【摘要】 目的评价2000年~2002年3年间我国医药行业上市公司现金并购行为及影响。方法以考察并购方公司的财务数据为基础,通过主成分分析和因子分析,建立评价公司并购绩效的得分体系,从而对并购前后几年的绩效变化进行比较。结果绩效得分在并购后存在大幅波动,最终回复至并购前水平。结论现金并购没有给医药行业整体带来正的长期收益。更多还原

【Abstract】 OBJECTIVE:To evaluate the subsequent performance after the merger & acquisition (M&A) in the form of cash in medical industry during 3 years from 2000 to 2002.METHODS:Base on the financial data of the merging party and by means of principal component analysis and factor analysis,a scoring system was built for the evaluation of the performance of M&A so that the comparison of effect scores before and after M&A could be realized.RESULTS:The effect scores fluctuate dramatically after M&A,but finally reverted to the initial level before M&A.CONCLUSION:M&A in the form of cash failed to bring long-term profits to the entire medical industry.更多还原