“仁济医药”并购中的价值评估研究

发布时间：2018-01-05 19:31

本文关键词：“仁济医药”并购中的价值评估研究　出处：《中南大学》2013年硕士论文　论文类型：学位论文

更多相关文章： 医药企业 企业并购 价值评估 DCF法

【摘要】：摘要：企业价值评估是并购行为中最为关键的问题之一,是并购交易的精髓。一方面,评估出的企业价值为并购方谈判定价提供了依据；另一方面,通过价值评估有助于并购方全面把握和控制并购风险,避免支付过高溢价而陷入“并购陷阱”,提高最终的并购成功率。论文以仁济医药有限公司(简称“仁济医药”)并购晋荣药业有限公司(简称“晋荣药业”)为例,首先,阐述了当前我国医药企业并购的背景,分析了国内外对此论题的研究现状,确定了论文的研究内容与框架。接着,介绍了并购的概念,并购动因理论及流程,价值评估的概念、原则及方法。然后,分析了我国宏观环境(PEST),医药行业发展现状及前景,企业基本面及“仁济医药”的并购动因,结合对不同估值方法优缺点及适用性的比较,选取了现金流折现(DCF)法作为“仁济医药”并购估值的方法,并结合特定企业对DCF法基本模型进行了修正。在此基础上,根据DCF法并购估值的一般流程,详细分析了DCF法修正模型在“仁济医药”并购估值中的运用过程。最后,对评估结论进行了简要分析并针对完善DCF法并购估值提出了相关建议。图18幅,表33张,参考文献54篇。
[Abstract]:Abstract: the enterprise value assessment is one of the most critical issues in mergers and acquisitions, mergers and acquisitions is the essence. On the one hand, the enterprise provides the basis for the assessment of the value of the acquirer to negotiate pricing; on the other hand, the value of assessment will help grasp in M & A and control and purchase risk, avoid paying high premium in M & a "trap", improve the final success rate of mergers and acquisitions.
According to Yan Chai Pharmaceutical Co. Ltd. (hereinafter referred to as "Renji Medical") & Jin Rong Pharmaceutical Co. Ltd. (hereinafter referred to as "Jin Rong pharmaceutical") as an example, firstly, elaborates the background of China's pharmaceutical enterprises merger, analyzes the domestic and foreign research status of this topic, the research content and framework of the paper. Then, the the concept of mergers and acquisitions, mergers and acquisitions motivation theory and process, the concept of value evaluation, principles and methods. Then, analysis of China's macro environment (PEST), the present situation and prospects of development of pharmaceutical industry, mergers and corporate fundamentals and "Renji medical", comparing the advantages and disadvantages and applicability of different valuation methods. The discounted cash flow (DCF) method as the method of "Yan Chai medicine" valuation, combined with a specific enterprise to carry on the revision to the basic model of DCF method. On this basis, according to the general process of DCF method of valuation, detailed Analysis of the modified DCF model in "Renji Medical" valuation application process. Finally, the conclusions of the assessment are analyzed briefly and to perfect the DCF valuation method and put forward relevant proposals. 18 charts, 33 tables, 54 references.

【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F426.72

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