本文選題：醫(yī)藥制造行業(yè) + 并購績效��； 參考：《中國財政科學研究院》2017年碩士論文

【摘要】：隨著經(jīng)濟全球化的進程不斷加快,世界經(jīng)濟飛速發(fā)展,西方國家的六次并購浪潮表明公司除依靠自身業(yè)務(wù)獲得發(fā)展以外,還可以通過并購來實現(xiàn)優(yōu)化資源配置和擴大市場份額。近年來,中國市場的并購活動越來越頻繁,并購的規(guī)模和涉及的金額也越來越龐大,因此并購活動能否真正改善公司績效成為眾多學者關(guān)注的熱點問題。醫(yī)藥制造行業(yè)在我國經(jīng)濟中占有重要地位,隨著醫(yī)療體制改革、新版藥品GMP的實施,醫(yī)藥制造行業(yè)的并購數(shù)量和并購金額也呈現(xiàn)增長趨勢。但是目前關(guān)于醫(yī)藥制造行業(yè)并購績效的研究較少,尤其缺乏從短期和長期兩個方面分析醫(yī)藥制造行業(yè)并購績效及其影響因素的相關(guān)研究。鑒于此,本文研究的主要問題是我國醫(yī)藥制造業(yè)上市公司的并購活動能否改善并購公司的績效,以及并購績效會受到哪些因素的影響。本文首先介紹了關(guān)于并購績效的相關(guān)理論和評價方法,對國內(nèi)外關(guān)于并購績效的文獻進行了回顧。其次分析了醫(yī)藥制造行業(yè)的并購現(xiàn)狀、并購特點、并購動因以及并購績效的影響因素。再者進行了實證研究,本文選取2007年-2012年醫(yī)藥制造業(yè)上市公司發(fā)生的并購事件為樣本,通過建立財務(wù)指標體系對并購公司的短期和長期績效進行考察,并對并購績效的影響因素進行分析。實證研究顯示:第一,從并購的綜合績效變動趨勢來看,醫(yī)藥制造業(yè)上市公司并購績效呈現(xiàn)先降后升的趨勢。并購當年和并購后第一年績效有所下降,并購后第二年績效開始回升。第二,從正值比例來看,并購前后各年份均未有超過一半的樣本公司在并購后經(jīng)營業(yè)績得到提升,實施并購的多數(shù)醫(yī)藥制造行業(yè)上市公司并未因并購而改善業(yè)績。第三,整體而言,短期來看醫(yī)藥制造行業(yè)上市公司的并購績效有所下降,但是從長期來看,醫(yī)藥制造行業(yè)上市公司的并購績效有上升的趨勢。第四,從并購績效的影響因素來看,現(xiàn)金支付并購績效低于非現(xiàn)金支付并購績效;第一大股東為國有股的并購績效低于非國有股并購績效;非關(guān)聯(lián)交易的并購績效好于關(guān)聯(lián)交易并購。最后本文結(jié)合實證研究結(jié)果就如何提高并購績效提出如下建議。第一,加強并購后的整合力度。第二,綜合運用多種支付手段。第三,轉(zhuǎn)變政府在并購活動中的角色定位,遵循市場規(guī)律。第四,加強對關(guān)聯(lián)并購的規(guī)范。
[Abstract]:With the acceleration of the process of economic globalization and the rapid development of the world economy, six M & A waves in western countries show that companies can optimize resource allocation and expand market share through M & A in addition to their own business development. In recent years, M & A activities in Chinese market are becoming more and more frequent, and the scale and amount of M & A are becoming larger and larger. Therefore, whether M & A can really improve corporate performance has become a hot issue for many scholars. Pharmaceutical manufacturing industry plays an important role in China's economy. With the reform of medical system, the implementation of new drug GMP, the number of M & A and the amount of M & A in pharmaceutical manufacturing industry are also increasing. However, there are few researches on M & A performance of pharmaceutical manufacturing industry, especially on the analysis of M & A performance and its influencing factors in the short and long term. In view of this, the main problem of this paper is whether the M & A activities of listed companies in the pharmaceutical manufacturing industry in China can improve the performance of M & A companies, and what factors will affect the performance of M & A. This paper first introduces the relevant theories and evaluation methods of M & A performance, and reviews the literature on M & A performance at home and abroad. Secondly, it analyzes the current situation of M & A, the characteristics of M & A, the motivation of M & A and the influencing factors of M & A performance. Thirdly, this paper selects the M & A events of pharmaceutical manufacturing listed companies from 2007 to 2012 as a sample to investigate the short-term and long-term performance of M & A companies through the establishment of financial index system. And analyze the influencing factors of M & A performance. Empirical research shows that: first, from the trend of M & A comprehensive performance change, the M & A performance of pharmaceutical manufacturing listed companies shows the trend of decline first and then rising. The performance of M & A year and the first year after M & A declined, and the performance began to recover in the second year after M & A. Second, in terms of positive ratio, no more than half of the sample companies before and after M & A have improved their business performance after M & A, and most of the listed companies in the pharmaceutical manufacturing industry have not improved their performance as a result of M & A. Third, in the short run, the M & A performance of the listed companies in the pharmaceutical manufacturing industry has declined, but in the long run, the M & A performance of the listed companies in the pharmaceutical manufacturing industry has an upward trend. Fourthly, from the point of view of the influencing factors of M & A performance, the M & A performance of cash payment is lower than that of non-cash payment, the first shareholder is the state-owned stock M A performance is lower than that of non-state-owned stock M A performance. The M & A performance of non-affiliated transaction is better than that of related transaction. Finally, based on the empirical research results, this paper puts forward the following suggestions on how to improve M & A performance. First, strengthen the integration after mergers and acquisitions. Second, comprehensive use of a variety of means of payment. Third, change the role of the government in M & A activities, follow the market law. Fourth, strengthen the regulation of related mergers and acquisitions.
【學位授予單位】：中國財政科學研究院
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.72;F406.7;F271

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