The Study On The Effect Of Listed Company M&A Performance In Pharmaceutical Industry

In the mid-1990s, especially in the21s century, merger and acquisition (M&A) in our country continue development and deepening, M&A’ species and motivation become move diversified, it’s process more complex, involving in the most of the industry. The pharmaceutical industry has very important position in our national economy, related to the people’s livelihood, its healthy and stable development is closely linked with people’s life. With the rapid development of the pharmaceutical industry, in the wave of mergers and acquisitions, pharmaceutical enterprises merger and acquisition activity like a raging fire, but, can improve enterprise management and improve economic efficiency through mergers and acquisitions? There is a lot of controversy on this point in domestic and foreign scholars.The paper in based on the related concepts and theory about M&A as the research foundation, starting from the characteristics and the merger present situation of the pharmaceutical industry, analysis the factors about influencing the pharmaceutical enterprises merger motives and effects of M&A performance, found out that pharmaceutical industry has some problems in M&A activities. Selected42pharmaceutical listing Corporation as the object of study, involving in relevant financial data relating to2007～2012years, to build the financial evaluation index system of the performance of mergers and acquisitions, established the multiple regression model to score the performance of mergers and acquisitions, using factor analysis to make a comprehensive analysis of the sample data, comparative analysis pharmaceutical enterprises M&A’ performance changes in each period, the results show the pharmaceutical enterprises after M&A performance level is rising, in the first year performance improvement is obvious, second years performance level become decline. Conclusion, in general pharmaceutical enterprises merger and acquisition activity can make the enterprise performance improved, but there are some problems. Finally, this paper puts forward some countermeasures and suggestions in order to regulate the pharmaceutical enterprises merger and acquisition activity, hope to provide some reference for the future M&A activities of pharmaceutical enterprises.