华润三九并购桂林天和的绩效研究

发布时间：2018-03-02 10:34

本文关键词： 并购绩效华润三九桂林天和　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,并购活动成为许多企业实现跳跃式发展的一条重要路径,在全球几次并购浪潮的冲击下,中国企业并购的数量每年都在增加,规模也在不断升级。医药行业较高的需求弹性和风险,使得企业仅仅依靠自身发展无法抵御包括外国药企在内的多方面夹击,因此,医药企业越来越倾向于选择并购作为扩张模式。但是对于医药行业的并购效果究竟如何,业界一直没有形成统一的观点。本文运用案例分析法,以华润三九医药控股有限公司并购桂林天和为例,基于并购和并购绩效的相关理论,分析了中国医药行业的发展状态,又从并购动因等方面分析了这次的并购活动。然后,从经营业绩方面对并购进行了具体绩效评价,根据传统财务指标、EVA和非财务指标相结合的分析结果综合评判此次并购的效果,最后提出自己的建议。本文的主要工作和结论是:(1)从华润三九并购桂林天和的并购动因、并购过程、整合过程等方面分析了这次并购活动,可以初步判断华润的此次并购符合企业的战略目标,整合状况良好。(2)通过传统财务指标的分析,从盈利能力、成长能力、偿债能力和营运能力四个方面分别横向、纵向视角分析了华润三九并购前后的业绩,可以发现并购后各项指标存在波动。(3)通过引入价值指标EVA,结合行业和企业自身特点,确定EVA调整项目和资本成本,从企业价值视角分析华润三九并购前后的业绩,可以发现EVA指标在并购当年显著上升又在之后一年经历了下跌,原因是医药行业供给侧改革的进一步深入所致行业转型升级的阵痛。总体而言,华润三九并购桂林天和从绩效评价视角是成功的。
[Abstract]:In recent years, many enterprises mergers and acquisitions become an important path to realize the leaping development, in several of the world's wave of mergers and acquisitions under the impact of the number of China MampA increases every year, the scale is constantly upgrading. The pharmaceutical industry demand elasticity and high risk, so that enterprises rely solely on their own development cannot resist many aspects including foreign pharmaceutical companies, pharmaceutical companies attack, therefore, more and more inclined to choose M & A as the expansion mode. But for the pharmaceutical industry mergers and acquisitions effect how the industry has not formed a unified view. This paper uses the method of case analysis, based on Huarun 39 Pharmaceutical Holdings Limited merger and Guilin as an example, the related theory of merger and acquisition based on performance, analyzes the development state of China pharmaceutical industry, and from the merger are analyzed in terms of the merger and acquisition activities. Then, from the operating performance of Party In the face of the M & A of specific performance evaluation, according to the traditional financial indicators, the effect of the results of EVA analysis and non-financial indicators combined with the comprehensive evaluation of the merger, finally put forward their own proposals. The main work and conclusions are: (1) merger and acquisition motivation, and from the 39 day of Guilin Huarun merger integration process, etc. Analysis of the merger and acquisition activity, you can determine the initial Huarun merger is in line with the strategic objectives of the enterprise integration, in good condition. (2) through the analysis of the traditional financial indicators, from the profitability, growth, four aspects of solvency and operation ability are horizontal, longitudinal analyses before and after Huarun 39 acquisition of the performance, can found in the index after the merger volatility. (3) through the introduction of value index EVA, combined with the industry and their own characteristics, determine the EVA adjustment project and the cost of capital, from the perspective of corporate value Huarun 39 performance analysis before and after the merger, EVA index can be found after the acquisition of the year increased significantly in one year experienced a fall, the reason is the pharmaceutical industry supply side reform caused by industry upgrade pains. Overall, 39 days from Guilin and Huarun M & a performance evaluation perspective is successful.

【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;F406.7;F271

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