基于战略转型的P医药公司资产重组方案设计

发布时间：2018-01-11 05:12

本文关键词：基于战略转型的P医药公司资产重组方案设计　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：在医药新政的背景下,国家对医药行业未来发展道路的指引将进一步推动医药行业的资产重组。纵观医药行业发展趋势,“跑马圈地”,并购重组高潮迭起,医药上下产业链之间的新一轮重组浪潮已开始席卷全国。目前已有越来越多的医药企业选择通过资产重组来解决如何直面竞争、研判形势、确定战略及其匹配措施等难题,资产重组成为医药企业战略转型的重要途径。因此,如何从战略转型的视角,来制定医药企业资产重组方案,成为一个有价值的研究课题。本文在实际调研P医药公司的基础上开展论文研究。研究目的主要体现在两个方面:一方面为P医药公司设计一套顺应其战略转型需求的资产重组方案;另一方面通过该方案的设计研究,以期为我国医药企业资产重组方案设计提供借鉴和帮助。本文共分六个部分,首先在绪论部分对该课题的研究背景和意义做了分析与总结。第二、三部分从企业战略转型和资产重组的基本理论入手,通过研究战略转型的类型和资产重组的动因、运作模式、影响因素分析,深入理解相关理论内涵。同时,根据资产重组方案设计中涉及到的三个难点问题进行深入分析,即资产评估方法的选择、重组主体的选择和支付方式的选择,为p医药公司资产重组方案设计提供了理论依据。第四部分从宏观和微观环境分析出发,揭示p医药公司战略管理现状及其发展战略中存在的问题,通过比较战略转型中内生式、外延式和内生式与外延式相结合三种方法的优劣,确定最适合p医药公司采取的发展战略:即以并购重组或战略联盟为主的外延式发展战略。第五部分,结合p医药公司实际,从资产重组促进公司战略重组的角度出发,提出解决问题的路径,确定先分立后吸收合并的资产重组方案,即:首先完成对p医药公司和y连锁零售药店的分立,将从两公司分离出来的房地产资产组建新公司;然后选择合适的重组主体,对两公司的剩余资产进行股权转让;其次对新组建的公司分两次进行吸收合并,将其资产并入S公司股份直接管理。同时,根据资产重组的影响因素研究,对P医药公司资产重组中的三个难点问题,即资产剥离、重组主体选择和股权转让策略,逐步进行方案设计。方案设计过程中,还针对剥离范围的选择、股权转让交易支付模式的确定进行优劣比较,从而建立了一套适应P医药公司战略转型发展的资产重组方案。第六部分在第五部分资产重组方案设计的基础上,进一步讨论设计方案在资源互补,企业能力、文化与战略,重组后整合方法三个层面的作用,对方案的可行性进行定性检验。
[Abstract]:In medicine under the background of the new deal, the national guidelines for the future development path of the pharmaceutical industry will further promote the pharmaceutical industry asset restructuring. Throughout the development of the pharmaceutical industry trends, staking, mergers and acquisitions climax, pharmaceutical industry chain between a new round of restructuring tide has been sweeping the country. There are more and more selection of pharmaceutical enterprises through asset restructuring to solve how to face the competition, judged the situation, determine the strategy and measures, the problem of asset restructuring has become an important way of transformation of pharmaceutical enterprise strategy. Therefore, how to transition from a strategic perspective, to develop the pharmaceutical enterprise restructuring plan, become a valuable research topic of this dissertation. Based on the actual investigation of P pharmaceutical company. The purpose of the study is mainly reflected in two aspects: one is to design a strategy to comply with the P pharmaceutical company Asset restructuring program demand; on the other hand through the design of the project, in order to provide reference and help for the design of China's pharmaceutical enterprises asset reorganization scheme. This paper is divided into six parts. The first part of the introduction of the background and significance of the research are analyzed and summarized. The second, third part is the basic theory of from the enterprise strategic restructuring and asset restructuring, motivation types through the study of strategic transformation and reorganization mode, influence factor analysis, in-depth understanding of the relevant theoretical connotation. At the same time, according to the in-depth analysis related to the three difficult problems of design asset restructuring program, namely asset evaluation methods, the main body of the reorganization selection and payment options, and provides a theoretical basis for the design of P pharmaceutical company asset restructuring scheme. In the fourth part, from the macro and micro environment analysis, reveal the P pharmaceutical company strategy Present situation and development strategy of management problems, by comparing the strategic transformation of endogenous and epitaxial and endogenous and epitaxial combination of three methods to determine the most suitable developmental strategy of P pharmaceutical company to take to the mergers and acquisitions or strategic alliance based extension type development strategy. The fifth part combined with the actual, P pharmaceutical company, reorganization of assets from the perspective of promoting the restructuring of the company's strategy, put forward the path to solve the problem, determine the asset restructuring program, the first division after merger: complete separation of P pharmaceutical companies and Y retail chain pharmacies will be separated from the first, two of the company's real estate assets to form a new company then select the appropriate subject; restructuring, equity transfer of the remaining assets of the two companies; followed by the newly formed company for two times merger, the assets management company's shares directly into the S. At the same time, According to the research on the influencing factors of asset restructuring, the three difficult problems of asset reorganization in P pharmaceutical company, namely asset stripping, restructuring choice and equity transfer strategy, design gradually. The design process for stripping range selection are compared to determine the equity transfer payment mode, so as to establish a set of asset restructuring program development strategy of P pharmaceutical company. In the sixth part to the fifth part of the design basis of asset restructuring program, further discussion of enterprise capability design in complementary resources, culture and strategy, after the reorganization of three aspects of integration method, qualitative analysis of the feasibility of the scheme.

【学位授予单位】：东华大学
【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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