经过改革开放的几十年以来,我国的医疗器械产业的不断发展壮大,建立了完备的体系,但是从市场结构看,产业集中度大大低于发达国家。2006年新医改启动后,中国医疗器械行业进入新的历史发展时期,在行业内生特性和外部环境共同作用下,集中度提升和多元化发展趋势形成。从2010年开始,医疗器械行业不断传出并购及被并购的声音,医疗器械企业在境内及境外的并购潮此起彼伏,并购金额也屡创新高,而且并购对象不但涉及国内企业,并购的对象也涉及到了海外企业。可是一位地通过并购做大,能够真正做强吗?收购活动过后的绩效是不是如预期的一样好呢?本文通过选取了一个典型的企业L公司,介绍它在2010到2013年的并购活动和股权变更活动以及分析它这一系列并购活动后的绩效,探讨医疗器械企业并购活动带来的“喜”和“忧”。 After decades of reform and opening up, the medical equipment industry in our country has continuously developed and expanded, and a complete system has been established. However, in terms of market structure, industrial concentration is much lower than that of developed countries. After the new medical reform was launched in 2006, China’s medical device industry entered a new historical period of development. With the combination of the endogenous characteristics of the industry and the external environment, the medical device industry in China focused on enhancing and diversified development trend. Since 2010, the M & A and mergers and acquisitions continue to be heard in the medical device industry. The wave of mergers and acquisitions by medical device companies both inside and outside China has hit new heights. The targets of mergers and acquisitions not only involve domestic enterprises, To overseas companies. However, one by M & A, can really become stronger? After the acquisition performance is not as good as expected? This paper selected a typical company L, its merger and acquisition activities in 2010 to 2013 And equity change activities as well as analyzing the performance of M & A activities after this series of mergers and acquisitions to discuss the “hi” and “worry” brought by M & A activities of medical device enterprises.