Research On The Efficiency Of Chinese Pharmaceutical Listed Companies-Based On The Three-stage DEA Model

The pharmaceutical manufacturing industry in China has been in constant state of low concentration,high degree of homogenization and low technical content.The enormous gap remains between the international advanced level and us.The "12th Five-Year development plan of the pharmaceutical industry" encourages the integration of the domestic pharmaceutical manufacturing industry through merger and acquisition to adjust structural and achieve the transformation and upgrading.The introduction of new medical reform and the start of the new version of GMP certification have implied more and more pharmaceutical manufacturing enterprises expected to achieve the purpose of optimizing their operation and ultimately improving their efficiency through M&A.On the basis of summarizing the related theories and literature of M&A,and its impact on enterprise efficiency,this dissertation analyzed the motivation of M&A of pharmaceutical manufacturing enterprises in China and its influence mechanism of the efficiency.By comparing various research methods of M&A performance,this dissertation finally chose the efficiency research method.Firstly estimated efficiency of the 37 M&A events took place in Chinese pharmaceutical listed companies within the time dimension of six years before and after the M&A from 2010 to 2013,which considered the interference of environmental factors and mixed errors through the use of the three-stage DEA model combining data envelopment analysis(DEA)and stochastic frontier analysis(SFA)method.Secondly,from three perspectives of ownership attributes,correlation attributes and scale of M&A,this dissertation explored the factors that influence the change of efficiency of pharmaceutical manufacturing enterprises caused by M&A.Finally,analyzed the M&A effect in China's pharmaceutical industry with the influence mechanism of M&A on efficiency based on the empirical results,and proposed countermeasures and suggestions to improve the efficiency of pharmaceutical manufacturing enterprises through M&A.The study found that M&A has significantly improved the overall efficiency of pharmaceutical manufacturing enterprises,but the negative impact of external environmental factors on the pure technological efficiency led to the failure of M&A of the pharmaceutical manufacturing industry in China.The ownership structure,the related attribute and the size of M&A have significant influence on the efficiency of M&A.