目的 :评价医药上市公司并购协同效应的效果,为我国医药上市公司并购实践提供参考。方法 :以2009-2011年我国医药上市公司发生的并购事件为研究样本,运用因子分析法,对我国医药上市公司的并购协同效应进行实证研究。结果与结论 :我国医药上市公司的并购协同效应一般产生在并购后1年,且这种协同效应的作用时效较短,并不能长期持续,在并购后第二年,协同效应值相比第一年呈现不同程度的下滑;另外,协同效应的持续性也会随并购年份、支付方式和并购标的的不同而发生变化。 Objective: To evaluate the effect of mergers and acquisitions (synergistic effects) of listed medical companies, and to provide reference for the practice of mergers and acquisitions of listed pharmaceutical companies in China. Methods: Taking the M & A events in Chinese pharmaceutical listed companies from 2009 to 2011 as the research sample, the paper uses the factor analysis method to make an empirical study on the synergic effect of mergers and acquisitions of Chinese listed pharmaceutical companies. RESULTS AND CONCLUSION: The synergies between M & A of China’s listed pharmaceutical companies generally occur one year after M & A, and the synergies are short-lived and can not be sustained in the long run. In the second year after M & A, In addition, the sustainability of synergies will change with the years of mergers and acquisitions, payment methods and the subject of mergers and acquisitions.