국내 제약산업의 합병효과 분석

The main objective of this paper is to empirically analyze the efficiency effects of mergers on Korean pharmaceutical firms and suggests managerial or policy implications for managers or policy makers. This study selects non-merging control firms close to the size of merging firms, as well as a set of merging firms, and measures the effects of mergers on efficiency three years before and after the merger using the non-parametric data envelopment analysis (DEA) method. To compare the differences of efficiency means among several groups, Wilcoxon rank sum test or Wilcoxon signed rank test is used. It showed that the long-term effects after the merger appeared partially. Furthermore, it was observed that there was no difference statistically in the efficiency between merging and non-merging firms. Also, there was no difference statistically in the efficiency between the pre- and post-merger periods. In conclusion, there was not any observed synergy effect through group (or affiliated) mergers between affiliates or related mergers for Korean pharmaceutical firms.