我国农药上市公司并购重组对财务绩效的影响研究

Effect of Mergers and Acquisitions on Financial Performance of Pesticide Listed Companies

农药是重要的农业生产资料,而农药企业又是提供农药产品的源头。近年来国内环保压力增大,农药行业壁垒提高,农药行业的兼并整合活动频繁发生。龙头企业正通过并购整合加速成长,而小企业面临着被淘汰的风险,研究并购活动对农药企业财务绩效产生的影响具有重要意义。本文使用我国沪深两市四十多家农药上市公司的并购重组资料和财务数据,梳理了近年来农药企业的并购重组情况,对比分析了各企业的财务绩效,研究了并购对绩效的影响,并就农药企业未来的发展给出了政策建议。

Pesticide is an important production material in agriculture,while pesticide enterprise is the source of providing production.In recent years,domestic environmental protection pressure has increased and barriers in the pesticide industry have increased.M&A activities in the pesticide industry occur frequently,leading companies are accelerating their growth through mergers and acquisitions,but small companies are facing the risk of exiting the market.This paper uses the M&A and financial data of more than 40 pesticide listed companies in Shanghai and Shenzhen to sort out the mergers and acquisitions of pesticide companies,compares and analyzes the financial performance of various companies,and studies the impact of M&A on performance.Policy recommendations were given on the future development of pesticide companies.