中国医药企业技术并购绩效的国际关系影响——基于本土并购与海外并购的实证研究

The impact of nationality relationship on technology M&A performance of Chinese pharmaceutical enterprises——An empirical study based on local M&A and overseas M&A

文章选取我国医药企业上市公司的19起海外并购案例和8起本土并购案例作为样本。通过建立并购企业的综合评价指标体系,对并购完成前后5年的企业绩效变化进行了实证评估。实证结果显示,本土并购对医药企业的综合绩效提升效果优于海外并购。因此,我国医药企业应优先考虑本土并购,且在考虑海外并购时需充分认识自身的跨文化吸收能力,并评估可能面临的信息不对称问题,优先考虑文化差异较小的国家。

This paper selects 19 overseas M&A cases and 8 local M&A cases of listed pharmaceutical enterprises in China as samples.By establishing the comprehensive evaluation index system of M&A enterprises,the changes in enterprise performance in the five years before and after the completion of M&A are empirically assessed.The empirical results show that the comprehensive performance improvement effect of local M&A on pharmaceutical enterprises is better than that of overseas M&A.Therefore,China's pharmaceutical enterprises should give priority to local M&A,and when considering overseas M&A,they need to fully understand their own cross-cultural absorption capacity,assess the possible information asymmetry problems,and give priority to countries with less cultural differences.