兰州交通大学硕士学位论文
摘
要
随着居民生活水平的不断提高，人们对健康医疗的需求势必随着增加，由此推动我
国医药产业规模快速发展。近年来，一系列医药产业政策出台，医疗体制不断深化改革，
给医药行业带来了一定冲击，医药企业间的竞争日益激烈。许多医药企业急切寻求资本
扩张、优化资源配置，以此来提升企业的竞争能力，巩固企业市场地位，并购重组则成
为医药企业快速壮大的的重要捷径，获取良好的财务协同效应也是企业并购的主要动机。
因此，对上市医药企业财务协同效应开展深入研究，有利于医药企业并购策略成功实施，
提升企业的市场竞争能力，保证企业长期稳定发展。
本文通过相关理论基础与实证研究相结合的方法，对我国上市医药企业并购财务协
同效应实现情况及其影响因素进行分析。文章首先阐述了研究背景，对财务协同效应的
相关研究进行文献回顾，确定研究内容和方法。然后，概述企业并购和财务协同效应的
相关概念，总结概括财务协同效应的主要表现形式。接着介绍了我国上市医药企业并购
现状，了解国家医药产业政策趋势，概括总结医药行业上市公司的并购特征及动因。最
后，结合上述相关理论与并购特征，提出文章的研究假设，选取样本并购案例，依据财
务协同效应表现形式及医药企业并购现状，筛选合适的财务指标，采用因子分析法分析
医药企业并购后财务协同效应实现状况，通过回归分析，研究影响财务协同效应充分发
挥的主要因素。
根据实证分析结果，得出如下结论：第一，我国上市医药企业并购发生后，短期内
可以实现财务协同效应，从长期来看很难实现财务协同效应；第二，并购方企业在并购
前三年的平均总资产净利润率对于并购财务协同效应的影响是显著的，且表现为正相关；
第三，并购类型，并购支付方式、并购方第一大股东的持股比例，并购后主并购企业持
有目标企业的股权比例对于企业并购财务协同效应的影响均不显著。
关键词：上市医药企业；企业并购；财务协同效应；因子分析
论文类型：应用研究
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我国上市医药企业并购的财务协同效应研究
Abstract
With the continuous improvement of the living standard of the residents, people's
demand for health care is bound to increase, thus promoting the rapid development of the
scale of China's pharmaceutical industry. In recent years, a series of pharmaceutical industry
policies have been introduced, and the medical system has been deepened and reformed,
which has brought a certain impact to the pharmaceutical industry, and the competition
among pharmaceutical enterprises has become increasingly fierce. Many pharmaceutical
companies are eager to seek capital expansion and optimize resource allocation in order to
enhance their competitiveness and consolidate their market position,and mergers and
acquisitions have become an important shortcut for pharmaceutical companies to grow
rapidly. Therefore, an in-depth study on the financial synergy effect of listed pharmaceutical
companiesisconducivetothe successfulimplementationofM&Astrategiesof
pharmaceutical companies, enhancingtheir market competitivenessand ensuring their
long-term stable development.
This paper analyzes the financial synergy effect of M&A of listed pharmaceutical
companies in China and its influencing factors through a combination of relevant theoretical
basis and empirical research. The article firstly elaborates the research background, conducts
a literature review of relevant studies on financial synergy effect, and determines the research
content and methodology. Then, it outlines the concepts of M&A and financial synergy, and
summarizes the main manifestations of financial synergy. Then, the current situation of M&A
oflisted pharmaceuticalenterprisesin Chinaisintroduced, thetrendofnational
pharmaceutical industry policy is understood, and the characteristics of M&A of listed
companiesinpharmaceuticalindustryaresummarized.Finally,combiningthe
above-mentioned theories and M&A characteristics, the research hypotheses of the article are
proposed, sample M&A cases are selected, appropriate financial indicators are selected based
on the manifestation of financial synergy effect and the current situation of M&A of
pharmaceutical enterprises, the financial synergy effect realization status of pharmaceutical
enterprises after M&A is analyzed by factor analysis, and the main factors affecting the full
play of financial synergy effect are studied by regression analysis.
Based on the results of the empirical analysis, the following conclusions are drawn:
firstly, after the occurrence of M&A of listed pharmaceutical enterprises in China, financial
synergy can be achieved in the short term, but it is difficult to achieve financial synergy in the
long term; secondly, the influence of the average net profit ratio of total assets of the
enterprises of the M&A party in the three years before M&A on the financial synergy effect
of M&A is significant and shows a positive correlation; thirdly, the influence of the type of
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兰州交通大学硕士学位论文
M&A, the payment method of M&A, the shareholding ratio of the first largest shareholder of
the M&A Thirdly, the effects of M&A type, M&A payment method, the shareholding ratio of
the first largest shareholder of the M&A party, and the percentage of the target enterprise held
by the main M&A enterprise after M&A on the financial synergy effect of M&A are not
significant.
Key Words：Listed pharmaceutical companies; Mergers and Acquisitions; Financial
synergy; Factor analysis
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