基于效率视角的医药行业集中度提升路径研究

Upgrade Path Study Based on the Efficiency Perspective of Pharmaceutical Industry Concentration

本文通过对2004～2008年我国医药企业并购案例的研究,利用Malmquist生产率指数实证分析了并购方式对效率的影响。结果发现,通过并购来提升行业集中度,能促进企业效率的提高,同时发现规模扩张型并购和法人股权占最大比例的企业并购较其他并购方式更能带来效率的提升。因此,并购应尊重市场选择,尽快形成法人控股的相对股权结构。

This paper used the M＆A eases of China＇s pharmaceutical enterprises oeeurred in 2004 - 2008 to analysis the impact of M＆A on the efficieney using the Malmquist productivity index. It was found by M＆A to upgrade concentration could promote the efficiency of enterprises, also found that the scale expansion and corporate equity accounted for the largest proportion could bring efficiency more than the other way. Therefore, M＆A should respect the market selection, as soon as possible to form a legal entity holding the relative owner-ship structure.