An Empirical Study Based On The Medical Listed Companies Of Mergers & Acquisitions Selection And Performance Influence

Recent years, the Mergers & Acquisitions of our medical industry has been rapid development, emerged one after another incessantly. The debate is all along great about the research of M&A and the performance. But it is lack of some empirical study of medical industry. So, this article want to explore the theory, the method to select and the performance of M&A's action, based on our medical listed companies , which's where the theoretical meaning and operational value for improving our medical industry.Based on the correlated theories of M&A, this paper summarized the result of empirical research at home and abroad, combined the development course and characteristics of our medical industry, in order to find the usual reason and the special reason of M & A in our medical industry. And so the paper analysis the action of correlated and diversificated M&A, put forward the prediction about the selection to the types of M&A and it's performance influence. Collecting and cleaning up the 2001 to 2005 datas of 119 listed medical M & A issues from Shen ,Hu A stock market, designing the financial datas including 5 years, anglicizing the datas diversified Regression analysis, the conclusions are as following:First, on the selection of the M & A's type, the previous performance deeply influence the decision of correlation and diversification before M&A. Good performance corporate tends to select correlation, the high undistributed profits also tends to select correlation. Thought about the influence of government, it shouldn't be deemed that state holding enterprise will carry out diversification before M & A.Second, the impact on the performance of the correlation and diversification is not very significant, which is both discounted. Diversification is coming down the performance significantly than correlation. Correlation has strong before M&A and during M & A, while it is also negative to the performance, which is enough to indicate that M&A of our medical industry won't obtain better performance, integration needs to be strengthen. Meanwhile, two types of M&A impact significant on available resources , correlation is more better than diversification, which helps to increase the available resources.This paper, by comprehensive use of the economies, cooperate theories and methods of M&A, analysis and innovate the key issues on our medical industry's action of M&A. Thus,it will propose the theories and practical indication and provide some valuable advisory opinions for the decision and development of our medical industry M & A in the future.