我国医药企业并购重组的绩效评价及影响因素研究

发布时间：2018-07-10 05:53

本文选题：医药企业 + 并购重组　；参考：《天津大学》2014年硕士论文

【摘要】：并购重组是企业成长的一种重要方式。纵观历史，世界排名前列的跨国医药企业大多数都进行了不同规模的并购重组，随着改革开放的不断深入以及我国医药行业的快速发展，我国医药行业必然会面对资源整合以及重组的问题。近年来，各种新式的联合、并购和重组成为我国医药企业扩大企业规模，淘汰落后企业以改善产业结构的一大手段，发挥了一定的作用，然而我国医药企业并购重组呈现出交易成功率逐年上升，而并购重组后的效益却不尽如人意的现象。本文在综述并购重组相关理论的基础上，结合我国医药企业并购重组的现状、动因、存在的问题等因素，选取了天津医药集团并购M公司的案例，引入平衡计分卡思想进行深入研究，，对影响我国医药企业并购重组成败的因素进行了探讨，并提出了有助于我国医药企业并购重组成功率的建议。影响我国医药企业并购重组成败的因素可以分为影响并购重组交易达成的因素和影响并购重组整合的因素：（1）在并购重组交易过程中，主要的影响因素有企业的发展战略、对目标企业的估值和并购重组方案，其中发展战略起到基础的作用，目标企业的估值是重要的准备阶段，并购重组方案中的支付方式、收购价格、目标公司的规模以及对目标公司员工的安排都会影响并购重组的结果。（2）在并购重组整合阶段，可以从企业的发展战略、资产、业务、文化等方面的整合过程来影响企业并购重组的结果，医药企业尤其要重视无形资产的整合。我国医药企业的并购重组活动，必须从战略目标出发，制定合理的并购重组方案，谨慎地对目标公司进行估值，并重视并购重组后的整合。
[Abstract]:M & A is an important way for enterprises to grow. Throughout history, most of the leading multinational pharmaceutical enterprises in the world have carried out mergers and acquisitions of different scales. With the deepening of reform and opening up and the rapid development of the pharmaceutical industry in China, China's pharmaceutical industry will inevitably face the problem of resource integration and reorganization. In recent years, various new forms of combination, mergers and acquisitions and reorganization have become a major means for Chinese pharmaceutical enterprises to expand their scale and eliminate backward enterprises in order to improve their industrial structure, and have played a certain role. However, the success rate of M & A of Chinese pharmaceutical enterprises is rising year by year, but the benefit of M & A is not satisfactory. On the basis of summarizing the relevant theories of M & A, combining with the present situation, motivation, problems and other factors of M & A of pharmaceutical enterprises in China, this paper selects the case of M & A of Tianjin Pharmaceutical Group. By introducing the idea of balanced scorecard, this paper probes into the factors that affect the success or failure of M & A of pharmaceutical enterprises in China, and puts forward some suggestions which are helpful to the success rate of M & A in Chinese pharmaceutical enterprises. The factors that affect the success or failure of M & A of Chinese pharmaceutical enterprises can be divided into two parts: (1) in the process of M & A, the main factors are the development strategy of enterprises. The valuation of the target enterprise and the plan of merger and acquisition, in which the development strategy plays a fundamental role, the valuation of the target enterprise is an important stage of preparation, the payment method in the plan of merger and reorganization, the purchase price, The size of the target company and the arrangement of the employees of the target company will affect the results of the merger and reorganization. (2) in the stage of merger and reorganization integration, the development strategy, assets and business of the enterprise can be considered. The integration process of culture and so on influences the result of M & A, especially the integration of intangible assets. The M & A activities of pharmaceutical enterprises in our country must proceed from the strategic goal, make a reasonable plan of M & A and reorganization, value the target company carefully, and attach importance to the integration after M & A.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F271

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