Data Envelopment Analysis-Based Evaluation of the Performance of Merger & Acquisition of Listed Pharmaceutical Companies / 中国药房

ABSTRACT

OBJECTIVE:To evaluate the performance of merger and acquisition (M&A) of listed pharmaceutical companies over 3 years from 2000 to 2002. METHODS: Based on the financial data of the listed companies in 26 cases, a data envelopment analysis was performed to compare and evaluate the efficiency of the companies before and after M&A. RESULTS: The efficiency was reduced in the first 3 years after M&A, but increased started from the fourth year. CONCLUSIONS: M&A did not promote the efficiency of listed pharmaceutical companies.