Analysis Of M&A Performance Of Listed Companies In Chinese Pharmaceutical Industry

The pharmaceutical industry is very important to the national economy and people’s livelihood,and it is one of the industries that is developed in china.With the continuous improvement of China’s capital market,the pharmaceutical industry’s merger and acquisition activities are increasing.Does the main and the enterprise through merger and acquisition bring about changes in the performance of the enterprise,after the merger and acquisition of the enterprise performance improved,how to improve? These issues are worth exploring.By collecting the actual data of pharmaceutical listed companies,constructing the index evaluation system,this paper empirically obtains the comprehensive performance of the industry before and after the merger and acquisition activities,and uses the multi-regression to fit the hypothetical influencing factors,and makes conclusions and gives suggestions.There are a total of six parts of the full text.First of all,the introduction part briefly summarizes the research background and significance of the article,and lists the domestic and foreign literature,and then puts forward the research methods and innovation points of this paper.Secondly,the article summarizes the relevant theories of mergers and acquisitions,and lists some common methods of evaluation of merger stake performance.Then,this paper expounds the current situation of the development of China’s pharmaceutical industry and the status and basic characteristics of mergers and acquisitions of listed companies in China’s pharmaceutical industry.Immediately after,this paper uses factor analysis to empirically analyze the performance changes between the two years before the merger and acquisition of pharmaceutical enterprises and the three years after the merger,and concludes that the performance of pharmaceutical enterprises is significantly improved in the year of mergers and acquisitions,and shows the trend of first decline and then rise in the next three years.After this paper,the paper further uses the multi-regression analysis method to empirically study the factors influencing the performance of mergers and acquisitions of pharmaceutical enterprises,and the results show that the factors that have a positive impact on the merger and acquisition performance of pharmaceutical enterprises are: the proportion of outstanding shares,the nature of the largest shareholder is non-state-owned shares,the relative scale of thetransaction,and the factors of negative impact are: cash payment and total asset growth rate.Finally,based on the problems in the merger and acquisition of listed companies in the pharmaceutical industry and the results of empirical analysis,this paper puts forward targeted policy recommendations.