基于财务指标法的A股医药上市公司并购绩效实证研究

发布时间：2018-05-23 17:51

本文选题：财务指标 + 医药　；参考：《上海交通大学》2014年硕士论文

【摘要】：并购是一个很大的主题。近年来，随着我国市场经济和资本市场的发展，越来越多企业选择通过并购来获得外延式增长。医药行业是近几年来发生并购交易最为活跃的领域之一。由于本文作者有三年医药行业从业经验，一年医药行业投资研究经验，所以自然而然想到了对这个主题进行深入的探索。本文首先整理了国内外对于全行业并购绩效和医药行业单独并购绩效的研究文献，并进一步界定了并购相关的概念和理论。接着对我国医药行业目前的发展现状、驱动因素、制约因素等做了介绍，然后又针对我国近年来上市医药公司并购案例情况做了相应统计。在此基础之上，本研究以我国A股医药上市公司在2000-2011年的157起并购案例为研究对象，先是以5个方面共14个财务指标作因子分析，研究发生并购的公司在并购前一年到并购后二年共4年过程中的业绩得分变化。然后以业绩得分作为因变量，选取并购、行业、股东3个方面共9个变量作多元回归，从而了解到底是哪些因素影响了医药企业并购绩效。研究不仅研究了医药行业整体，也分化学原料药、化学制剂、中药、生物制药、医疗器械、医疗服务、医药商业7个子行业分别做了研究。第三部分是典型案例研究。最后得出以下结论：一、医药企业并购当年业绩明显下降，，尽管并购后一年、后二年业绩有所回升，但仍然不及并购前一年业绩得分，长远看并购并没有给医药行业整体带来正效应。长远来看并购给企业业绩带来显著提升的子行业是化学原料药、医疗服务、医药商业，并购前后企业业绩变化不大的子行业是中药、生物制药，并购后企业业绩显著下降的子行业是化学制剂。医疗器械子行业由于样本有限其结论不具有效性。二、从并购绩效原因来看，对于医药行业整体而言，机构持股比例和收购比例是重要的正面指标。医药公司的机构持股比例越高，收购目标企业股权比例越高，其并购后的业绩提升越为明显。对于不同的子行业，机构持股比例在生物制药、医药商业、化学制剂、中药4个子行业中与企业并购绩效显著正相关，是正面指标。前十大股东持股比例与生物制药、化学制剂企业并购绩效负相关，但与化学原料药企业并购绩效正相关，可见是成熟药企的负面指标，上游药企的正面指标。交易金额与医药商业、医疗服务企业并购绩效均为负相关，但与中药类企业为正相关。流通股占比与生物制药、化学制剂企业并购业绩均为负相关。综上所述，本研究基于财务指标法，并采用统计上的因子分析和回归分析，对我国医药上市公司的并购绩效做了多方面的分析探讨，为我国医药企业并购行为做出了理论解释，也为并购决策提供了依据和借鉴。
[Abstract]:M & A is a big theme. In recent years, with the development of market economy and capital market in our country, more and more enterprises choose to acquire extension growth through merger and acquisition. The pharmaceutical industry is one of the most active areas of M & A transactions in recent years. Since the author has three years experience in pharmaceutical industry and one year experience in investment research in pharmaceutical industry, it is natural for the author to explore this subject deeply. In this paper, the domestic and foreign literature on the performance of M & A in the whole industry and the performance of individual M & A in the pharmaceutical industry are reviewed, and the related concepts and theories of M & A are further defined. Then it introduces the current development situation, driving factors and restricting factors of the pharmaceutical industry in China, and then makes corresponding statistics on the M & A cases of listed pharmaceutical companies in China in recent years. On this basis, this study takes 157 M & A cases of A share pharmaceutical listed companies in China from 2000 to 2011 as the research object. Firstly, it takes 14 financial indicators in 5 aspects as the factor analysis. This paper studies the change of performance score of M & A companies in the period of 4 years from one year to two years after M & A. Then take the performance score as the dependent variable, select 9 variables of M & A, industry and shareholders to make multiple regression, so as to understand what factors affect the M & A performance of pharmaceutical enterprises. The research has not only studied the whole medicine industry, but also has done the research separately in the chemical raw material medicine, the chemical preparation, the traditional Chinese medicine, the biopharmaceuticals, the medical device, the medical service, the medicine commercial seven sub-industries has made the research separately. The third part is a typical case study. Finally, the following conclusions are drawn: First, the performance of pharmaceutical enterprises in the year of M & A decreased significantly. Although the performance of the latter two years recovered a year after the merger, it was still not as good as the score of the year before the merger and acquisition. In the long run, M & A did not bring positive effects to the pharmaceutical industry as a whole. In the long run, the sub-industries in which mergers and acquisitions have significantly improved the performance of enterprises are chemical raw materials, medical services, pharmaceutical commerce, and the sub-industries in which the performance of enterprises do not change much before and after the merger are traditional Chinese medicine and biopharmaceuticals. After the merger and acquisition of corporate performance significantly decreased in the sub-industry is chemical agents. The conclusions of the medical device sub-industry are not effective due to the limited sample. Second, from the M & A performance reasons, for the pharmaceutical industry as a whole, institutional shareholding ratio and acquisition ratio are important positive indicators. The higher the proportion of institutional shareholding of pharmaceutical companies, the higher the share ratio of target enterprises, and the more obvious the performance of M & A is. For different sub-industries, the proportion of institutional shareholding in biopharmaceutical, pharmaceutical commerce, chemical preparations and traditional Chinese medicine is significantly positive correlation with M & A performance, which is a positive indicator. The proportion of the top ten shareholders is negatively correlated with the M & A performance of biopharmaceutical and chemical pharmaceutical enterprises, but it is positively correlated with the M & A performance of the chemical API enterprises, which shows that it is the negative index of the mature pharmaceutical enterprises and the positive index of the upstream pharmaceutical enterprises. The transaction amount is negatively correlated with the M & A performance of pharmaceutical and medical service enterprises, but is positively correlated with traditional Chinese medicine enterprises. The proportion of circulating shares is negatively correlated with the M & A performance of biopharmaceuticals and chemical agents. To sum up, based on the method of financial index, and using the statistical factor analysis and regression analysis, this paper makes a multi-aspect analysis and discussion on the M & A performance of the listed pharmaceutical companies in China, and makes a theoretical explanation for the M & A behavior of the pharmaceutical enterprises in China. It also provides the basis and reference for M & A decision.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F406.7;F271

【参考文献】