The Impact Of Different Types Of Mergers And Acquisitions Of Listed Companies In The Pharmaceutical Industry On Corporate Financial Performance

As a famous American economist stigler said:"each big famous enterprises throughout the United States,almost no one is not in some way,to some extent application of mergers and acquisitions and developed".In recent years,China’s pharmaceutical industry mergers and acquisitions boom,reflect the capital market on the overall development of the pharmaceutical industry trends,but the medicine market performance and financial performance after m&a difference is very big.Therefore,it is of great significance for the development of China’s pharmaceutical industry to promote Chinese pharmaceutical enterprises to become really big and strong through mergers and acquisitions and better face increasingly fierce global competition.The existing research results show that different types of m&a will have different effects on the financial performance of enterprises after m&a for different industry characteristics.Based on the pharmaceutical industry as the research object,this dissertation discusses the different kinds of mergers and acquisitions in pharmaceutical enterprise m&a performance of different influence,hope to medicine industry structure upgrading of China to provide some reference and enlightenment.This dissertation selects 2010-2014 a-share medicine plate all mergers and acquisitions in China listed companies as the research object,with horizontal m&a,vertical m&a and mixed m&a classifying related companies and empirically and compare different respectively before and after m&a types of companies in mergers and acquisitions of financial performance.Because it is necessary to collect the basic data from the first year to the second year after the merger,the data related to the financial year 2009-2016 of the above-mentioned company are involved.Empirical study is to explain variables for enterprise’s performance level,performance using factor analysis method,through the debt paying ability,profit ability,growth ability and asset management capabilities such as index comprehensive conclusion;The explanatory variables are different types of mergers and acquisitions,and the control variables include growth capacity,enterprise scale,asset specificity,debt paying ability,ownership variable,and years of enterprise,etc.It is found that for pharmaceutical companies,different m&a types have significantly different effects on financial performance after m&a.The financial performance of enterprises with horizontal mergers and acquisitions shows a rising trend,and the short-term and long-term performance of enterprises with horizontal mergers and acquisitions has improved significantly.The financial performance of enterprises undergoing vertical m&a first rose and then decreased after merger,that is,the short-term performance of enterprises improved after merger,but the long-term performance did not change significantly.The performance of mixed m&a enterprises fluctuates greatly after merger and acquisition,and there is no clear improvement.Therefore,the conclusion of this study is that the horizontal merger between Chinese pharmaceutical enterprises is more conducive to the long-term and stable improvement of financial performance.