复星医药现金并购方式及绩效研究

发布时间：2018-01-07 19:05

本文关键词：复星医药现金并购方式及绩效研究　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：并购作为企业外部发展战略的一种重要手段,发挥着优化资源配置、促进经济结构调整、提高企业生产力和强化竞争地位的作用。但是我国在对并购的有关问题上,很多都没有得到很好地解决,因此限制了并购理论的发展和导致很多失败并购事件的出现。2005年以前我国企业间多为现金并购,之后随着股权分置改革的推进以及并购法律法规的逐步完善,并购交易中虽然采用股票支付、混合支付等方式渐渐增多,但仍然未能撼动现金并购在我国资本市场的地位。北京交通大学博士(宋希亮,2010)【1】提出“当收购方决定并购目标公司时,要解决三个基本问题:一是支付问题;二是融资安排与控制权结构问题;三是由此带来的并购绩效。”根据本文对中国上市公司近几年并购支付方式的统计,虽然股票支付等其他形式逐渐增多,但是传统的现金支付仍然是一个重要而又快捷的支付方式,几乎占比80%以上。为何我国上市公司并购时仍然青睐于现金支付?并购支付的巨额现金是通过什么渠道筹集而来?企业并购绩效如何?解决上述几个问题,理论上有助于我们更深入地掌握并购支付规律,有助于加深对并购绩效的把握,而在实务方面,并购企业根据自身和外部情况选择恰当的支付方式,提高企业并购成功率,提升公司价值同时对促进我国并购支付方式多元化具有重要意义。本文采用规范研究和案例研究相结合的方法,案例中以“并购动因——支付方式选择——融资方式——并购绩效”的逻辑线条对复星医药2010年-2014年发生的6起并购事件为案例研究对象,研究公司现金并购动机、并购长短期绩效。案例研究表明,复星医药基于为避免控股股东控制权稀释、股票价值被低估、融资能力强和现金流充沛四个原因导致公司支付方式单一,基本为现金并购。短期绩效计算超额累计收益率CAR值,同时构建了以专利申请数量、新药数量、净资产收益率和境外营业收入增长率等12个财务及非财务指标体系评价公司的长期并购绩效。最后得出结论虽然现金并购方式为复星医药带来了绩效的提升,但仍然应当采取有关措施促进我国并购支付多元化,措施包括(1)完善资本市场,减少信息不对称;(2)减少发行股票的程序;(3)发挥中介机构作用;(4)拓宽并购融资渠道、鼓励混合支付方式。
[Abstract]:As an important means of external development strategy, M & A plays an important role in optimizing the allocation of resources and promoting the adjustment of economic structure. The role of improving the productivity of enterprises and strengthening the competitive position, but in our country in the M & A related issues, many of them have not been well solved. Therefore, the development of M & A theory and the emergence of many failed M & A events have been restricted. Before 2005, most enterprises in China were cash mergers and acquisitions. After that, with the promotion of the reform of the split share structure and the gradual improvement of the laws and regulations of M & A, the use of stock payment and mixed payment in M & A transactions is gradually increasing. However, cash mergers and acquisitions in China's capital market status has not been shaken. Beijing Jiaotong University Ph.D. (Song Xiliang 2010) [1] put forward "when the acquirer decides to merge the target company." Three basic problems should be solved: first, payment; Second, financing arrangement and control structure; According to the statistics of M & A payment methods of Chinese listed companies in recent years, although other forms such as stock payment are gradually increasing. But the traditional cash payment is still an important and fast way of payment, accounting for almost more than 80%. Why do Chinese listed companies still prefer cash payment when M & A? Through what channels are the huge amounts of cash paid for M & A raised? How about M & A performance? To solve the above problems, it is helpful for us to grasp the rules of M & A payment in theory, to deepen the performance of M & A, and in practice. M & A enterprises choose appropriate payment methods according to their own and external conditions to improve the success rate of M & A. At the same time, the promotion of corporate value is of great significance to promote the diversification of M & A payment methods in China. This paper adopts the method of combining normative research and case study. In the case, the logical lines of "the motivation of M & A-payment mode-financing mode-M & A performance" are taken as the case study object to the six M & A events that occurred in Fosun Medicine from 2010 to 2014. The case study shows that Fosun Medicine is based on the undervaluation of shares in order to avoid dilution of controlling rights of controlling shareholders. The four reasons of strong financing ability and abundant cash flow lead to a single way of payment, basically cash merger. Short-term performance calculation excess cumulative yield CAR value, at the same time build the number of patent applications, the number of new drugs. There are 12 financial and non-financial index systems to evaluate the long-term M & A performance of the company, such as the rate of return on net assets and the growth rate of overseas operating income. Finally, the conclusion is drawn that although cash M & A brings performance improvement to Fosun Medicine. However, some measures should be taken to promote the diversification of M & A payment in China, including the improvement of the capital market and the reduction of information asymmetry. (2) procedures for reducing the issuance of shares; (3) play the role of intermediary; 4) broaden the financing channels of M & A and encourage mixed payment.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F271;F406.7

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