医药制造行业上市公司并购绩效研究

发布时间：2018-04-23 01:27

本文选题：医药制造行业 + 并购绩效　；参考：《中国财政科学研究院》2017年硕士论文

【摘要】：随着经济全球化的进程不断加快,世界经济飞速发展,西方国家的六次并购浪潮表明公司除依靠自身业务获得发展以外,还可以通过并购来实现优化资源配置和扩大市场份额。近年来,中国市场的并购活动越来越频繁,并购的规模和涉及的金额也越来越庞大,因此并购活动能否真正改善公司绩效成为众多学者关注的热点问题。医药制造行业在我国经济中占有重要地位,随着医疗体制改革、新版药品GMP的实施,医药制造行业的并购数量和并购金额也呈现增长趋势。但是目前关于医药制造行业并购绩效的研究较少,尤其缺乏从短期和长期两个方面分析医药制造行业并购绩效及其影响因素的相关研究。鉴于此,本文研究的主要问题是我国医药制造业上市公司的并购活动能否改善并购公司的绩效,以及并购绩效会受到哪些因素的影响。本文首先介绍了关于并购绩效的相关理论和评价方法,对国内外关于并购绩效的文献进行了回顾。其次分析了医药制造行业的并购现状、并购特点、并购动因以及并购绩效的影响因素。再者进行了实证研究,本文选取2007年-2012年医药制造业上市公司发生的并购事件为样本,通过建立财务指标体系对并购公司的短期和长期绩效进行考察,并对并购绩效的影响因素进行分析。实证研究显示:第一,从并购的综合绩效变动趋势来看,医药制造业上市公司并购绩效呈现先降后升的趋势。并购当年和并购后第一年绩效有所下降,并购后第二年绩效开始回升。第二,从正值比例来看,并购前后各年份均未有超过一半的样本公司在并购后经营业绩得到提升,实施并购的多数医药制造行业上市公司并未因并购而改善业绩。第三,整体而言,短期来看医药制造行业上市公司的并购绩效有所下降,但是从长期来看,医药制造行业上市公司的并购绩效有上升的趋势。第四,从并购绩效的影响因素来看,现金支付并购绩效低于非现金支付并购绩效;第一大股东为国有股的并购绩效低于非国有股并购绩效;非关联交易的并购绩效好于关联交易并购。最后本文结合实证研究结果就如何提高并购绩效提出如下建议。第一,加强并购后的整合力度。第二,综合运用多种支付手段。第三,转变政府在并购活动中的角色定位,遵循市场规律。第四,加强对关联并购的规范。
[Abstract]:With the acceleration of the process of economic globalization and the rapid development of the world economy, six M & A waves in western countries show that companies can optimize resource allocation and expand market share through M & A in addition to their own business development. In recent years, M & A activities in Chinese market are becoming more and more frequent, and the scale and amount of M & A are becoming larger and larger. Therefore, whether M & A can really improve corporate performance has become a hot issue for many scholars. Pharmaceutical manufacturing industry plays an important role in China's economy. With the reform of medical system, the implementation of new drug GMP, the number of M & A and the amount of M & A in pharmaceutical manufacturing industry are also increasing. However, there are few researches on M & A performance of pharmaceutical manufacturing industry, especially on the analysis of M & A performance and its influencing factors in the short and long term. In view of this, the main problem of this paper is whether the M & A activities of listed companies in the pharmaceutical manufacturing industry in China can improve the performance of M & A companies, and what factors will affect the performance of M & A. This paper first introduces the relevant theories and evaluation methods of M & A performance, and reviews the literature on M & A performance at home and abroad. Secondly, it analyzes the current situation of M & A, the characteristics of M & A, the motivation of M & A and the influencing factors of M & A performance. Thirdly, this paper selects the M & A events of pharmaceutical manufacturing listed companies from 2007 to 2012 as a sample to investigate the short-term and long-term performance of M & A companies through the establishment of financial index system. And analyze the influencing factors of M & A performance. Empirical research shows that: first, from the trend of M & A comprehensive performance change, the M & A performance of pharmaceutical manufacturing listed companies shows the trend of decline first and then rising. The performance of M & A year and the first year after M & A declined, and the performance began to recover in the second year after M & A. Second, in terms of positive ratio, no more than half of the sample companies before and after M & A have improved their business performance after M & A, and most of the listed companies in the pharmaceutical manufacturing industry have not improved their performance as a result of M & A. Third, in the short run, the M & A performance of the listed companies in the pharmaceutical manufacturing industry has declined, but in the long run, the M & A performance of the listed companies in the pharmaceutical manufacturing industry has an upward trend. Fourthly, from the point of view of the influencing factors of M & A performance, the M & A performance of cash payment is lower than that of non-cash payment, the first shareholder is the state-owned stock M A performance is lower than that of non-state-owned stock M A performance. The M & A performance of non-affiliated transaction is better than that of related transaction. Finally, based on the empirical research results, this paper puts forward the following suggestions on how to improve M & A performance. First, strengthen the integration after mergers and acquisitions. Second, comprehensive use of a variety of means of payment. Third, change the role of the government in M & A activities, follow the market law. Fourth, strengthen the regulation of related mergers and acquisitions.
【学位授予单位】：中国财政科学研究院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7;F271

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