华润三九并购桂林天和财务风险研究

发布时间：2018-03-26 06:00

  本文选题：企业并购　切入点：财务风险　出处：《河北经贸大学》2017年硕士论文

【摘要】：近几年,越来越多的企业把并购当作持续发展甚至是海外扩张的重要手段,然而并购是一把“双刃剑”,成功的并购为企业资源的优化配置带来积极的作用,但是,如果并购没有成功,企业很有可能降低资源的配置效率,以致会给并购双方带来很大的负面影响。随着我国市场经济的不断加深和国民经济的繁荣发展,近几年并购案例在我国屡见不鲜,尤其是产业集中度较低的行业,许多企业通过横向并购进一步扩大市场份额。其中医疗行业就属于众多产业集中度较低的行业之一,随着国民生活水平的提高,对医疗健康越来越重视,当前资源分散的医疗行业无法满足市场的需求,行业内的并购整合势在必行。同时,为增强我国药企的规范管理,2011年3月国家推出了新版《药品生产质量管理规范》(又称新版GMP),新版GMP要求药企在2016年1月1日前通过认证,否则将面临停产,而众多中小企业凭借自身实力难以达到新版GMP的要求,企业若要在竞争激烈的行业中生存发展只有通过并购整合的方式。2013年1月16日华润三九发布公告称为落实公司发展战略,拟收购桂林天和97.18%的股份,华润三九收购桂林天和填补了其在骨科领域的空白,是典型的通过并购方式扩展企业市场的案例,在本次收购中,华润三九因其对桂林天和估值溢价过高及全部使用现金支付等高财务风险作法受到各方质疑,本文通过搜集、整理、研究国内外学者关于并购财务风险的相关研究文献,以及对此次并购案例始末的分析梳理,还原了华润三九并购桂林天和的全过程,并运用并购财务风险的相关理论对这一案例中发生的并购前目标企业价值评估风险、并购中融资风险和支付风险及并购后的财务整合风险分析研究,得出华润三九在并购桂林天和时存在较高的财务风险的结论,最后结合本案例中突出的财务风险提出防范和控制建议,为其他并购企业降低并购财务风险提供参考。
[Abstract]:In recent years, more and more enterprises regard M & A as an important means of sustainable development and even overseas expansion. However, M & A is a "double-edged sword". If M & A is not successful, the enterprise will probably reduce the efficiency of resource allocation, which will bring great negative effects to both sides of M & A. with the deepening of the market economy and the prosperity of the national economy in our country, In recent years, M & A cases are common in China, especially in industries with low industrial concentration. Many enterprises further expand their market share through horizontal mergers and acquisitions. Among them, medical industry is one of the industries with low industrial concentration. With the improvement of the standard of living of the people, more and more attention has been paid to medical care and health. At present, the medical industry with scattered resources cannot meet the needs of the market, so it is imperative to integrate mergers and acquisitions within the industry. At the same time, In order to strengthen the normative management of pharmaceutical enterprises in China, in March 2011, the state launched a new edition of the "quality Management Standard for Pharmaceutical production" (also known as the new edition of GMP, which requires pharmaceutical enterprises to pass the certification before January 1, 2016, otherwise, they will face suspension of production. However, many small and medium-sized enterprises cannot meet the requirements of the new version of GMP with their own strength. If enterprises want to survive and develop in a highly competitive industry, they can only adopt the way of merger and acquisition integration. On January 16, 2013, China Resources 39 issued an announcement calling it the implementation of the company's development strategy. To acquire the shares of Guilin Tianhe and 97.18%, China Resources 39's acquisition of Guilin Tianhe filled the gap in the field of orthopaedics. It is a typical case of expanding the enterprise market through mergers and acquisitions. In this acquisition, China Resources 39 has been questioned by all parties for its high financial risk practices such as excessive premium to Guilin Tianhe valuation and full use of cash payments. By collecting and sorting out, this paper studies the relevant research literature of domestic and foreign scholars on the financial risk of mergers and acquisitions. As well as the analysis of the beginning and end of this case, it restores the whole process of Tianhe merger of Guilin by China Resources 39, and applies the theory of financial risk of M & A to evaluate the value of the target enterprise before M & A in this case. The financial risk and payment risk in M & A and the financial integration risk after M & A are analyzed and studied, and the conclusion that China Resources 39 has high financial risk in the merger and acquisition of Guilin Tianhe is concluded. Finally, combining with the outstanding financial risk in this case, the paper puts forward some suggestions on how to prevent and control the financial risk, and provides reference for other M & A enterprises to reduce the financial risk of M & A.
【学位授予单位】：河北经贸大学
【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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本文编号：1666639