Study On The Merger And Acquisition Performance Of China’s Pharmaceutical Industry

With the development of market mechanism in China, the M&A have become a way of expanding scales, improving technology and seeking new sources of growth for companies. Then M&A performance has been a concerning topic for scholars all the time. As relating to daily life and health for people, phannaceuticals industry is a kind of industry with science and culture. It is significant in economic progress. Based on technology and products, the M&A has been accelerating the transform of phannaceuticals industry. But, whether the M&A can achieve performance and some problems have been urgent. Recently, studies on the M&A performance are mainly concentrated on the whole M&A market, especially on the control of financial risk. However, there are few studies on only one industry. Therefore, this article discusses the M&A performance through empirical study for objective conclusion. And then this article analyzes reasons of the problems and puts forward specific proposals.Firstly, this article gives a description of the research background, significance, methods, the innovation and shortcomings. And then it reviews the method of scholars at home and abroad on the M&A performance study with historical documents. The study on the conception and theory of the M&A performance are also involved, which concludes the concept and classification of M&A, the concept, study methods and theories of the M&A performance. After that, thirteen financial indexes have been chose as the original variables to analyze the M&A performance of pharmaceuticals industry in our country, whose data set comprises the selected samples from 2009 to 2012. The method of factor analysis has been used in this empirical process with SPSS 16.0, which make regression estimation to the factor score coefficients, as well as calculate the comprehensive score. Finally, some conclusions has been drawn according to the above study. After that, some feasible problems has been pointed out in the domestic and foreign environment and corresponding suggestions have been proposed.