医药行业横向并购绩效评价研究

发布时间：2018-01-02 08:31

本文关键词：医药行业横向并购绩效评价研究　出处：《西安理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：最近几年,我国统计和披露的国内医药行业的并购案例数量持续增加,并购活动所涉及到的并购金额也逐年增加。可见我国整个医药行业目前正处在并购活动的高发期,扩大自己的盈利范围、形成规模化效应、提升市场占有率成为了医药企业并购活动的推动力。通过对这些并购活动的类型细分,可以看出横向并购在我国医药行业并购活动中占据着绝对的比例。但是,医药企业选择通过横向并购活动来提升自身的经营绩效这一目标,是否能事先,这取决于很多客观因素,如当前的政策环境、市场环境、并购活动参与双方的特点等。因此,以当前医药行业横向并购的特点为基础,对横向并购绩效进行客观评价不仅有一定的理论意义,更重要的是为该行业横向并购活动提供更切实的现实意义。本文通过分析医药行业横向并购活动的特点,运用事件研究法和因子分析法对医药行业横向并购的短期、长期绩效进行评价,并对比分析这些特点对并购绩效的影响,然后将评价体系实际运用到了天坛生物并购成都蓉生这一医药企业横向并购的案例的分析中去。最终找出影响医药行业横向并购绩效走势的关键之处,希望能够让医药企业在面临未来更激烈的并购潮中获得借鉴作用。本文共分为七个部分,第一部分阐述了整个论文的研究背景、意义、方法和目的;第二部分则对论文所涉及到的相关概念和理论进行了阐述,以及对国内外该行业、该并购类型的文献综述进行归纳总结,确定选择事件研究法和因子分析法对企业的并购绩效进行评价;第三部分对当前整个医药行业的并购现状进行分析,结果显示横向并购成为了该行业最主要的并购模式,进而归纳总结该行业横向并购的特点和动因;第四部分通过实际运用事件研究法和财务分析法对并购绩效的长短期进行评价,为后文天坛生物并购案例的评价提供方法上的支持;最后两部分依据前文的分析结论,为该行业选择通过横向并购来提升自身经营绩效提出切实可行的建议,并概述了本文的创新之处和不足之处。
[Abstract]:In recent years, the number of mergers and acquisitions in China Statistics and disclosure of the domestic pharmaceutical industry continues to increase, the amount of mergers and acquisitions involved also increased year by year. So our entire pharmaceutical industry is currently in the peak period of mergers and acquisitions, expand their profit range, form scale effect, enhance the market share to become the pharmaceutical enterprises mergers and acquisitions impetus. Through these acquisitions, types of segmentation can be seen in horizontal mergers and acquisitions in China's pharmaceutical industry mergers and acquisitions activities occupy absolute proportion. However, the pharmaceutical enterprises through the choice of horizontal mergers and acquisitions to enhance their business performance of this goal, whether in advance, it depends on a lot of objective the factors, such as the current policy environment, market environment, mergers and acquisitions activity participation characteristics of both sides. Therefore, the characteristics of the current pharmaceutical industry horizontal merger based on Horizontal Merger The performance evaluation is not only of theoretical significance, more important is to provide a more practical significance for the cross industry merger and acquisition activities. This paper discusses the characteristics of the pharmaceutical industry horizontal merger, using event study method and factor analysis method for the pharmaceutical industry horizontal mergers and acquisitions in the short-term, long-term performance evaluation, and to analyze the impact of these the characteristics on the performance analysis and comparison, the actual evaluation system applied to the Tiantan biological acquisition of Chengdu Rongsheng pharmaceutical enterprises the horizontal merger in case. Finally find out the influence of key trend of horizontal merger performance of the pharmaceutical industry, hoping to make the pharmaceutical enterprises in the face of the future more intense wave of mergers and acquisitions for reference this paper is divided into seven parts, the first part describes the research background, the significance, methods and purpose; the second part of the thesis Describes the related concepts and theories related to the industry, as well as the domestic and foreign literature review, the types of MampA summarized to determine the choice of event study method and factor analysis method to evaluate the performance of mergers and acquisitions; the third part of the merger on the current status of the entire pharmaceutical industry were analyzed, results showed that the horizontal merger has become the industry's main acquisition mode, and then summarized the characteristics and causes of the industry horizontal merger; the fourth part is the evaluation through the practical application of event study and financial analysis on the performance of mergers and acquisitions in the short term, provides a method for evaluation of the Tiantan biological M & A case analysis; the last two parts based on the above conclusion for the industry, through the choice of horizontal mergers and acquisitions to enhance their business performance and put forward practical proposals, and summarizes the innovations and deficiencies .

【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.72;F406.7

【相似文献】