我国医药行业并购绩效研究

发布时间：2018-04-26 09:04

本文选题：医药行业 + 并购绩效　；参考：《华中科技大学》2016年硕士论文

【摘要】：近十年来,我国医药行业处于高速发展时期。这主要是因为需求不断增加,体现在以下几个方面:一、人口数量不断增多;二、城镇化进程不断加快;三、年龄结构趋向于老龄化。但是医药行业本身在供给上却存在着许多问题,规模小、不能发挥规模效应;数量多,产品同质性严重;创新少,仿制药充斥市场。为了解决供给与需求的不匹配,国家大力进行医疗改革,行业内部也在不断进行并购整合,并购数量和金额在不断上升。正是在这样的背景下,本文决定对医药行业的并购绩效进行研究,采用的方法为通过局部推测出整体的案例分析法,通过华润三九并购天和药业这一典型案例来研究并购是否创造价值这一问题。研究思路为先对中国医药行业的并购动因和并购方式进行总结,再从之前的并购案例中找出典型案例,对典型案例的短期和长期并购绩效进行研究,以此推出整个医药行业的并购绩效。本文对医药行业的短期并购绩效研究采用的方法是股价分析法,长期绩效研究采用的方法为财务分析法和EVA(经济增加值)指标分析法。股价分析法主要是研究累计异常收益率;财务分析法主要是研究所选取的偿债能力、营运能力、盈利能力、发展能力四个维度的十二个指标;EVA指标分析法主要是计算经济增加值。最后得出医药行业内并购确实能创造价值的结论,并对如何提高并购绩效提出了一些建议。
[Abstract]:In the past ten years, China's pharmaceutical industry is in a period of rapid development. This is mainly due to the increasing demand, reflected in the following aspects: first, the population continues to increase; second, the process of urbanization continues to accelerate; third, the age structure tends to aging. However, the pharmaceutical industry itself has many problems in the supply, small scale, can not play a scale effect; a large number, product homogeneity is serious; less innovation, generic drugs flooding the market. In order to solve the mismatch between supply and demand, the country vigorously carries on the medical reform, the industry also carries on the merger and acquisition conformity unceasingly, the number and the amount of mergers and acquisitions are rising unceasingly. It is in this context that this paper decides to study the M & A performance of the pharmaceutical industry. This paper studies whether the merger and acquisition creates value through the typical case of Tianhe pharmaceutical industry. The research idea is to summarize the reasons and methods of M & A in Chinese medicine industry first, then to find out typical cases from previous M & A cases, and to study the short-term and long-term M & A performance of typical cases. In this way, the M & A performance of the whole pharmaceutical industry is introduced. In this paper, the methods of short-term M & A performance research in pharmaceutical industry are stock price analysis, and long-term performance analysis are financial analysis and EVA (Economic value added) index analysis. The stock price analysis method mainly studies the accumulative abnormal rate of return; the financial analysis method is mainly the solvency, operating ability and profitability selected by the research institute. The twelve indexes of the four dimensions of development ability are analyzed by EVA index method, which is mainly to calculate the economic added value. Finally, the conclusion is drawn that M & A in pharmaceutical industry can really create value, and some suggestions on how to improve the performance of M & A are put forward.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F426.72;F832.51

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