摘要 近年来，在国家政策支持和医药企业谋求自身发展的双重驱动下，我国医药企业开启了大规模的并购重组之路。文章以云南白药对上海医药的资产重组事件为研究对象，结合相关理论对云南白药的并购重组动因进行深入剖析，并运用事件研究法对该事件的短期市场反应进行分析评价。研究表明，云南白药的并购重组动因体现在借助上海医药的优势资源以及研发能力实现协同发展，增加市场份额，推动其转型升级和产业链布局，降低交易成本等。通过计算云南白药在事件日前后的累计超额收益率等指标发现，该事件在短期内为云南白药的股东带来了正的财富效应。

In recent years, driven by national policy support and the pursuit of self-development by pharmaceutical enterprises, Chinese pharmaceutical enterprises have embarked on a large-scale path of mergers and acquisitions. The paper takes the asset restructuring event between Yunnan Baiyao and Shanghai Pharmaceutical as the research target, and combines relevant theories to deeply analyze the motives of Yunnan Baiyao's mergers and acquisitions. The event study method is used to analyze and evaluate the short-term market response to this event. The research shows that the motivation for Yunnan Baiyao's acquisition is reflected in leveraging Shanghai Pharma's advantageous resources and capabilities of research and development to achieve collaborative development, improve its market share, promote its transformation and upgrading as well as the layout of the industrial chain, and reduce transaction costs. By calculating the cumulative excess return rate and other indicators of Yunnan Baiyao before and after the event, it's found that the event has had a positive wealth effect on the shareholders of Yunnan Baiyao in the short term.