海翔药业并购台州前进的财务绩效案例研究
发布时间：2018-11-14 21:11
【摘要】：随着社会的发展和科技的进步,人民生活水平不断提高,人们开始越来越关注生理和精神健康,对医药方面的投入也逐步加大。日前,国务院正式发布的《“十三五”深化医药卫生体制改革规划》,使得医药行业又一次成为全社会关注的热点。目前世界上的几大制药企业都是通过并购成为全球医药行业巨头,并购已经成为医药制造业上市公司优化资源配置,实现可持续化发展,将企业做大做强的必经之路。我国医药制造企业的并购事件也频频发生,而判断一起并购是否成功的关键在于衡量企业并购后是否实现了并购目标并使得公司的经营情况得到有效改善。海翔药业作为一家生产特色原料药的制药企业,在制药行业竞争越发激烈的环境下,其竞争压力与日俱增。面对低收入、高成本带来的亏损,海翔药业提出并购台州前进,在制药之外拓展盈利能力较强的染料板块,希望可以通过并购扭亏为盈。本文在前半部分首先对相关理论进行了阐述。其主要包括:介绍并购的相关理论;根据前人的研究结果,对并购是否会影响企业绩效的文献进行综述;介绍常见的几种绩效评价方法并将它们进行比较。本文后半部分主要是进行对海翔药业并购台州的案例分析。首先,对此次并购的相关主体和过程进行介绍。其次,分别使用事件研究法、财务指标分析法和EVA分析法分析海翔药业并购前后的绩效变化。从案例分析中得出,海翔药业并购台州前进这一事件,达到了海翔药业的并购目标。公司战略由生产特色原料药转变为制药、染料双头并进,净利润扭亏为盈,各项能力都得到大幅提高。因此得出了此次并购为海翔药业带来了正面效应的结论。
[Abstract]:With the development of society and the progress of science and technology, people's living standard is improving constantly. People begin to pay more and more attention to physical and mental health, and invest more and more in medicine. A few days ago, the State Council issued the "13th Five-Year Plan" to deepen the reform of the medical and health system, making the pharmaceutical industry once again become the focus of attention of the whole society. At present, the major pharmaceutical enterprises in the world are becoming the global pharmaceutical giant through M & A. M & A has become the only way to optimize the allocation of resources, realize the sustainable development and make the enterprises bigger and stronger. The M & A events of pharmaceutical manufacturing enterprises in China also occur frequently, and the key to judge the success of M & A is to measure whether the goal of M & A has been achieved or not and to improve the management of the company effectively. Haixiang Pharmaceutical Industry, as a pharmaceutical company producing characteristic API, is under increasing competitive pressure under the increasingly competitive environment in the pharmaceutical industry. Faced with the loss brought by low income and high cost, Haixiang Pharmaceutical Company proposed to merge Taizhou and expand the profitable dyestuff sector outside the pharmaceutical industry in the hope of turning losses into profits through mergers and acquisitions. In the first half of this paper, the related theories are expounded. It mainly includes: introduce the relevant theory of M & A; according to the previous research results, review the literature on whether M & A will affect the performance of enterprises; introduce several common performance evaluation methods and compare them. The second half of this paper is the case study of Taizhou merger and acquisition of Haixiang Pharmaceutical Industry. First of all, the M & A related subjects and processes are introduced. Secondly, the performance changes of Haixiang pharmaceutical industry before and after merger and acquisition are analyzed by means of event study, financial index analysis and EVA analysis respectively. From the case analysis, it is concluded that the merger and acquisition of Taizhou by Haixiang Pharmaceutical Industry has reached the goal of merger and acquisition of Haixiang Pharmaceutical Industry. The strategy of the company is changed from producing characteristic raw material medicine to pharmaceutical, dye double head goes hand in hand, net profit turns to profit, each ability is greatly improved. As a result, the merger and acquisition for the Haixiang pharmaceutical industry has brought a positive effect.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7;F271
本文编号：2332326
[Abstract]:With the development of society and the progress of science and technology, people's living standard is improving constantly. People begin to pay more and more attention to physical and mental health, and invest more and more in medicine. A few days ago, the State Council issued the "13th Five-Year Plan" to deepen the reform of the medical and health system, making the pharmaceutical industry once again become the focus of attention of the whole society. At present, the major pharmaceutical enterprises in the world are becoming the global pharmaceutical giant through M & A. M & A has become the only way to optimize the allocation of resources, realize the sustainable development and make the enterprises bigger and stronger. The M & A events of pharmaceutical manufacturing enterprises in China also occur frequently, and the key to judge the success of M & A is to measure whether the goal of M & A has been achieved or not and to improve the management of the company effectively. Haixiang Pharmaceutical Industry, as a pharmaceutical company producing characteristic API, is under increasing competitive pressure under the increasingly competitive environment in the pharmaceutical industry. Faced with the loss brought by low income and high cost, Haixiang Pharmaceutical Company proposed to merge Taizhou and expand the profitable dyestuff sector outside the pharmaceutical industry in the hope of turning losses into profits through mergers and acquisitions. In the first half of this paper, the related theories are expounded. It mainly includes: introduce the relevant theory of M & A; according to the previous research results, review the literature on whether M & A will affect the performance of enterprises; introduce several common performance evaluation methods and compare them. The second half of this paper is the case study of Taizhou merger and acquisition of Haixiang Pharmaceutical Industry. First of all, the M & A related subjects and processes are introduced. Secondly, the performance changes of Haixiang pharmaceutical industry before and after merger and acquisition are analyzed by means of event study, financial index analysis and EVA analysis respectively. From the case analysis, it is concluded that the merger and acquisition of Taizhou by Haixiang Pharmaceutical Industry has reached the goal of merger and acquisition of Haixiang Pharmaceutical Industry. The strategy of the company is changed from producing characteristic raw material medicine to pharmaceutical, dye double head goes hand in hand, net profit turns to profit, each ability is greatly improved. As a result, the merger and acquisition for the Haixiang pharmaceutical industry has brought a positive effect.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7;F271
【参考文献】
相关期刊论文 前2条
1 徐丹丹;;2006年我国上市公司并购价值效应的实证研究[J];科技与管理;2008年03期
2 陈琳,王平心;EVA与传统会计评价指标关系的实证研究[J];管理评论;2004年09期
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