哈药股份收购JY药业的价值预估研究

发布时间：2018-05-07 19:05

本文选题：收购方式 + 企业价值　；参考：《哈尔滨工业大学》2014年硕士论文

【摘要】：医药产业是与人民群众生命健康和生活质量等切身利益息息相关的全社会关注的热点问题，是市场经济的重要组成部分，随着国家政策的变化和医疗改革的推行，我国医药行业在进行着行业变革，迅猛发展背后的问题逐渐凸显：资产结构不合理、环保治理能力较弱、资源严重浪费、创新能力较差等等。因此，企业的兼并和重组可以说是市场经济发展的必然趋势，也是实现医药工业繁荣的必经之路。本文侧重于我国企业收购具体案例的价值研究，即对拟收购公司的价值进行预估。企业收购是一项涉及关系和问题众多的复杂的系统工程，首先需要对这些问题进行认真细致的背景分析，为企业日后的收购行为提供科学根据。本文从介绍收购企业和被收购企业开始入手，结合市场情况和政策导向，以及收购方所处的企业瓶颈，具体分析了收购方企业所存在的问题，然后根据企业的具体情况和行业市场政策导向等，确定了目标企业，并对目标企业进行了市场分析以及优势和问题分析，在以上分析的基础上，分析了收购项目可行性以及必要性。然后设计了收购方案的主要控制点，首先根据目标企业的实际财务数据，对整个收购方案的经济价值进行了预测，提出收购项目的投资计划以及资金需求和具体的融资方案，并对项目进行了效益评价，即财务预测。并提出了收购项目的业绩保障方案，以降低收购项目的风险性。最后进行了收购项目的价值分析，这里采取了自由现金流量方法评估目标企业的价值，并对企业价值进行了敏感性分析，确立了企业收购价值的适合区间，，得出收购的最高限价，并结合收购企业双方的财务情况，提出具体的支付方式。希望通过本文的撰写，对企业收购活动提供一定的指导，尤其是医药行业的收购，对其收购过程中计算确定企业价值、支付方式的确定和收购价值测算提供一些思路和设想。同时，哈药股份收购案例具有医药公司收购的典型性，通过研究这一收购案例，可以为其他上市公司，尤其是医药公司的收购方案设计提供借鉴意义。
[Abstract]:The pharmaceutical industry is a hot issue closely related to the vital interests of the people, such as life, health and quality of life. It is an important part of the market economy. With the change of national policy and the implementation of medical reform, The problems behind the rapid development of the pharmaceutical industry in China are becoming increasingly prominent: irrational asset structure, weak ability of environmental protection, serious waste of resources, poor ability of innovation and so on. Therefore, the merger and reorganization of enterprises can be said to be the inevitable trend of the development of market economy and the only way to realize the prosperity of pharmaceutical industry. This paper focuses on the value study of the specific case of enterprise acquisition in China, that is, to estimate the value of the company to be acquired. Enterprise acquisition is a complex system engineering involving many relations and problems. First of all, it is necessary to make a careful background analysis of these problems to provide scientific basis for the acquisition behavior of enterprises in the future. This paper begins with the introduction of the acquired enterprise and the acquired enterprise, combining with the market situation and the policy orientation, and the bottleneck of the enterprise in which the acquirer is located, and analyzes the existing problems of the acquirer's enterprise in detail. Then according to the specific situation of the enterprise and the market policy orientation of the industry, the target enterprise is determined, and the market analysis, advantage and problem analysis of the target enterprise are carried out, on the basis of the above analysis, The feasibility and necessity of acquisition project are analyzed. Then the main control points of the acquisition project are designed. Firstly, according to the actual financial data of the target enterprise, the economic value of the whole acquisition project is forecasted, and the investment plan, the capital demand and the specific financing plan of the acquisition project are put forward. And carried on the benefit appraisal to the project, namely the financial forecast. In order to reduce the risk of the acquisition project, the performance guarantee scheme of the acquisition project is put forward. Finally, the value analysis of the acquisition project is carried out. Here the free cash flow method is adopted to evaluate the value of the target enterprise, and the sensitivity analysis of the enterprise value is carried out, and the suitable interval of the enterprise acquisition value is established. The maximum price of the acquisition is obtained, and combined with the financial situation of both parties, the specific payment method is put forward. It is hoped that through the writing of this paper, it will provide some guidance for the enterprise acquisition, especially the acquisition in the pharmaceutical industry, and provide some ideas and assumptions for the calculation and determination of the enterprise value, the determination of the payment method and the measurement of the acquisition value in the course of its acquisition. At the same time, the purchase case of Harbin Pharmaceutical shares has the typical nature of the acquisition of pharmaceutical companies, through the study of this acquisition case, can provide reference for other listed companies, especially pharmaceutical companies.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F406.7

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