دانلود رایگان مقاله انگلیسی تأثیر ادغام ها و اکتساب های شرکت ها بر عملکرد آنها در اقتصادهای نوظهور - الزویر 2018

ABSTRACT

This paper explores the relationship between mergers and acquisitions and firm performance by running a partial least squares regression with the data of listed Chinese pharmaceutical firms from 2008 to 2016. The results show that when other conditions are unchanged, value-chain-extension mergers and acquisitions and technology-seeking mergers and acquisitions are positively related to firm performance, and that the correlation between mixed mergers and acquisitions and firm performance is not significant. In addition, this study finds that firm growth ability, firm exclusive assets, firm size, and firm age positively impact firms' performance after their mergers and acquisitions, and that corporate governance, firm property right, and firm solvency have no impact on firm performance after mergers and acquisitions. Implications of the findings are discussed.

5. Conclusions

This paper explores the relationship between mergers and acquisitions and firm performance by running a partial least squares regression with the data of listed Chinese pharmaceutical firms from 2008 to 2016. The results show that when other conditions are unchanged, valuechain-extension mergers and acquisitions and technology-seeking mergers and acquisitions are positively related to firm performance. The correlation between mixed mergers and acquisitions and firm performance is not significant. This finding indicates that pharmaceutical firms should not only carefully develop strategies for their mergers and acquisitions, but also pay attention to the resource integration after their mergers and acquisitions. In addition, this study finds that firm growth ability, firm exclusive assets, firm size, and firm age positively impact firms' performance after their mergers and acquisitions. This indicates that Chinese pharmaceutical firms at their growth stage can improve their performance by increasing industry concentration and firm scale. Finally, this study finds that corporate governance, firm property right, and firm solvency have no impact on firm performance after mergers and acquisitions. Here are the implications from this study. First, a merger/acquisition is a double-edged sword. When firms make strategies for mergers and acquisitions, they should fully consider their available resources. Before performing a merger/acquisition, firms should evaluate the target firm. After a merger/acquisition, firms should integrate and restructure their resources. Second, Chinese pharmaceutical industry is still in the early stage of its lifecycle. The competitiveness of pharmaceutical firms should by increased by a higher industry concentration, better resource allocation, and larger firm size. Third, because uncertainty exists in mergers and acquisitions, preparation is required before a merger/acquisition, such as improvement of firm governance structure and development of planning strategies. Fourth, a merger/ acquisition is a business activity. Thus, government should not be involved. Fifth, more supports from government and financial institutions for R&D of pharmaceutical firms are required. The patent system for drugs should be improved. R&D of new drugs is time-consuming and requires large investment. Given the high risks of developing new drugs, economic benefits for pharmaceutical firms must be generated by linking R&D of new drugs with patents. Technology seeking mergers and acquisitions by pharmaceutical firms should be promoted by the supports of government and financial institutions along with a welldeveloped drug patent system. On in this way, can pharmaceutical firms be driven to invest more human power and resources in R&D. So that the demands generated by population growth, aging population, two-children policy, and the upgrade of consumption in China can be met.