我国医药行业上市公司并购协同效应实证分析

发布时间：2018-03-19 05:31

本文选题：医药　切入点：并购　出处：《上海交通大学》2015年硕士论文　论文类型：学位论文

【摘要】：医药行业是近几年来并购交易发生最为频繁的领域之一,对医药上市公司发生并购后的协同效应进行实证分析,既具备较强的理论性,又符合当前时代背景发展的要求,对实践具有很好的指导作用。本文首先阐述了文章写作的理论基础,包括兼并收购、协同效应、事件分析法、财务指标分析法等的内涵。然后介绍了国内外专家学者在并购协同效应方面的研究成果。接着从行业的角度分析了我国医药上市公司兼并收购的现状,从宏观、政策、行业和估值四个层面对医药上市公司兼并收购的驱动因素进行了分析。文章核心实证部分选取发生在2000-2012年间,医药上市公司作为购买方、收购成功、披露交易金额在1亿元以上的非关联交易,总共35起医药并购案例。在此基础上,首先从短期角度,采用事件分析法计算出样本公司并购公告日前后共10天的累计平均异常收益率CAR,结论显示并购事件短期提高了公司绩效。然后从长期角度,采用财务指标分析法,通过研究一系列财务指标体系,利用因子分析法进行分析,比较并购公告发布日前后共5年的长期绩效综合得分变化,结论显示并购事件对公司长期绩效起到了正面作用,长期来看为上市公司股东创造了正向回报,即产生了协同效应。最后本文还采用了多元回归方法,对并购绩效综合得分变化的原因进行了分析,回归结果显示机构持股比例、沪深300指数区间涨幅是最重要的正相关因素,而收购金额/市值这一指标是主要的负相关因素。综上,本文采用事件分析法、财务指标分析法、多元回归法,对2000-2012年间发生并购事件的35家医药行业上市公司并购协同效应进行了全面探讨,为行业内上市公司的并购实践提供了理论参考。
[Abstract]:The pharmaceutical industry is one of the most frequent areas of M & A transactions in recent years. The empirical analysis of the synergetic effect after M & A of listed pharmaceutical companies is not only theoretical, but also in line with the requirements of the development of the background of the current era. This paper first describes the theoretical basis of writing the article, including mergers and acquisitions, synergy, event analysis, Then introduced the domestic and foreign experts and scholars in merger and acquisition synergy research results. Then from the industry point of view to analyze the status quo of the merger and acquisition of listed pharmaceutical companies in China, from the macro, policy, This paper analyzes the driving factors of the merger and acquisition of pharmaceutical listed companies from four aspects of industry and valuation. The core empirical part of this paper is selected from 2000 to 2012. There are 35 cases of pharmaceutical mergers and acquisitions that disclose transactions of more than 100 million yuan. On this basis, first of all, from a short-term point of view, By using event analysis method, the cumulative average abnormal return rate of 10 days before and after the date of announcement of merger and acquisition of the sample company is calculated, and the conclusion shows that the event of merger and acquisition improves the performance of the company in the short term, and then, in the long run, the financial index analysis method is used. By studying a series of financial index system, using factor analysis method to analyze and compare the comprehensive scores of long-term performance before and after the date of announcement of M & A, the conclusion shows that M & A events play a positive role in the long-term performance of the company. In the long run, it creates positive returns for shareholders of listed companies, that is, synergistic effect. Finally, this paper analyzes the reasons for the change of comprehensive scores of M & A performance by using the method of multiple regression, and the regression results show the proportion of institutional shareholdings. The increase of Shanghai and Shenzhen 300 index range is the most important positive correlation factor, while the purchase amount / market value is the main negative correlation factor. In this paper, the synergetic effect of M & A of 35 listed companies in pharmaceutical industry from 2000 to 2012 is discussed, which provides a theoretical reference for the M & A practice of listed companies in the industry.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.72;F271

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