Empirical Study Of Total Factor Productivity On Chineser Retail

Mergers and acquisitions is an important choice to be bigger and stronger and improve industrial concentration.On the one hand,it can play a scale effect and then significantly increase the company's operating income and reduce costs,achieve the objectives of enhancing competition and expanding market share;On the other hand it also can promote the flow of internal resources,complement the group internal research and development ability,marketing ability and management ability,lay the ground for the whole development of enterprise future ascension.In the competition in emerging market countries,enterprises need to maintain a reasonable expansion in order to sustainable development.In addition,the country's mandatory standards and certification and other policies and regulations also promote mergers and acquisitions within the industry consolidation.Since 2009,under the action of the new reform and series of national industrial policy,China's M & A activities of pharmaceutical industry are frequently occurrences.Through mergers and acquisitions integration,companies do improve the industrial concentration.However,he ability of technological innovation is the decisive factor to determine the survival and development of enterprises,how to enhance the ability of technological innovation is the key to enterprises to build sustainable competitive advantage.But whether it enhances the performance of enterprise technology innovation to be in-depth study after integration expanded the scale of the enterprise.This article takes our country medicine listed companies as the specific research object.Expound the concept and classification of mergers and acquisitions and also define the definition of technological innovation performance,review the theory of corporate mergers and acquisitions.On the basis of literature research,the paper focuses on the influence of M & A behavior on the technological innovation performance and the influencing factors.The research method of this paper mainly adopts the combination of theory and demonstration,In the empirical study,two methods are used to demonstrate the feasibility of this paper.Firstly,the paper selects the input and output indexes from the data envelopment analysis model to evaluate the comprehensive technical efficiency,pure technical efficiency and scale efficiency of pharmaceutical listed companies in 2009-2014,The change of enterprise's technological innovation performance before and after the activity.Tobit regression model was used to analyze the impact of M & A on the performance ofpharmaceutical listed companies,and to verify the empirical hypothesis and draw the conclusion after defining the change of innovation performance.The results show that the acquisition of listed companies in China's pharmaceutical industry is successful during the study period,and the acquisition is conducive to improve the technological innovation performance of listed companies in China's pharmaceutical industry.Among them,the proportion of technology-seeking M & A activities in pharmaceutical enterprises is proportional to the number of employees,and the quality indicators of employees are positively related to the performance of technological innovation after M & A.The increase of innovation output of enterprises doesn't have obvious effect on the improvement of medical technology innovation performance.R&D investment has a negative moderating effect on the number of mergers and acquisitions and innovation performance,and plays a significant positive role in employee quality indicators,innovation output and innovation performance.Finally,from the two aspects of government regulation and enterprise internal development,the paper puts forward some policy suggestions for the rational development of the pharmaceutical industry.