This paper focuses on Merger and Acquisition (M&A, in short) in medical and pharmaceutical industry of our country, which has not yet been noticed widely in domestic academia. There are four main themes in this paper. First, a summary of M&A in medical and pharmaceutical industry of our country is given. The second major theme is concerned with the actual influence and effects of M&A in medical industry by using component analysis method. The paper then discusses possible factors which remarkably impact the performance of M&A. The final major theme focuses on idiographic selected cases analysis of M&A in medical industry, which provides people an in-depth cognition on performance of M&A. The conclusion is opposite from traditional M&A related theories and no explicit positive effect is found on those samples in medical and pharmaceutical industry. The most important two influential factors can be reduced as M&A manners and conformity methods after M&A. KEY WORDS: Medical industry, M&A, Performance, Impact factor

本文研究醫藥行業上市公司的并購,是對醫藥行業近幾年的購情况進行 總結,歸納醫藥行業并購的特點,找出其中可能存在的問題,為該產業購行 為的健康發展提供參考。目前,國內對醫藥行業購行為進行專門研究的還不 多見。 具體地說,本文的內容可以歸納為四部分:第一,總結醫藥行業近年來 購的總體狀况;第二,研究醫藥行業上市公司購的實際效果,考察并購到底 為醫藥行業帶來了什麼樣的收益或負面影響,使人們對醫藥行業上市公司 購 的真實效果有全面的瞭解;第三,研究哪些因素影響了并購的效果,為將來改 善購效果提供參考;第四,通過具體的案例分析尋找影響購績效的定性原 因。 研究結果顯示,2000年至2002年發生的醫藥行業現金井購案例,大部分 樣本公司的績效得分在購後3年內有所下降(占樣本總數的75%),但從一 個更長期的時段看,行業整體績效呈現上升趨勢,這反映了國內醫藥行業的一 些特殊之處。進一步的因素分析表明,并購的方式及購後的整合對購績效 有非常顯著的影響。 關鍵詞:醫藥行業,并購,績效,影響因素