Has The Technology Merger Brought The Enterprise Performance Enhancement?

For the past few years, the pharmaceutical industry is entering the rapid integration period. The development opportunities and space brought to enterprises in the industry caused by the merger, acquisition and integration of amount of memory will significantly greater than that of simple product management and growth. This provides great-leap-forward development, good chances and spaces for rapidly growing stronger to these enterprises which have good industrial base, scale, technology, quality, brand superiority, as well as actively to close connected with capital management.The particularity of the pharmaceutical industry is the main motivated reason for its M&A behavior based on technology and innovation motivation. Along with the progress of science and technology, high-tech and patents and other intelligent capital have more and more important impact on the core competitiveness of pharmaceutical enterprises. However, whether technology-based merger can promote enterprise’s achievements and growth capacity?This paper firstly summarized and induced the currently existing domestic and foreign literatures, as well as makes analysis of the research achievements on M&A motivation and synergy of current domestic and foreign scholars. On the basis of this, this paper analyzd the current state of M&A motivation of our pharmaceutical enterprises by through descriptive statistics, and found that in the M&A behaviors of our pharmaceutical enterprises of recent years, there are the motivation of technology or innovation. That is to say, technological innovation synergy has been put into the choice of M&A motivation by most pharmaceutical companies, and starts to get attention of enterprises.But the T test shows that the mean value of each financial performance before and after technology-based merger of companies, merger does not bring ideal financial performance to companies, only the net profit growth rate of the first two years after merger grows slightly than that of before merger. Other indexes do not significantly grow. Net asset income rate even significantly decreases. While the comparison of mean difference of comprehensive indicator of each semi-annual financial performance finds that comprehensive financial performance indicators increases significantly in the first half year after merger, and then falls sharply in the last half. There is no significant difference in the performance of the second year after merger and that before merger. On average, technology-based merger and acquisition does not take significant improvement for the performance of pharmaceutical enterprises.Reasonable technology-based merger can fundamentally improve enterprise’s research, development and innovation capacity, and hence to promote the financial performance of enterprises. However, technology-based merger is a long-term project management. Strategic choice before merger and technology integration after merger will also affect whether M&A can really bring positive effect for the enterprise. Based on the above analysis, this paper selects and deeply analyzes the merger case of CONBA and Guizhou Baite, in order to explore the influential factors and routes for improving the financial effect of technology-based merger.Finally, based on the former analysis of theory and current state, combing with the merger case of CONABA and Guizhou Baite, this paper puts forwards the following recommendations on merger behaviors to pharmaceutical enterprises:select the correct idea of merger, lay emphasis on integration after merger, and grasp the orientation of legal policy.