Research On The M&A Performance Of Listed Companies In Pharmaceutical Manufacturing Industry

With the rapid development of economic globalization and the rapid development of the world economy,the wave of the Western countries' six mergers and acquisitions show that the company in addition to relying on their own business development,but also through mergers and acquisitions to achieve optimal allocation of resources and expand market share.In recent years,the M & A activity in the Chinese market has become more and more frequent,and the scale of the M & A and the amount involved have become more and more large.Therefore,whether the M & A activity can improve the performance of the company has become a hot issue.The pharmaceutical manufacturing industry occupies an important position in China's economy.In recent years,with the reform of the medical system,the implementation of the new drug GMP,the number of M & A in the pharmaceutical manufacturing industry and the amount of M & A also show an increasing trend.However,there are few studies on the performance of M & A in the pharmaceutical manufacturing industry,and there is a lack of research on the performance and its influencing factors of the pharmaceutical manufacturing industry from the short and long term.In view of this,the main problem in this paper is whether M & A activities of listed companies in China's pharmaceutical manufacturing industry can improve the performance of M & A companies and what factors will be affected by M & A performance.This paper first introduces the relevant theory and evaluation methods of M & A performance,and reviews the domestic and foreign literature on M & A performance.Secondly,it analyzes the current situation of M & A in the pharmaceutical manufacturing industry,the characteristics of M & A,the motivation of M & A and the influencing factors of M & A performance.This paper chooses the M & A events of pharmaceutical manufacturing listed companies from 2007 to 2012,and then analyzes the short-term and long-term performance of M & A companies through the establishment of financial index system,and analyzes the influencing factors of M & A performance.The empirical research shows that: First,from the trend of comprehensive performance of M & A,the M & A performance of listed companies in the pharmaceutical industry shows a trend of decreasing first and then rising.Mergers and acquisitions and mergers and acquisitions after the first year performance has declined,the second year after the acquisition performance began to rise.Second,from the positive point of view,before and after the acquisition of the year are not more than half of the sample companies in the M & A after the operating results have been improved,the implementation of mergers and acquisitions of the majority of pharmaceutical manufacturing industry listed companies did not improve performance due to mergers and acquisitions.Thirdly,in the short term,the M & A performance of listed companies in the pharmaceutical manufacturing industry has declined,but in the long run,the M & A performance of listed companies in the pharmaceutical manufacturing industry has increased.Fourth,the performance of M & A performance is lower than that of non-cash mergers and acquisitions.The M & A performance of the largest shareholder is less than that of non-state-owned shares.The M & A performance of non-related transactions is better than that of related transactions.Finally,this paper combines the empirical research results from the pharmaceutical manufacturing companies and government departments on how to improve the performance of mergers and acquisitions made recommendations.Finally,this paper puts forward the following suggestions on how to improve the performance of M & A with the empirical research results.First,strengthen the integration of mergers and acquisitions.Second,the comprehensive use of a variety of means of payment.Third,change the role of government in M & A activities,follow the rules of the market.Fourth,to strengthen the norms of related acquisitions.