【摘要】：20世紀(jì)90年代中葉,特別是進(jìn)入21世紀(jì)以來,我國企業(yè)并購實(shí)踐不斷發(fā)展和深入,并購種類和并購動因更加多元化,并購程序也趨于復(fù)雜性,涉及大多數(shù)行業(yè)。醫(yī)藥行業(yè)在我國國民經(jīng)濟(jì)中具有十分重要的地位,關(guān)系著國計民生,其健康穩(wěn)定地發(fā)展與人民的生活息息相關(guān)。隨著醫(yī)藥行業(yè)的高速發(fā)展,在企業(yè)并購的大浪潮中,醫(yī)藥企業(yè)的并購活動如火如荼,但是,通過并購活動是否能真正提高企業(yè)的績效,改善企業(yè)的經(jīng)營和提高經(jīng)濟(jì)效率?國內(nèi)外學(xué)者也爭議紛紛。 本文以企業(yè)并購的相關(guān)概念和理論為研究基礎(chǔ),從醫(yī)藥行業(yè)的特點(diǎn)和并購現(xiàn)狀出發(fā),分析影響醫(yī)藥企業(yè)并購的動因和影響并購績效的因素,從中發(fā)現(xiàn)醫(yī)藥行業(yè)并購行為中存在的一些問題。選取了42家醫(yī)藥行業(yè)上市公司為研究對象,涉及2007～2012年的相關(guān)財務(wù)數(shù)據(jù),構(gòu)建并購績效的財務(wù)指標(biāo)評價體系,建立了并購績效綜合得分的多元回歸模型,運(yùn)用因子分析對樣本數(shù)據(jù)進(jìn)行綜合分析,得到并購各期的綜合績效得分函數(shù),從而對比分析醫(yī)藥企業(yè)在并購各期的績效變化情況,結(jié)果表明醫(yī)藥企業(yè)并購后績效水平是不斷提高的,在并購后的第一年績效提升尤為明顯,第二年績效提升幅度下降。得出結(jié)論,醫(yī)藥企業(yè)并購活動能夠使企業(yè)績效得到有效的改善,但同時也存在一些問題,最后本文為規(guī)范醫(yī)藥企業(yè)的并購活動提出一些對策和建議,希望為醫(yī)藥企業(yè)今后的并購活動提供一定的參考和借鑒。
[Abstract]:In the middle of 1990s, especially since entering the 21st century, the practice of M & A in our country has been developing and deepening, the types of M & A and the motivation of M & A have become more diversified, and the process of M & A has become more complex, involving most industries. Pharmaceutical industry has a very important position in our national economy, which is closely related to the people's livelihood and its healthy and stable development. With the rapid development of pharmaceutical industry, the M & A activities of pharmaceutical enterprises are in full swing in the tide of M & A. However, can M & A activities really improve the performance of enterprises, improve the management of enterprises and improve economic efficiency? Domestic and foreign scholars are also controversial. Based on the related concepts and theories of M & A, this paper analyzes the causes of M & A and the factors affecting the performance of M & A from the characteristics of pharmaceutical industry and the present situation of M & A. Some problems in M & A of pharmaceutical industry are found. In this paper, 42 listed companies in pharmaceutical industry are selected as the research objects, which involve the relevant financial data from 2007 to 2012. The financial index evaluation system of M & A performance is constructed, and the multiple regression model of comprehensive score of M & A performance is established. Using factor analysis to analyze the sample data synthetically, get the comprehensive performance score function of each period of M & A, and then compare and analyze the performance changes of pharmaceutical enterprises in each period of M & A. The results show that the performance level of pharmaceutical enterprises is constantly improving after M & A, especially in the first year of M & A, and the range of performance improvement is decreased in the second year. The conclusion is that M & A can effectively improve the performance of pharmaceutical enterprises, but there are also some problems. Finally, this paper puts forward some countermeasures and suggestions for standardizing M & A activities of pharmaceutical enterprises. Hope to provide certain reference and reference for future M & A activities of pharmaceutical enterprises.
【學(xué)位授予單位】：東北林業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F276.6;F426.72

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