JYPC并购金沙药业绩效分析

发布时间：2018-03-05 18:40

本文选题：并购绩效　切入点：JYPC　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：近来,我国传统药业的生存和成长面临着诸多问题与挑战,随着中国经济由高速增长向中高速增长的转变,中国经济面对诸多下行压力:外部需求疲软、人均盈利减少、生产产能过剩等。整个经济环境的恶化,使得传统企业收入下降、利润大幅下滑,其生存受到了巨大威胁。在2015年,我国总共发生的985次并购事件,其中有67次是医药企业并购,占据了中国并购6.8%的市场,而且在医药企业的并购中间,还有一些令人关注的案例发生。比如华润三九并购广东顺峰药业花费了 6亿,湖南洞庭药业被复星医药用5.86亿并购等。由于我国企业并购领域逐渐扩大、医药企业的并购也越来越重要而且越来越普遍。由于医药企业是朝阳行业,所以从改革开放以来,医药企业被称为是国民经济中成长比较快的行业,每年平均增长速度到达22.9%。最近几年医药行业主体更是快速成长和发展,这也就为各个医药企业不停的进行并购活动的提供良好的前提。本文选取2013年度国内重大并购事件之一,JYPC并购金沙药业作为分析案例,对其绩效进行分析。借鉴个别案例,以点带面,试图揭示出我国传统药业适宜发展方式与效果。衡量个案中我国传统药业进行并购的绩效,并购表象下的实质,并购后的整合,为中国传统药业上市公司的并购提供一定借鉴与参考。文章以对JYPC并购金沙药业的案例进行分析,通过对并购前后JYPC的财务指标、非财务指标,等多个角度对相关并购案例的影响做出评价,结合多项指标来评价我国传统药业进行并购的绩效。文章的结论是,JYPC由于并购的是优质资产,加之后期的合理整合从而获得新的利润增长点,达到互利共赢的局面,使JYPC的核心竞争力得到提升。
[Abstract]:Recently, the survival and growth of China's traditional pharmaceutical industry are facing many problems and challenges. With the transition of China's economy from high-speed growth to medium-high growth, China's economy is facing a lot of downward pressure: weak external demand, reduced per capita profit, Production overcapacity, etc. The deterioration of the entire economic environment has led to a drop in traditional enterprises' income and a sharp decline in profits, and their survival has been greatly threatened. In 2015, a total of 985 mergers and acquisitions took place in our country. Of these, 67 were pharmaceutical mergers and acquisitions, which accounted for 6.8% of the Chinese M & A market, and there were still some interesting cases in the M & A of pharmaceutical companies. For example, China Resources 39 merged with Guangdong Shunfeng Pharmaceutical Co., Ltd. It took 600 million. Hunan Dongting Pharmaceutical Industry was acquired by Fosun Medicine in 586 million. As the field of enterprise merger and acquisition in China has gradually expanded, the M & A of pharmaceutical enterprises is becoming more and more important and more and more common. As pharmaceutical enterprises are sunrise industries, so since the reform and opening up to the outside world, Pharmaceutical enterprises are described as relatively fast growing industries in the national economy, with an average annual growth rate of 22.9. in recent years, the main body of the pharmaceutical industry has also grown and developed rapidly. This also provides a good premise for various pharmaceutical enterprises to keep on the M & A activities. This paper selects JYPC M & A as an analysis case to analyze its performance, and draws lessons from individual cases, which is one of the most important M & A events in China in 2013. This paper tries to reveal the suitable development mode and effect of traditional pharmaceutical industry in China. It measures the performance of M & A in Chinese traditional pharmaceutical industry, the essence under the appearance of M & A, and the integration after M & A. This paper analyzes the case of JYPC M & A of Sands Pharmaceutical Industry, and analyzes the financial index, non-financial index of JYPC before and after M & A. To evaluate the impact of related M & A cases, and to evaluate the performance of M & A in Chinese traditional pharmaceutical industry with multiple indicators. The conclusion of this paper is that JYPC is a high-quality asset because of M & A. In addition, the reasonable integration of the late stage to obtain a new profit growth point, to achieve a win-win situation, so that the core competitiveness of JYPC has been enhanced.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F271;F406.7

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