基于DEA的我国医药上市公司并购绩效的实证研究

The Empirical Research of Merger and Acquisition Performance of China's Pharmaceutical Companies Based on the DEA

近年来,我国医药行业的并购事件层出不穷,但这些并购活动是否提高了收购公司的绩效水平,需要进行绩效评价。文章使用数据包络分析方法DEA的改进模型,选取2008—2009年发生并购的沪深两市A股医药上市公司为基本样本,将26家收购公司并购前后的经营绩效进行对比分析,研究发现:收购公司的总体绩效在并购活动发生之后出现下滑,并购活动总体上是不成功的。优化我国医药上市公司并购绩效,政府要从完善并购法律环境,发挥在医药企业并购中的积极作用等方面着手;医药企业自身要选择明确合理的并购目标,重视并购后整合。

In recent years, the merger and acquisition events of China＇s pharmaceutical industry have emerged one after another,but whether those merger and acquisition activities to raise performance level of the acquired companies, which needed to be tested through empirical. This article uses the improved model of the Data Envelopment Analysis method, and selects the M ＆ A of Shanghai and Shenzhen pharmaceutical companies of A shares in 2008-2009 as the basic sample, and shows an operating performance comparative analysis among the 26 acquisition of M ＆ A. The research shows that： the overall performance of acquisition companies begins to decline after merger and acquisition activity, the merger and acquisition activity is unsuccessful in all. At the end of the article,the author offers some optimization proposals on how to improve the merger and acquisition performance of China＇s pharmaceutical industry, so as to provide some guidances for China＇s pharmaceutical enterprises M ＆ A activity in the future.