金融 paper參考案例：Accessing Performance and its Impact on Merger Acquisition
本文是金融專業的留學生paper范例，題目是“Accessing Performance and its Impact on Merger Acquisition（訪問性能及其對并購的影響）”,合并通常是公司實現財務和功能增長的一種方式。許多公司合并是為了獲得新的市場，接觸新的消費者，并改善他們的整體團隊。當兩家公司合并時，我們都知道，有時這種變化可能是有風險的，但有時，它可能對業務有好處。一個公司的成功或失敗主要是由它與環境中影響因素的相互作用的有效性來證明的。其中一些因素可以直接影響業務，但其他因素也可以間接影響業務。考慮合并的第一步是考慮和審查兩家公司的財務報表，以確保交易對雙方都有財務意義。在評估美敦力與波士頓科學公司(Boston Scientific, Corp)合并的可能性時，人們會考慮這是否會改善它們的財務增長，它們是否會成為對抗競爭對手的強大力量，以及它們擁有的主要資產是否看起來有用。
Introduction 介紹
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美敦力和波士頓科學公司的盈利趨勢
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，最初是一家醫療設備維修公司。主要以其心臟和血管產品而聞名，這是他們銷售的主要部分。美敦力致力于為世界各地的許多醫院提供新的和創新的醫療技術解決方案。這是更多設備的開始，這些設備已被用于改善許多人的生活。多年來，美敦力已經開發出幾種治療方法來幫助患有多種疾病的患者。去年，美敦力的治療方法改善了7500多萬人的生活。該公司非常成功，2018年的年收入為300億美元，目前在全球擁有86,000名員工。
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.
該公司的首批產品是用于膽囊手術的柔性導管。自那以后，該公司擴大了產品線，包括心臟、血管、呼吸、胃腸道和泌尿系統應用的導管設備(Bianco, 2019)。在20世紀80年代早期，團隊通過引入新產品開發來增加他們的營銷技巧，并在組織內增長。
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主要金融司機
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.
一些關鍵的財務驅動力將有助于公司的新合并的成功，將是財務計劃，盡職調查的使命，愿景，價值觀，以及經濟狀況。如果沒有明確的戰略，沒有有效的管理，沒有利益相關者之間開誠布公的溝通，合并將難以為各方帶來預期的結果。此外，如果公司被債務纏身，卷入許多訴訟或財務狀況不佳，這些問題也會成為新公司的問題。
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并購后財務措施的評價
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.
一些決定因素被發現作為一個有利的財務驅動因素將包括合作和參與，董事會成員的建議，利益相關者和關鍵員工。利益相關者依賴于公司的成功來維持供應鏈的運轉，因為是投資者投入了他們的錢來支持公司，最終關心的是他們從投資中獲得的回報以及他們將獲得多少收益。
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.
從2006年到2019年，美敦力的總收入似乎增加了1.1萬美元，至1.6萬美元。到2019年，這一數額幾乎翻了一番，達到30557美元(Mikulic, 2019年)。2019年美敦力財政總收入為3055.7萬美元，比2018年增長2.02倍。2019年波士頓科學公司的財政總收入為2707億美元。僅在操作基礎上就增加了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醫療保健行業的財務穩定性
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.
醫療保健行業在財政和衛生系統方面面臨著許多挑戰，這對其未來構成了風險。即便如此，我們仍可以看到未來的患者藥物、新的和改進的設備以及更多的投資，以滿足新興市場的需求。在醫療保健行業中，創造性的、開創性的合并和合作將更加普遍。我們正在尋找未來的合作伙伴，比如CVS和安泰，這兩家公司以超過780億美元的價格合并，創造了超過2450億美元的年收入。這一變化將影響整個行業，也將影響制藥和醫療保險行業。這些變化以及未來的變化將促進創新，促成伙伴關系和協作，并能夠增加人工智能設備的使用，同時改善預防。這可能會使在該領域內的人員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 結論
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.
總之，正如本文前面所說的，公司合并是非常危險的。美敦力和波士頓科技的共同點在于，它們都有多個競爭對手，在全國范圍內進行擴張，并通過向供應商提供快速增長的醫療保健產品來實現技術進步。此外，波士頓科學公司還做出了一些不錯的商業決策，這些決策將有助于此次合并在未來三年乃至未來幾年的進展。波士頓科學公司，以開發紅豆杉支架而聞名，擁有強大的分銷網絡，強大的品牌，有利于地理擴張和開拓新市場。
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.
數據和收入直接證明，波士頓科學公司和美敦力公司的合并對兩家公司來說都將是一個非常有利可圖的舉動。兩家公司都必須繼續保持競爭優勢，開拓新市場，遵守法律法規，并繼續與供應商建立良好的關系，以擊敗競爭對手。隨著兩家公司業務的不斷發展和在全國范圍內的擴張，此次合并將是有利的。
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