复星医药连续并购价值创造研究

发布时间：2018-04-21 22:31

本文选题：连续并购 + 协同效应　；参考：《北京交通大学》2017年硕士论文

【摘要】：企业的成长有两条途径:一靠内部资本的积累,实现内生式的增长;二通过并购,迅速扩大资本规模,实现外延式扩张。近年来,随着我国资本市场的快速发展,并购重组已经成为了企业做大做强的重要手段。2015年医药行业位列并购市场前三甲,共发生320件并购案例,涉及金额达到1,411.01亿元。随着并购的不断增加,企业进行并购的数量和频率也显著提高,这也使得部分公司的并购行为呈现出连续并购的趋势,连续并购现象逐渐成为研究并购时的热点。复星医药和恒瑞医药作为医药行业的领头军,前者依靠连续并购实现了外延式高速增长,后者依靠自身研发实现了内生式发展,但复星医药的市场反应却远低于恒瑞医药,市场估值是恒瑞医药的一半。基于此,探究连续并购实现的外延式高增长能否创造价值,以及连续并购外延扩张策略存在的问题,以期能为医药行业如何选择发展策略,以及如何通过外延式扩张策略创造价值提供一些帮助。本文选择复星医药作为研究对象,并以恒瑞医药进行对比。首先,分析连续并购创造的价值。从股东角度出发,企业价值可分为市场价值和内在价值,市场价值用股价和市值反映,内在价值用财务指标反映,从盈利能力、营运能力、偿债能力、发展能力出发,选取了11个指标,运用事件研究法和主成分分析法,评价复星医药能否创造价值;并与恒瑞医药内生式发展对比,评价复星医药连续并购创造价值的特点。然后,探究连续并购外延扩张策略存在的问题,从价值链整合的角度出发,围绕协同效应在价值链各职能活动(采购、研发、生产、营销服务和其他支持性活动)上的运作机理,选取15个指标构建并购后整合效率指标体系,来评价并购后整合效率,探究并购整合效率对实现价值创造的影响。最后,总结出基于协同效应的连续并购价值创造路径。本文研究结论如下:(1)复星医药连续并购获得外延式高增长。(2)复星医药通过连续并购在市场上获得了超额收益,在企业中获得良好业绩表现。(3)与内生式发展相比,复星医药的外延式高增长价值创造出现财富递减效应。(4)复星医药并购后整合不力导致业绩成长性不佳是外延式高增长价值创造出现财富递减效应的原因。可见连续并购战略有效,可支持企业的快速发展,但要注重并购后的整合,发挥连续并购策略的协同效应,从而使企业能持续发展,创造更大的企业价值。
[Abstract]:There are two ways for the growth of enterprises: one is to achieve endogenous growth by the accumulation of internal capital; the other is to expand the scale of capital rapidly through mergers and acquisitions and to realize the extension expansion. In recent years, with the rapid development of China's capital market, M & A has become an important means for enterprises to become bigger and stronger. In 2015, the pharmaceutical industry ranked the top three in the M & A market, involving 320 M & A cases, involving a sum of 141.101 billion yuan. With the increasing of M & A, the number and frequency of M & A of enterprises also increase significantly, which makes the M & A behavior of some companies show the trend of continuous M & A, and the phenomenon of continuous M & A has gradually become a hot spot in the research of M & A. Fosun Medicine and Hengrui Medicine are the leading players in the pharmaceutical industry. The former relies on continuous mergers and acquisitions to achieve rapid growth in extension, while the latter relies on their own research and development to achieve endogenous development, but the market response of Fosun medicine is far lower than that of Hengrui medicine. The market valuation is half that of Hengrui. Based on this, this paper explores whether the extended high growth of continuous mergers and acquisitions can create value, and the problems existing in the strategy of extension expansion of continuous mergers and acquisitions, in order to find out how to choose the development strategy for the pharmaceutical industry. And how to provide some help through extension expansion strategy to create value. This article chooses Fosun medicine as the research object, and carries on the contrast with the Hengrui medicine. First of all, analyze the value created by successive mergers and acquisitions. From the angle of shareholders, the enterprise value can be divided into market value and intrinsic value, the market value is reflected by stock price and market value, and the intrinsic value is reflected by financial index. This paper selects 11 indexes and evaluates whether Fosun medicine can create value by using event research method and principal component analysis method, and compares with the endogenous development of Hengrui medicine to evaluate the characteristics of continuous merger and acquisition of Fosun medicine to create value. Then, this paper explores the problems existing in the extension strategy of continuous M & A, starting from the perspective of value chain integration, focusing on synergy in the various functions of the value chain activities (procurement, research and development, production, The operation mechanism of marketing service and other supporting activities), 15 indexes are selected to construct the index system of post-merger integration efficiency, to evaluate the post-merger integration efficiency, and to explore the impact of merger integration efficiency on the realization of value creation. Finally, the paper summarizes the value creation path of continuous M & A based on synergy effect. The conclusions of this paper are as follows: (1) Fosun Medical continuous M & A gains an extension of high growth. 2) Fosun Medicine gains excess returns in the market through continuous M & A, and gains good performance in the enterprise. 3) compared with endogenous development, Fosun Medical Co., Ltd. The wealth decline effect of the extension high growth value creation of Fosun Medical Co., Ltd.) the poor performance growth caused by the weak integration of Fosun medicine after merger and acquisition is the reason for the wealth decline effect in the extension high growth value creation. It can be seen that the continuous merger strategy is effective and can support the rapid development of the enterprise, but we should pay attention to the integration after the merger and acquisition, give play to the synergy effect of the continuous merger and acquisition strategy, so that the enterprise can develop continuously and create greater enterprise value.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.72

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