CAJ | 학술논문

近年来，我国医药行业的并购事件层出不穷，但这些并购活动是否提高了收购公司的绩效水平，需要进行绩效评价。文章使用数据包络分析方法DEA的改进模型，选取2008—2009年发生并购的沪深两市A股医药上市公司为基本样本，将26家收购公司并购前后的经营绩效进行对比分析，研究发现：收购公司的总体绩效在并购活动发生之后出现下滑，并购活动总体上是不成功的。优化我国医药上市公司并购绩效，政府要从完善并购法律环境，发挥在医药企业并购中的积极作用等方面着手；医药企业自身要选择明确合理的并购目标，重视并购后整合。
근년래，아국의약행업적병구사건층출불궁，단저사병구활동시부제고료수구공사적적효수평，수요진행적효평개。문장사용수거포락분석방법DEA적개진모형，선취2008—2009년발생병구적호심량시A고의약상시공사위기본양본，장26가수구공사병구전후적경영적효진행대비분석，연구발현：수구공사적총체적효재병구활동발생지후출현하활，병구활동총체상시불성공적。우화아국의약상시공사병구적효，정부요종완선병구법률배경，발휘재의약기업병구중적적겁작용등방면착수；의약기업자신요선택명학합리적병구목표，중시병구후정합。
In recent years, the merger and acquisition events of China＇s pharmaceutical industry have emerged one after another,but whether those merger and acquisition activities to raise performance level of the acquired companies, which needed to be tested through empirical. This article uses the improved model of the Data Envelopment Analysis method, and selects the M ＆ A of Shanghai and Shenzhen pharmaceutical companies of A shares in 2008-2009 as the basic sample, and shows an operating performance comparative analysis among the 26 acquisition of M ＆ A. The research shows that： the overall performance of acquisition companies begins to decline after merger and acquisition activity, the merger and acquisition activity is unsuccessful in all. At the end of the article,the author offers some optimization proposals on how to improve the merger and acquisition performance of China＇s pharmaceutical industry, so as to provide some guidances for China＇s pharmaceutical enterprises M ＆ A activity in the future.