Evaluation Of M&A Capabilities Of Listed Companies

In today's context of global economic integration, more and more enterprises hope to use the means of mergers and acquisitions to achieve leapfrog development of enterprises. However, not all mergers and acquisitions can be in accordance with our wishes, can achieve the desired effect of both M&A, They will make some M&A suffered heavy losses. Reality which is caused by the cause of the failure of M&A variety. This paper thinks that the main reason is the enterprises do not have on its own acquisition ability of correct evaluation, resulting in enterprises do not know his ability to carry out mergers and acquisitions, what can be implemented much of mergers and acquisitions. Therefore, the scientific and reasonable evaluation so as to guide the acquisition decision of merger and acquisition ability becomes a very important issue in theory and in reality. This paper is a case study of the category, the main task of this paper is China's pharmaceutical industry listing Corporation mergers and acquisitions ability of scientific and reasonable evaluation. First, through the literature analysis to the enterprise resource theory, this paper argues that remaining resources plays a pivotal role on formation of enterprise merger and acquisition ability,and that the merger and acquisition ability actually is the enterprise through on its remaining resources optimize and integrate the completed and buy an activity of a kind of strength. Secondly, the elements of the merger and acquisition ability were analyzed, that mainly comprises a series of management ability of remaining resources owned by enterprises and in the process and after the completion of the acquisition of required. And through the analysis that the above elements and the ability of the acquisition of a certain logical relationship. Finally, in fully clarify the elements of merger and acquisition ability and its relationship with the ability of M&A based on, to "residual resources- merger and acquisition ability M&A performance" of the logical thinking as the basis, using data envelopment analysis(DEA) method of 18 pharmaceutical manufacturing listed companies merger and acquisition ability evaluation, that the merger and acquisition ability average(0.341,pharmaceutical manufacturing industry in M&A process, resources utilization efficiency in the overall low level, only 34.1% of the remaining resources successfullytransformed to performance of M&A, its ability there is still much room for improvement. And through with the industry average values were compared, we can clearly know industry in a company's ability to mergers and acquisitions in the industry as a whole is a what kind of position, understand what is the kind of advantages and what are the shortcomings of the company, which help them to better improve their own ability to mergers and acquisitions, and for the development of M&A strategy to help with decision making.