Research On The Financial Performance Of Mergers And Acquisitions Of Listed Companies In The Pharmaceutical Industry

M&A is an important way of modern enterprise development.The pharmaceutical industry is a sunrise industry,and China's pharmaceutical enterprises have huge growth opportunities.In recent years,in order to achieve the epitaxial growth,the mergers and acquisitions of Listed Companies in the pharmaceutical industry have appeared on a large scale.But mergers and acquisitions,as a complex economic activity,will bring many uncertainties to the management of enterprises.Whether mergers and acquisitions can really improve the financial performance of China's pharmaceutical enterprises still need further study.Based on the financial data of Listed Companies in pharmaceutical industry released,by comparing the change before and after the merger and acquisition performance,analysis of the effect of mergers and acquisitions to pharmaceutical companies caused by the financial,propose suggestions to the future development of the industry.In this paper,based on the theory of M&a performance,summarizes the relevant research literature industry merger performance and the pharmaceutical industry,the performance of mergers and acquisitions in recent years,combined with the characteristics of Chinese pharmaceutical listed companies mergers and acquisitions,the empirical research on the performance of China's pharmaceutical industry mergers and acquisitions of listed companies.In the study,108 cases of mergers and acquisitions in 2008 to 2012 Chinese in the pharmaceutical industry as the research sample,selection of profitability,solvency and operational capacity and ability to grow four a total of 12 financial indicators to establish the index system,using factor analysis method,the financial performance changes of sample enterprises in mergers and acquisitions last year three years after the merger to a total of five years were analyzed.Research shows that,from the industry overall,positive impact to the pharmaceutical industry mergers and acquisitions of listed companies' financial performance significantly,which shows that the pharmaceutical industry mergers and acquisitions to improve the operation of listed companies and promote the long-term development of enterprises;mergers and acquisitions from the perspective of the main state-owned medicine listed companies after the merger performance is better than the overall level of non state holdings of listed pharmaceutical companies;from the trend,in recent years the positive effect to the pharmaceutical industry mergers and acquisitions of listed company's financial performance caused by weakening.Based on this result,combined with the characteristics of the pharmaceutical industry mergers and acquisitions of listed companies,put forward the corresponding countermeasures and suggestions,in order to provide theoretical and practical guidance for the Chinese pharmaceutical industry mergers and acquisitions to provide reference for the decision-making of market participants.