The Construction And Application Of M&A Performance Evaluation Index System Of Pharmaceutical Enterprises Based On Balanced Scorecard

The pharmaceutical industry is an important industry related to the national economy and the people’s livelihood.Both the government and the business community have been paying great attention to the development of the pharmaceutical industry.Since 2016,the reform of the national medical system has accelerated,and the government has issued a number of policies,such as new GMP regulations and pilot drug volume procurement,which have promoted the high-quality,quantitative and standardized development of the pharmaceutical industry,which has also led to the development stage of high standards and strict requirements,This has also accelerated the competition and elimination of the pharmaceutical industry.Since 2018,the domestic pharmaceutical industry has set off a new wave of mergers and acquisitions.Pharmaceutical enterprises not only pursue the improvement of their financial situation,but also hope to improve their market influence and R & D ability through M & A,so as to maintain the long-term development of pharmaceutical enterprises.It is not enough to use the concept of financial performance to measure the performance of M & A.In order to more comprehensively evaluate the M & A results of the pharmaceutical industry and quantitatively evaluate the M & A skills of the pharmaceutical industry,we refer to the balanced scorecard framework,reconstruct the M & A performance evaluation index system of the pharmaceutical industry,including four dimensions of finance,internal process,learning and growth,and use the factor analysis method to integrate multiple financial indicators to form the M & A performance score of the financial dimension,Then use the analytic hierarchy process to integrate the evaluation indicators of 4 dimensions,and finally form an M & A performance evaluation model including four primary indicators and 18 secondary indicators.After establishing the M & A performance evaluation model,we take 40 M & A events of Listed Companies in pharmaceutical manufacturing industry from 2014 to 2018 as the research sample to evaluate the enterprise performance from 1 years before M & A to 3 years after M & A.And we use the double difference model to further verify the impact of M & A behavior on the M & a performance of Listed Companies in pharmaceutical manufacturing industry.It is found that M & A activities significantly promote the M & A performance of listed pharmaceutical companies.At the same time,the enterprise scale and equity concentration of M & A can positively predict the M & A performance.Finally,combined with the empirical research results,we put forward some suggestions on how to better carry out M & A activities.It is hoped that the research results of this paper can provide a powerful reference for pharmaceutical enterprises to make M & A decisions.