华润三九系列并购经济后果研究

发布时间：2018-05-07 16:05

本文选题：并购 + 医药企业　；参考：《哈尔滨商业大学》2017年硕士论文

【摘要】：企业的发展一般依赖于对内和对外发展两条途径。全球共发生过五次并购浪潮,我国也即将迎来第六次并购浪潮,不断冲击着国内企业,使国内企业发展重心不断偏向于并购的方式,近年来国内针对医药企业发布了诸多优惠政策,又一次刺激了国内企业并购重组的发展。国内医药企业虽然数量繁多,但整个行业缺少大型的领先企业,行业的发展受到企业多、小、散现状的制约,整个行业缺乏集中度。而且医药企业在研发阶段需要大量的资金支持,且对于药物的研发工作也具有极大的风险,这就对资金的需求提出了更高的要求。面对市场不断升级的竞争以及自身对资金的高要求,国内医药企业已经无法通过自身发展来满足企业的发展需求,必须通过并购来发展。研究医药企业并购的经济后果,有助于弥补国内关于医药企业并购案例的空白,提供有效建议,为医药企业并购行为提供案例支撑,提高国内医药企业并购成功几率。通过梳理国内外有关并购经济后果的研究文献,在代理人理论、协同效应理论、市场势力理论以及自大假说等理论的基础上,采用案例分析法、文献研究法和财务指标法,以华润三九系列并购为例,将系列并购的动因总结为丰富产品线以实现整体发展布局、实现规模经济以增强市场价格变动应对能力、获取新的利润增长点以保持行业优势以及获取医药资源以节约研发成本,分析并购过程中的风险,包括价值评估风险、融资风险、偿债风险以及整合风险。通过资本层面的市场反应、财务层面的财务指标以及管理层面的协同效应三个层面来验证华润三九系列并购产生的经济后果。总结华润三九并购决策、并购前的准备以及并购后整合的宝贵经验,为医药企业的并购提供有效建议。
[Abstract]:The development of enterprises generally depends on the internal and external development of two ways. There have been five waves of M & A in the world, and China is about to usher in the sixth wave of M & A, which is constantly impacting domestic enterprises and making the center of development of domestic enterprises more inclined to the mode of M & A. In recent years, many preferential policies have been issued for pharmaceutical enterprises, which has stimulated the development of M & A. Although the number of domestic pharmaceutical enterprises is various, the whole industry is short of large leading enterprises. The development of the industry is restricted by many, small and scattered enterprises, and the whole industry lacks concentration. Moreover, pharmaceutical enterprises need a large amount of financial support in the stage of R & D, and also have great risk to the research and development of drugs, which puts forward higher requirements for the demand of funds. In the face of the market competition and its own high demand for capital, domestic pharmaceutical enterprises can not meet the development needs of enterprises through their own development, must be through mergers and acquisitions to develop. The study of the economic consequences of M & A of pharmaceutical enterprises is helpful to make up for the gaps in domestic M & A cases, to provide effective suggestions, to provide case support for M & A of pharmaceutical enterprises, and to improve the probability of success in M & A of domestic pharmaceutical enterprises. By combing the domestic and foreign literature on the economic consequences of mergers and acquisitions, on the basis of agent theory, synergy theory, market power theory and arrogant hypothesis, the paper adopts case analysis method, literature research method and financial index method. Taking China Resources 39 Series M & A as an example, the motivation of series M & A is summarized as enriching the product line to realize the overall development layout and realizing economies of scale in order to enhance the market price change coping ability. In order to obtain new profit growth point to maintain industry advantage and medical resources to save R & D costs, the risks in M & A process, including value assessment risk, financing risk, debt repayment risk and integration risk, are analyzed. Through the market reaction in capital level, financial index in financial level and synergetic effect in management level, the economic consequences of China Resources 39 Series M & A are verified. Summing up China Resources 39 M & A decision, the preparation before M & A and the valuable experience of integration after M & A, to provide effective suggestions for M & A of pharmaceutical enterprises.
【学位授予单位】：哈尔滨商业大学
【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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