摘要
近年来,我国医药行业并购迅速发展,此起彼伏。关于并购与绩效的研究一直有很大的争议,而对医药行业并购却缺少相关实证分析。因此,本文以我国医药行业公司的并购行为为研究对象,探索其并购理论、选择方法和并购绩效,对促进我国医药业发展具有重要的理论意义和应用价值。
本文在综述企业并购相关理论的基础上,总结国内外并购的研究成果,结合我国医药行业并购的发展历程和特点,探索适合我国医药行业公司并购的一般动因和行业动因,以我国医药行业上市公司的相关并购和多元化并购行为为分析对象,提出了并购类型选择及并购对绩效影响的假设,通过整理2001年~2005年深沪A股上市公司医药行业的119起并购案件和并购公司从并购前二年到并购后二年共5年的财务绩效指标,对数据进行客观、定量化的统计分析采用多元回归实证分析方法来验证假设。得出以下结论:
一、在并购类型的选择上,并购前公司的绩效显著影响相关并购和多元化并购的决策,绩效好的公司易选择相关并购;并购前公司未分配利润高的也倾向于选择相关并购。考虑政府对其选择的影响上,不能认为并购前国有控股的公司易选择多元化并购;
二、相关并购和多元化并购对并购后公司的绩效影响相差很大,都是产生折价效应,其中,多元化并购较相关并购显著折价,相关并购虽然在并购前和并购过程中具有很好的实力,但是对企业的绩效仍然有负的影响,充分说明目前我国医药行业的并购并没有取得好的回报,整合需要加强。同时,二类并购对公司可利用资源方面存在显著差异,相关并购公司要好于多元化并购公司,而且相关并购有助于提高可利用资源。
本文综合运用经济学、企业并购的理论和方法,对我国医药上市公司并购行为的若干关键问题进行了分析、创新,旨在为我国医药企业并购提供理论支持和实践指导,为未来的并购决策和发展提供参考意见。
Recent years, the Mergers & Acquisitions of our medical industry has been rapid development, emerged one after another incessantly. The debate is all along great about the research of M&A and the performance. But it is lack of some empirical study of medical industry. So, this article want to explore the theory, the method to select and the performance of M&A’s action, based on our medical listed companies , which’s where the theoretical meaning and operational value for improving our medical industry.
Based on the correlated theories of M&A, this paper summarized the result of empirical research at home and abroad, combined the development course and characteristics of our medical industry, in order to find the usual reason and the special reason of M & A in our medical industry. And so the paper analysis the action of correlated and diversificated M&A, put forward the prediction about the selection to the types of M&A and it’s performance influence. Collecting and cleaning up the 2001 to 2005 datas of 119 listed medical M & A issues from Shen ,Hu A stock market, designing the financial datas including 5 years, anglicizing the datas diversified Regression analysis, the conclusions are as following:
First, on the selection of the M & A’s type, the previous performance deeply influence the decision of correlation and diversification before M&A. Good performance corporate tends to select correlation, the high undistributed profits also tends to select correlation. Thought about the influence of government, it shouldn’t be deemed that state holding enterprise will carry out diversification before M & A.
Second, the impact on the performance of the correlation and diversification is not very significant, which is both discounted. Diversification is coming down the performance significantly than correlation. Correlation has strong before M&A and during M & A, while it is also negative to the performance, which is enough to indicate that M&A of our medical industry won’t obtain better performance, integration needs to be strengthen. Meanwhile, two types of M&A impact significant on available resources , correlation is more better than diversification, which helps to increase the available resources.
This paper, by comprehensive use of the economies, cooperate theories and methods of M&A, analysis and innovate the key issues on our medical industry’s action of M&A. Thus,it will propose the theories and practical indication and provide some valuable advisory opinions for the decision and development of our medical industry M & A in the future.
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