Evaluation of the performance is an important element to the Mergers and Acquisition (M&A) of a Company. This article focus on M&A in medical and pharmaceutical industry and employs data envelopment analysis (DEA) method to evaluate the performance of M&A of Chinese pharmaceutical listed companies. The result shows that the operation efficiency of all samples had decreased 12.63% after M&A, only 7 samples have increased whichjust be 25.93%. From the dynamic point of view, total factor productivity dropped significantly 27.11%, technological progress reduced 27.10%, ex post M&A, while technical efficiency and pure technical efficiency only decreased of 4.25% and 8.49% respectively, contrast to those, the scale efficiency had increased 5.32 percent ex post acquisition and 15 samples increased which meant that M&A brought some scale efficiency to samples. In addition, looking from the yield of robust regression, the relative scale has negative impact on performance of M&A, which would reduce the technological efficiency and pure technological efficiency, and the share of the biggest share-holder generates positive results in pure technological efficiency while the share of new company has no significant influence on performance of M&A. Related transaction and present executives after M&A would lower the efficiency, while these companies which switched state-owned holding to social entities will have a relatively good performance implies that market is a good way to improve performance of M&A. Keywods: Pharmaceutical Listed Companies; Merger & Acquisition; Data Envelopment Analysis (DEA); Malmquist Index; Performance

澳门大学硕士学位论文 摘要 对并购绩效的评价是公司并购的一项重要内容。本文采用数据包络分析, 以中国医药上市公司为对象,对样本公司并购前后运营绩效进行全面评价。研究 表明,所有样本公司并购后经营效率下降了 12.63%,只有7家公司并购后效率 上升,只占到所有研究样本的 25.93%。从动态的角度来看,样本公司无论是全 要素生产率、技术效率、技术进步率还是拆分的纯粹技术效率和规模效率均表现 为下降趋势。其中全要素生产率在并购前后显著下降了 27.11%,技术进步并购 后减少了 27.10%,技术效率在并购前后只是下降了 4.25%,纯技术效率下降了 8.49%,但规模效率并购后较并购前上升了5.32%,15家样本公司并购后规模效 率上升,说明并购给样本公司带来了一定的规模效益。从稳健回归分析来看,并 购相对规模与并购绩效间存在负向关系,会造成并购后技术效率和纯技术效率显 著下降;而第一大股东股权则与并购后公司的纯技术效率星正向关系;但并购后 持有公司的股权对并购绩效无显著影响;关联交易和并购后派驻高管都会降低并 购效率。并购后公司性质由国有控股转变为社会法人控股的效率会有一定的提 升,说明提升并购效率的出路在于市场化。 关键词:医药上市公司 并购数据包络分析 Malmquist 指数 绩效 11