随着我国国民经济的快速稳定发展，各行业均致力于自身产业的优化升级工作，进而推动了我国并购市场的兴旺发展。就医药行业而言，由于其产业布局相对分散，市场竞争尤为激烈，因此，提升行业集中度、整合产业链上下游资源、构建规模经济效益，已成为医药行业发展的必然趋势。2022年5月，国家发展和改革委员会发布的《“十四五”生物经济发展规划》中提出：“紧紧围绕生命科学和生物技术发展变革趋势，聚焦面向人民群众在医疗健康、食品消费、绿色低碳、生物安全等领域更高层次需求和大力发展生物经济的目标”，这充分体现了国家对医药行业的重视。在这一背景下，我国各医药企业如何有效地进行产业链整合与发展，将直接关系到医药产业的持续健康发展。
近年来，医药行业的龙头企业纷纷开展外延型产业并购，但目前我国医药行业的发展仍需投入大量的研发资金，这或将导致企业在并购时自有资金不足，影响并购进程以及并购效应。而2011年兴起的“产业+资本”模式，是由产业企业和资本机构共同进行股权投资或并购的模式，该模式将产业企业的技术和市场资源与资本机构的投资和管理经验相结合，旨在实现资源整合和协同效应。
本文以医药行业的并购痛点为切入点，分析在“产业+资本”模式下企业并购的产业链整合效应及绩效。J公司并购L制药凭借精巧的并购设计方案完成并购交易，成为“产业+资本”模式下的典型并购案例。J公司参与设立的并购基金锦圣基金，也是我国医药行业第一个完成募、投、管、退全过程的并购基金。该“产业+资本”模式下的并购交易案例具有较大的可行性与可借鉴性，借助此典型并购案例或能为医药企业产业链并购整合提供新思路与新启发。
基于此，本文选取J公司进行案例研究。本文首先对“产业+资本”模式下的并购交易进行了系统的梳理总结和理论研究，并进一步阐述了该模式目前的发展情况，之后通过对J公司的个案研究，对其并购过程、并购动因、并购产业链整合效应及绩效进行了分析总结，为后续实施此类并购产业链整合的医药企业提供借鉴。
通过案例分析，本文得到以下结论：首先是并购路径方面，“产业+资本”的并购模式突出了资本对并购的助力，降低了交易成本，提高了并购效率；其次是并购整合效应方面，J公司并购L制药后，完成了由医药中间体到终端制剂公司的转变，行业地位显著提升，产业链整合正向效应明显；最后是并购绩效方面，从J公司并购前后的各项财务或非财务指标来看，2017年L制药并入J公司后，对J公司产业链结构完善、价值创造、财务绩效、创新绩效等都有着明显的促进作用，有利于其长期发展和全产业链布局的有序推进。
在以上分析的基础上，本文有如下建议：一是“产业+资本”并购模式应与上市公司战略决策整合相匹配对应，以实现双方的合作共赢；二是上市公司需重视“产业+资本”模式下“资本方”的整合及管理能力，以充分发挥其优势，在医药企业长期产业链布局过程中进行深度产融结合；三是并购交易需谨慎对待业绩承诺，应在正式并购前进行全面的尽职调查，并对并购对象的经营业绩和内部管理情况进行双重关注。

With the rapid and stable development of China's national economy, all industries are committed to the optimization and upgrading of their own industries, which in turn promotes the thriving development of China's M&A market. As far as the pharmaceutical industry is concerned, due to its relatively scattered industrial layout and fierce market competition, it has become an inevitable trend in the development of the pharmaceutical industry to enhance industry concentration, integrate upstream and downstream resources of the industrial chain, and build economies of scale. In May 2022, the "14th Five-Year Plan for the Development of the Bioeconomy" issued by the National Development and Reform Commission proposed: "Focusing on the development and transformation trend of life sciences and biotechnology, focusing on the higher-level needs of the people in the fields of medical health, food consumption, green and low-carbon, biosecurity, and vigorously developing the bioeconomy", which fully reflects the country's emphasis on the pharmaceutical industry. As an industry that the people focus on and strongly support the state, how to integrate and develop the industrial chain of China's pharmaceutical enterprises will have a direct and far-reaching impact on the development of the pharmaceutical industry.
In recent years, leading enterprises in the pharmaceutical industry have carried out epitaxial industry mergers and acquisitions, but the development of China's pharmaceutical industry still needs to invest a lot of R&D funds, this situation could potentially result in a lack of sufficient funds during mergers and acquisitions, thereby adversely impacting the overall progress and ultimate effectiveness of these transactions. The "industry + capital" model that emerged in 2011 is a model of equity investment or mergers and acquisitions jointly carried out by industrial enterprises and capital institutions, which combines the technology and market resources of industrial enterprises with the investment and management experience of capital institutions, aiming to achieve resource integration and synergy. 
This paper takes the pain points of mergers and acquisitions in the pharmaceutical industry as the entry point, and analyzes the industrial chain integration effect and performance of mergers and acquisitions under the "industry + capital" model. Company J's acquisition of L Pharmaceutical completed the M&A transaction with its exquisite M&A design plan, which became a typical M&A case under the "industry + capital" model. Jinsheng Fund, an M&A fund established with the participation of Company J, is also the first M&A fund in China's pharmaceutical industry to complete the whole process of fundraising, investment, management and withdrawal. This M&A transaction case under the "industry + capital" model has great feasibility and reference, and with the help of this typical M&A case, it may provide new ideas and new inspiration for the M&A integration of the industrial chain of pharmaceutical enterprises. 
Based on this, this paper selects Company J as a case study. This paper first systematically summarizes and theoretically studies the M&A transactions under the "industry + capital" model, and further elaborates on the current development of the model, and then analyzes and summarizes the M&A process, M&A motivations, M&A industry chain integration effect and performance through the case study of J Company, so as to provide reference for pharmaceutical companies that implement such M&A industry chain integration in the future. 
Through case analysis, this paper draws the following conclusions: first, in terms of M&A path, "industry + capital" The M&A model highlights the help of capital to M&A, reduces transaction costs, and improves M&A efficiency; Secondly, in terms of M&A integration effect, after the merger and acquisition of L Pharmaceutical, Company J has completed the transformation from pharmaceutical intermediates to terminal preparation companies, and the industry status has been significantly improved, and the positive effect of industrial chain integration is obvious; Finally, in terms of M&A performance, from the perspective of various financial or non-financial indicators before and after the merger and acquisition of Company J, after the merger of L Pharmaceutical into Company J in 2017, it has a significant impact on the improvement of the industrial chain structure, value creation, financial performance, and innovation performance has an obvious role in promoting, which is conducive to its long-term development and the orderly advancement of the layout of the whole industrial chain. 
On the basis of the above analysis, this paper has the following suggestions: first, the "industry + capital" M&A model should be laid out around the strategic decision-making of listed companies to achieve win-win cooperation between the two parties, and second, listed companies should pay attention to the "capital side" under the "industry + capital" M&A model. Third, M&A transactions should be cautious about performance commitments, conduct comprehensive due diligence before formal mergers and acquisitions, and pay double attention to the operating performance and internal management of the M&A target.