中文摘要：

中国老龄化的加速导致了相关医疗支出的增加,医疗服务业将成为未来医疗健康行业的并购热点。复星医药通过并购以色列飞顿激光公司实现国际化的首个产业控股收购,是医药制造业在国际化创新道路上的新尝试。本文以复星医药并购以色列飞顿激光公司为例,从市场反应和财务指标两个角度研究海外并购是否对公司价值产生了正效应。研究表明：市场反应方面,复星医药的平均超额收益率和累计超额收益率并未超越整体市场水平;财务指标方面,盈利能力、成长能力均有所减弱,偿债压力有所增加,长期处于此发展水平可能对股东财富产生不利影响。

英文摘要：

Accelerated aging of china leads to an increase in related medical expenses, medical services will be the mergers and acquisitions hots pot in the future of health care industry. Fosun achieves first international industrial buyouts through the acquisition of Alma, what＇s more, which is the new innovative attempt of the pharmaceutical manufacturing in the international road. In this paper, taking the event which Fosun M＆A Alma as the sample , we will study the overseas acquisitions how to effect the per/brmance of the company from the market reaction and financial indicators. Studies have shown that： Responses market, the whole market level excess the average and cumulative abnormal return of Fosun ; Financial indicators, profitability and growth capacity has weakened, debt pres- sure has increased. Over the long term, this development situation may adversely affect shareholder wealth.