复星医药并购效应研究

发布时间：2018-06-03 14:23

本文选题：复星医药 + 并购动因　；参考：《西南交通大学》2017年硕士论文

【摘要】：随着我国资本市场运行机制的逐渐完善,并购成为了上市公司实现做大做强的一种常用资本运作手段。伴随着并购活动发生次数的增加和发生频率的提高,企业的并购行为也开始呈现出频繁并购的新趋势,复星医药即是这类企业中的一个典型代表。2010年,复星医药紧抓医药行业结构性调整机遇,响应政策鼓励兼并重组的号召,通过在行业内频繁开展并购活动,实现了跨越式发展,在医药产业多、小、散、乱的格局中脱颖而出,成为我国拥有领先地位的大型医药企业。截至2015年,复星医药的业务基本覆盖产业链的核心环节,其全产业链战略布局基本实现。复星医药的成长堪称一部并购史,其并购经验值得借鉴。目前,频繁并购效应的研究以实证为主,针对特定企业频繁并购行为的效应研究较少。鉴于此,本文将对复星医药的并购行为及效应展开案例研究,以并购动因及效应为理论基础,立足企业2010-2015年频繁开展的并购活动概述其并购历程,进而从并购的类型、目标选择、定价方法及对价支付方式来分析复星医药的并购行为特征。针对复星医药的战略目标、管理层特征探究其频繁开展并购活动的动因,再从短期市场效应和长期财务绩效方面对复星医药的并购行为实施效果和动因实现程度进行分析与评价。最后,结合对复星医药并购行为的分析总结出其并购经验与不足,为将要实施并购战略的医药企业提供借鉴。经过分析得到以下结论:(1)复星医药的并购行为动因是多层面的,包括产业环境、政策环境、企业战略动机和管理层行为动因等;(2)复星医药的并购行为整体上增加了股东财富,且纵向并购相比横向并购能获得更大的正向超额收益,同时频繁并购事件未出现股东财富效应递减现象;(3)复星医药的并购行为获得了规模优势,一定程度上实现了经营和管理协同效应,但也给企业带来了流动性风险,企业的偿债能力被削弱;(4)通过并购后的整合,复星医药聚焦主业的发展目标得以实现。优秀的投资能力也成为支撑主业快速发展的重要因素。总体来看,复星医药通过频繁开展并购活动实现了自身的跨越式发展,但在后续并购时应注重对价支付方式的选择等问题,以减少流动性风险,实现可持续发展。
[Abstract]:With the gradual improvement of the operating mechanism of capital market in China, M & A has become a common means of capital operation for listed companies to become bigger and stronger. With the increase of the times and frequency of M & A activities, the M & A behavior of enterprises is beginning to show a new trend of frequent M & A. Fosun Medicine is a typical representative of this kind of enterprises in 2010. Fosun Pharmaceutical clung to the opportunities for structural adjustment of the pharmaceutical industry, responded to the call of policies to encourage mergers and acquisitions, and through frequent M & A activities within the industry, achieved leap-forward development and stood out in the pattern of more, smaller, scattered and chaotic pharmaceutical industries. Become our country has the leading position of large-scale pharmaceutical enterprises. Up to 2015, Fosun Pharmaceutical's business basically covers the core link of the industrial chain, and the strategic layout of the whole industry chain is basically realized. The growth of Fosun Medicine can be called a M & A history, and its M & A experience is worthy of reference. At present, the research on the effect of frequent mergers and acquisitions is mainly empirical, but the effect of frequent mergers and acquisitions of specific enterprises is less. In view of this, this paper will carry out a case study on the M & A behavior and effect of Fosun Medicine. Based on the theory of M & A motivation and effect, based on the frequent M & A activities carried out by enterprises from 2010 to 2015, this paper will outline the course of M & A, and then summarize the types of M & A. Objective selection, pricing method and price payment method to analyze the M & A behavior characteristics of Fosun Medicine. In view of the strategic goal of Fosun Medicine, the management characteristics explore the motivation of its frequent M & A activities. From the aspects of short-term market effect and long-term financial performance, this paper analyzes and evaluates the effect and motivation of Fosun Medical M & A (M & A). Finally, combined with the analysis of Fosun's M & A behavior, the experiences and shortcomings of M & A are summed up, which can be used for reference by pharmaceutical enterprises that will implement M & A strategy. Through the analysis, we can draw the following conclusions: (1) the M & A behavior motivation of Fosun Medicine is multi-layered, including industrial environment, policy environment, strategic motivation of enterprise and behavior motivation of management, etc.) the M & A behavior of Fosun Pharmaceutical has increased the wealth of shareholders as a whole. Compared with horizontal M & A, vertical M & A can obtain more positive excess returns, and frequent M & A events do not have the phenomenon of decreasing shareholder wealth effect. To a certain extent, the synergetic effect of management and management has been realized, but it also brings liquidity risk to enterprises. The ability to repay debt of enterprises is weakened. 4) through the integration of M & A, the development goal of focusing on the main industry of Fosun Medicine can be realized. Excellent investment capacity has also become an important factor supporting the rapid development of the main industry. In general, Fosun medicine has realized its leap-forward development through frequent M & A activities, but it should pay attention to the choice of consideration payment mode in the subsequent M & A in order to reduce liquidity risk and realize sustainable development.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.72

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