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近年来,企业并购已经成为现代企业成长为大型企业的一种重要途径.随着中国市场的放开和国际竞争的加剧,如何有效提升企业的并购效率是一个值得深入探讨的问题.本文首先应用广义数据包络分析理论,提出了用于评价公司并购绩效的非参数方法.然后,应用该方法对中国医药上市公司中并购发生于2005年、2006年、2007年和2008年的20个企业在并购前一年、并购当年和并购后两年的效率问题进行了分析,提出了中国医药上市公司并购过程中应该关注的几个问题.
In recent years, mergers and acquisitions (M & A) have become an important way for modern enterprises to grow into large enterprises.With the liberalization of the Chinese market and the intensification of international competition, how to effectively enhance M & A efficiency of enterprises is a topic worth exploring in depth.This paper first applies Generalized data envelopment analysis theory, a non-parametric method is proposed to evaluate the M & A performance of the M & A firms.And then, this method is applied to 20 M & A firms that occurred in 2005, 2006, 2007 and 2008 in China’s pharmaceutical listed companies The efficiency problems in the year before the M & A, the M & A and the two years after the M & A were analyzed, and several issues that should be paid attention to during the merger and acquisition of Chinese listed pharmaceutical companies were put forward.