全球製藥公司併購策略之績效表現

Abstract

本研究以2008年至2012年全球前二十大資產生技製藥公司為研究對象，從樣本公司的併購活動特性與公司特性二大構面，探討其對營運績效與市場績效(包含市值倍數與Tobin’s Q)之影響。實證結果顯示：

1.併購活動特性要加入公司特性對於績效表現都有較好解釋力，顯示評估一個併購案除了併購條件之外，要多考慮公司特性。 2.公司研發費用的支出，對於公司次年的市場績效和營運績效都有顯著的正相關。 3.若當年度市場併購太過於頻繁，甚至完全用現金付款，市場的績效表現為負相關，顯示市場對於併購所帶給公司的財務負擔擔憂大於對於併購綜效的期待。 4.整個樣本而言，跨國併購由於文化整合需要時間，在短期的觀察下，對於公司的營運績效呈現顯著的負相關。

This paper subjects are the world top 20 pharmaceutical companies by assets between 2008 and 2012, and examine Mergers and Acquisitions activities and company characteristics of the sample companies. The effect on companies' operating performance and market performance are also explored (including Market Value and Tobin’s Q). The empirical results are also follows:

1.M&A activity characteristics add company characteristics is considered a strong significant explanatory ability for the performance. During evaluation a M&A deal, both characteristics must be considered 2.Research and Development expenses has a significant positive impact on company’s following year market performance and operating performances 3.If there are too many Mergers and Acquisitions activities during one year, or even on a cash buy-outs, the market performance has a negative relationship. Because of concerning financial burden from M&A activity is greater than the expectation on M&A synergy 4.For the entire sample companies, cross-border Mergers and Acquisitions requires longer period of time for culture integration. Under short term observation, it has a significant negative impact on operating performance.