医药行业并购重组估值的研究

发布时间：2018-11-19 13:52

【摘要】：并购重组是目前经济运行中不可或缺的重要组成部分，医药行业的并购重组更是异军突起。对医药行业并购重组估值是并购双方及中介机构的一项重要工作，在并购重组工作中，既要考虑并购重组模式的操作层面的简单易行性，也要关注回避并购重组中的风险。医药行业并购中的估值，既要考虑与一般行业的共性，也要考虑医药行业的特点。医药行业的并购方式，按照并购项目税收经营风险的大小划分为高风险项目和低风险项目，本文总结了不同的重组方式。针对高风险项目，采用“新壳换旧壳法”，即原股东成立新公司，新公司再收购原公司资产组，之后，新股东再收购新公司股权的重组方式；针对税收经营风险较低的并购项目，可按市值法对并购项目进行估值，即按上市公司（或参考同类可比上市）的二级市场表现，采用市盈率或市净率对并购项目进行估值。而在估值过程中，，我们应充分重视尽职调查、审计、评估中的各个环节。在尽职调查中应充分关注业态剥离、有效资产范围、会计政策统一等事项，在审计中足够重视返佣费用的完整性、返利收入的真实性、或有负债的存在性等项目，而在评估工作中需重点把握公允价值高于市价情形、税收优惠政策的延续性、折现率的选取等关键问题。
[Abstract]:M & A is an indispensable part of economic operation at present. The valuation of M & A in pharmaceutical industry is an important work for both sides of M & A and intermediary organizations. In the work of M & A, we should not only consider the simplicity of the mode of M & A and reorganization, but also pay attention to avoiding the risks in M & A. The valuation of M & A in pharmaceutical industry should not only consider the commonness with general industry, but also consider the characteristics of pharmaceutical industry. The M & A mode of pharmaceutical industry is divided into high risk project and low risk project according to the size of tax management risk of M & A project. For high-risk projects, the "new shell for the old shell" method is adopted, that is, the original shareholders to establish a new company, the new company to acquire the assets of the original company, after that, the new shareholders to buy the new company's equity restructuring; In view of the M & A project with low risk of tax management, the M & A project can be valued by the market value method, that is, according to the secondary market performance of the listed company (or referring to the comparable listing of the same kind), the price / earnings ratio or the price-to-book ratio is used to evaluate the M & A project. In the process of valuation, we should pay more attention to due diligence, audit and evaluation. In due diligence, full attention should be paid to such items as divestiture, scope of effective assets, unification of accounting policies, and so on. In the audit, sufficient attention should be paid to the integrity of the rebate fee, the authenticity of the rebate income, and the existence of contingent liabilities, etc. In the evaluation work, we should focus on the situation that fair value is higher than the market value, the continuity of preferential tax policy, the selection of discount rate and other key issues.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F426.72

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