医药行业上市公司并购对企业绩效的影响研究
发布时间：2018-11-24 08:56
【摘要】：20世纪90年代中叶,特别是进入21世纪以来,我国企业并购实践不断发展和深入,并购种类和并购动因更加多元化,并购程序也趋于复杂性,涉及大多数行业。医药行业在我国国民经济中具有十分重要的地位,关系着国计民生,其健康稳定地发展与人民的生活息息相关。随着医药行业的高速发展,在企业并购的大浪潮中,医药企业的并购活动如火如荼,但是,通过并购活动是否能真正提高企业的绩效,改善企业的经营和提高经济效率?国内外学者也争议纷纷。 本文以企业并购的相关概念和理论为研究基础,从医药行业的特点和并购现状出发,分析影响医药企业并购的动因和影响并购绩效的因素,从中发现医药行业并购行为中存在的一些问题。选取了42家医药行业上市公司为研究对象,涉及2007～2012年的相关财务数据,构建并购绩效的财务指标评价体系,建立了并购绩效综合得分的多元回归模型,运用因子分析对样本数据进行综合分析,得到并购各期的综合绩效得分函数,从而对比分析医药企业在并购各期的绩效变化情况,结果表明医药企业并购后绩效水平是不断提高的,在并购后的第一年绩效提升尤为明显,第二年绩效提升幅度下降。得出结论,医药企业并购活动能够使企业绩效得到有效的改善,但同时也存在一些问题,最后本文为规范医药企业的并购活动提出一些对策和建议,希望为医药企业今后的并购活动提供一定的参考和借鉴。
[Abstract]:In the middle of 1990s, especially since entering the 21st century, the practice of M & A in our country has been developing and deepening, the types of M & A and the motivation of M & A have become more diversified, and the process of M & A has become more complex, involving most industries. Pharmaceutical industry has a very important position in our national economy, which is closely related to the people's livelihood and its healthy and stable development. With the rapid development of pharmaceutical industry, the M & A activities of pharmaceutical enterprises are in full swing in the tide of M & A. However, can M & A activities really improve the performance of enterprises, improve the management of enterprises and improve economic efficiency? Domestic and foreign scholars are also controversial. Based on the related concepts and theories of M & A, this paper analyzes the causes of M & A and the factors affecting the performance of M & A from the characteristics of pharmaceutical industry and the present situation of M & A. Some problems in M & A of pharmaceutical industry are found. In this paper, 42 listed companies in pharmaceutical industry are selected as the research objects, which involve the relevant financial data from 2007 to 2012. The financial index evaluation system of M & A performance is constructed, and the multiple regression model of comprehensive score of M & A performance is established. Using factor analysis to analyze the sample data synthetically, get the comprehensive performance score function of each period of M & A, and then compare and analyze the performance changes of pharmaceutical enterprises in each period of M & A. The results show that the performance level of pharmaceutical enterprises is constantly improving after M & A, especially in the first year of M & A, and the range of performance improvement is decreased in the second year. The conclusion is that M & A can effectively improve the performance of pharmaceutical enterprises, but there are also some problems. Finally, this paper puts forward some countermeasures and suggestions for standardizing M & A activities of pharmaceutical enterprises. Hope to provide certain reference and reference for future M & A activities of pharmaceutical enterprises.
【学位授予单位】：东北林业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6;F426.72
本文编号：2353050
[Abstract]:In the middle of 1990s, especially since entering the 21st century, the practice of M & A in our country has been developing and deepening, the types of M & A and the motivation of M & A have become more diversified, and the process of M & A has become more complex, involving most industries. Pharmaceutical industry has a very important position in our national economy, which is closely related to the people's livelihood and its healthy and stable development. With the rapid development of pharmaceutical industry, the M & A activities of pharmaceutical enterprises are in full swing in the tide of M & A. However, can M & A activities really improve the performance of enterprises, improve the management of enterprises and improve economic efficiency? Domestic and foreign scholars are also controversial. Based on the related concepts and theories of M & A, this paper analyzes the causes of M & A and the factors affecting the performance of M & A from the characteristics of pharmaceutical industry and the present situation of M & A. Some problems in M & A of pharmaceutical industry are found. In this paper, 42 listed companies in pharmaceutical industry are selected as the research objects, which involve the relevant financial data from 2007 to 2012. The financial index evaluation system of M & A performance is constructed, and the multiple regression model of comprehensive score of M & A performance is established. Using factor analysis to analyze the sample data synthetically, get the comprehensive performance score function of each period of M & A, and then compare and analyze the performance changes of pharmaceutical enterprises in each period of M & A. The results show that the performance level of pharmaceutical enterprises is constantly improving after M & A, especially in the first year of M & A, and the range of performance improvement is decreased in the second year. The conclusion is that M & A can effectively improve the performance of pharmaceutical enterprises, but there are also some problems. Finally, this paper puts forward some countermeasures and suggestions for standardizing M & A activities of pharmaceutical enterprises. Hope to provide certain reference and reference for future M & A activities of pharmaceutical enterprises.
【学位授予单位】：东北林业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6;F426.72
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