| The pharmaceutical industry is an important industry which related to the health of our people.With the rapid development of the national economy,the scale of the pharmaceutical industry is growing.There are the following outstanding problems:the concentration of pharmaceutical industry is low,the level of development is not high and so on.The root cause is related to its industry characteristics,such as large investment,high investment risk,high technology content and long R&D time.M&A can reduce R&D cost,shorten R&D time,reduce investment risk and guarantee the rate of return on investment.Therefore,the number of mergers and acquisitions in the pharmaceutical industry is increasing.Studying the effectiveness of M&A has certain practical implications.Based on the theory of the previous research,this paper starts from the theory of M&A and performance,combines the achievements of experts at home and abroad,selects 34 listed companies in China's pharmaceutical industry which occurred M&A during 2013-2014 as research objects.From four aspects,select twelve financial indicators and set up a set of financial index system.The period of the study is defined as the four accounting year before and after the M&A.Collect relevant financial data.On the basis of accounting research method,building a comprehensive scoring model by means of factor analysis.On the basis of the results of the empirical analysis,the analysis shows that:there is a positive improvement in M&A behavior.In a short time,it brings obvious performance optimization effect to pharmaceutical listed companies and provides the possibility for their development.However,the trend of this positive effect is rising and then decreasing.The duration is short and unstable.Combined with the current situation of this industry and the external environment,such as policy environment and intermediary environment,the paper puts forward some suggestions to improve the M&A performance. |
PDF Full Text Request