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Analysis of corporate acquisitions by medical device manufacturers.

机译：分析医疗设备制造商的公司收购。

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摘要

This doctoral thesis draws on the financial economics, strategic management, product innovation, and health technology literatures to investigate and explain conditions under which corporate acquisitions in the medical device industry have enhanced or eroded shareholder wealth and financial accounting performance. Specifically, the research aims to advance understanding of (a) the economic impact of externally sourcing product innovation capability via corporate acquisitions, (b) the distinction and use of patent awards, premarket application (PMA) approvals, and 510(k) clearances as indicators of innovation capability among medical device manufacturers, (c) similarities and differences in predictor variables of short-run (stock market reaction to acquisition announcement) versus longer-term (four years of post-acquisition cash flow performance) acquisition-related financial outcomes, and (d) financial results of other motives for acquisition activity (e.g., buying or selling corporate assets as a response to organizational distress). The results indicate that, on average, shareholders benefited from acquisitions among medical device makers. The correlation coefficient between the shortrun and longer-term dependent variables was .36 (p .0001). Multivariate analyses demonstrate that buying innovation capability via corporate acquisition is, overall, a value-creating strategy among medical device makers. The strongest predictors of shareholder wealth creation and improved financial accounting performance were (a) the target organization's pre-acquisition product innovation record, (b) the interaction of acquirer and target innovation measures (indicating that the overall impact of product innovation capability on financial outcomes is jointly determined), and (c) purchasing inefficiently producing and financially distressed targets. The short-run and longer-term models also agreed that being a high-frequency acquirer was a value-destroying approach. Stock price increases were further related, although more marginally, with acquiring the entire target firm (compared with purchasing only a portion of the target's assets such as a division or product line) and use of cash as a method of payment. Shareholder wealth diminution followed announcement of acquisition targets with (a) high 510(k) clearance counts relative to R&D expenditures (indicating a non-innovative target organization) and (b) collar provisions on high-technology acquisitions. Unlike short-run stock price revaluations, positive changes in longer-term financial accounting performance were associated with building product lines within medical specialty areas.
机译：该博士论文借鉴了金融经济学，战略管理，产品创新和卫生技术方面的文献，以调查和解释在医疗器械行业进行企业收购可以增加或侵蚀股东财富和财务会计业绩的条件。具体而言，该研究旨在加深对（a）通过公司收购进行外部采购产品创新能力的经济影响，（b）专利奖项的区别和使用，上市前申请（PMA）批准以及510（k）许可的理解。医疗器械制造商之间创新能力的指标，（c）短期（股票市场对收购公告的反应）与长期（收购后四年现金流量表现）与收购相关的财务成果的预测变量的异同（d）进行收购活动的其他动机的财务结果（例如，购买或出售公司资产以应对组织困境）。结果表明，平均而言，股东受益于医疗设备制造商之间的收购。短期和长期因变量之间的相关系数为0.36（p <.0001）。多元分析表明，总体而言，通过公司收购来购买创新能力是医疗设备制造商创造价值的战略。股东财富创造和财务会计绩效改善的最强预测指标是（a）目标组织的收购前产品创新记录，（b）收购方和目标创新措施之间的相互作用（表明产品创新能力对财务成果的整体影响（由联合确定），以及（c）购买生产效率低下和财务困难的目标。短期和长期模型还同意，成为高频收购者是一种破坏价值的方法。股价上涨与收购整个目标公司（尽管仅购买目标公司的一部分资产，如部门或产品线）以及现金作为支付方式之间的关系更为密切，尽管程度较小。股东财富减少之后，宣布了以下收购目标：（a）相对于R＆D支出的510（k）清除计数高（表明非创新目标组织），以及（b）高科技收购的项圈规定。与短期股票价格重估不同，长期财务会计绩效的积极变化与医疗专业领域内产品线的建立有关。

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  • 作者

    DeGraaff, Robert A.;

  • 作者单位

    University of Pennsylvania.;

  • 授予单位 University of Pennsylvania.;
  • 学科 Health Sciences Health Care Management.; Business Administration Management.
  • 学位 Ph.D.
  • 年度 2006
  • 页码 243 p.
  • 总页数 243
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 预防医学、卫生学;贸易经济;
  • 关键词

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