or the finances are not in order, those issues become the new company's problems as well.
一些关键的财务驱动力将有助于公司的新合并的成功，将是财务计划，尽职调查的使命，愿景，价值观，以及经济状况。如果没有明确的战略，没有有效的管理，没有利益相关者之间开诚布公的沟通，合并将难以为各方带来预期的结果。此外，如果公司被债务缠身，卷入许多诉讼或财务状况不佳，这些问题也会成为新公司的问题。
Financial economies help with bargaining and negotiating to obtain the best interest rates possible from financial institutions. Economies of scales would help both companies due to the merger because technical economies relate to the fixed technical costs, which will reduce after the merger. Even bulk buying will allow for discounts on materials bought in bulk quantities. Some other key financial drivers would include the combination of medical products. While both companies sell some of the same products, there are many products that Medtronic invented and introduced to the industry that Boston Scientific does not have and vice versa. A combination of all medical supplies will increase the sales profit for sure.
The financial performance after the merger is sure to increase significantly with an increase in financial resources. This will also allow more credit worthiness in the financial markets and an increase in bargaining power for a subsidized interest rate. Competition is no longer a business practice for the medical supply companies since they both specialize in most of the same business products.
The evaluation of financial measures after merger并购后财务措施的评价
Some determinants found as a favorable financial driverwill includecollaboration and participation, suggestions from board members, stakeholders, and key staff members. Stakeholders rely on the company's success to keep the supply chain going because it is the investors who put in their money in support of the company and in the end are concerned with the returns they receive on their investments and how much they will earn.
一些决定因素被发现作为一个有利的财务驱动因素将包括合作和参与，董事会成员的建议，利益相关者和关键员工。利益相关者依赖于公司的成功来维持供应链的运转，因为是投资者投入了他们的钱来支持公司，最终关心的是他们从投资中获得的回报以及他们将获得多少收益。
Given any investment, there are always risk, especially given the number of competitors, the ever-changing market, the changes in laws and regulation, and even the product that is produced. Some other factors for both companies include having more involvement with the decisions of the company and building stronger relationships with board of directors, keeping up with business development and investment protection.
Medtronic total revenue from 2006 to 2019 appeared to have increase by $11,000 to $16,000. By 2019 this amount had nearly doubled to $30,557 (Mikulic, 2019). Medtronic total fiscal revenue for 2019 was 30,557,000, which was a 2.02 increase from 2018. The total fiscal revenue for Boston Scientific in 2019 was 2,707 billion. This was an increase of 14 percent on just an operational basis.
从2006年到2019年，美敦力的总收入似乎增加了1.1万美元，至1.6万美元。到2019年，这一数额几乎翻了一番，达到30557美元(Mikulic, 2019年)。2019年美敦力财政总收入为3055.7万美元，比2018年增长2.02倍。2019年波士顿科学公司的财政总收入为2707亿美元。仅在操作基础上就增加了14%。
If the company increased revenue at 14 percent operationally for the next fiscal year, that would be a profit of $400,000 in the operation area alone and not to mention increases of 9.3 percent on organic basis and 13.1 percent on reported basis. If both companies continue the same business practices with more qualified personnel combined, the merger will be even more successful in the most critical area of all, revenue.
Financial Stability of the health care industry医疗保健行业的财务稳定性
The health care industry has faced many challenges when it comes to finances and the health system that put it at risk for the future. Even with this, we can see an upcoming of future drugs for patients, new and improved devices, and more investments that will be targeted to meet the needs of emerging markets. Creative, groundbreaking mergers and partnerships will be more common amongst the health care industry. We are looking at future partnerships, such as CVS and Aetna for example, which merged their companies for more than 78 billion that created a yearly revenue of more than $245 billion. This is a change that is going to shape this industry, as well as within pharmacy and health insurance. These changes, along with future ones are going to prompt innovation, enable partnerships and collaboration, and be able to increase the use of artificial intelligent devices, while improving prevention. This may result in those within the field to be more efficient and productive.
医疗保健行业在财政和卫生系统方面面临着许多挑战，这对其未来构成了风险。即便如此，我们仍可以看到未来的患者药物、新的和改进的设备以及更多的投资，以满足新兴市场的需求。在医疗保健行业中，创造性的、开创性的合并和合作将更加普遍。我们正在寻找未来的合作伙伴，比如CVS和安泰，这两家公司以超过780亿美元的价格合并，创造了超过2450亿美元的年收入。这一变化将影响整个行业，也将影响制药和医疗保险行业。这些变化以及未来的变化将促进创新，促成伙伴关系和协作，并能够增加人工智能设备的使用，同时改善预防。这可能会使在该领域内的人员更有效率和富有成效。
With Medtronic and Boston Scientific, both are fast growing within the health care industry, have a strong supply chain, and continuously create new innovated devices. Not even three years from now, Medtronic’s has recently launched the first artificial intelligence system for colonoscopy at United European Gastroenterology week this year. Medtronic also announced the launch of GI “Geniusa cents intelligent” endoscopy. The GI “Geniusa cents” is the first system in the world that uses artificial intelligence to detect colorectal polyps; this provides physicians with a new solution in the fight against colorectal cancer (Stock weekly, 2019). Even with this breakthrough, there is more to come in the upcoming years that will create a new focus for providers and offer better solutions for patients, as well as bring in more revenue to remain constant in this ever-changing health industry.
Conclusion 结论
In conclusion, as said earlier in this paper, company mergers are very risky. Between Medtronic and Boston Scientific, both share a similarity when it comes having multiple competitors, nationwide expansions, and advancing in technology by offering fast growing health care products to providers. Also, Boston Scientific has made some good business decisions that will help this merger progress for the next three years and years to come. Boston Scientific, for being well known for the development of the Taxus Stent, has a strong distribution network, a strong brand, great for geographical expansion, and opening new markets.
总之，正如本文前面所说的，公司合并是非常危险的。美敦力和波士顿科技的共同点在于，它们都有多个竞争对手，在全国范围内进行扩张，并通过向供应商提供快速增长的医疗保健产品来实现技术进步。此外，波士顿科学公司还做出了一些不错的商业决策，这些决策将有助于此次合并在未来三年乃至未来几年的进展。波士顿科学公司，以开发红豆杉支架而闻名，拥有强大的分销网络，强大的品牌，有利于地理扩张和开拓新市场。
Statistics and revenue offer straightforward evidence that the merger of Boston Scientific and Medtronic would be a very lucrative move on both company’s behalf. Both businesses would have to continue to stay ahead of competition, expand to new markets, remain in compliance with laws and regulations, and continuing to build good relationships with suppliers to beat out their competition. With constant progression and nationwide business expansions for the companies, this merger would be favorable.
数据和收入直接证明，波士顿科学公司和美敦力公司的合并对两家公司来说都将是一个非常有利可图的举动。两家公司都必须继续保持竞争优势，开拓新市场，遵守法律法规，并继续与供应商建立良好的关系，以击败竞争对手。随着两家公司业务的不断发展和在全国范围内的扩张，此次合并将是有利的。
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