HD医药企业并购协同效应研究

发布时间：2018-04-04 10:45

本文选题：并购　切入点：协同效应　出处：《湘潭大学》2015年硕士论文

【摘要】：伴随着我国资本市场的进一步发展与壮大,经济一体化进程逐步加快,并购已经成为企业寻求快速发展的主要途径,企业借此以实现生产和资本的集中。与国外并购比起来,我国并购起步较晚、发展较快。并购在给我国企业带来机遇的同时,也带来了一定的风险。在我国,并购失败的例子也不在少数。并购成败的关键往往在于并购协同效应实现情况,如何理解协同效应、识别协同要素,提高协同效应,这些问题对全面深入研究我国企业并购活动具有十分重要的理论意义和实践意义。医药行业关系到民生的各个方面,是我国经济发展中成长较快的行业,在我国整体经济中一直扮演着相当重要的角色。近年来,医药公司并购次数增幅明显,医药行业新政的出台迫使企业强强联手来进行资源整合。利用彼此的优势,扩大经营规模,追求并购协同效应。正是在这样的情形下,本文采用理论与案例研究相结合的方法,选择医药行业中的龙头企业HD医药企业作为案例研究对象。本文首先对文章选题背景及意义进行了阐述,系统回顾和总结了国内外并购协同效应有关的研究成果,紧接着阐述了并购理论、并购协同效应的定义及分类。以HD医药并购案例作为本文的研究对象,对并购情况进行简介,从管理协同效应、经营协同效应、财务协同效应三个方面对并购协同效应实现情况进行具体分析。在深入分析的基础上,总结出此次并购协同效应低下原因,在最后指出提高并购协同效应的建议:并购前评估协同效应,合理确定并购溢价;慎重选择支付方式,并购后积极优化资本结构;并购后加强资源整合。这些改进措施旨在为企业以后的并购提供一定的思路,从而能够起到一定的启示作用。本文的创新点主要在于:其一,在对进行协同效应实现情况进行分析时,并不是直接下结论是否获得了并购协同效应,而是详细从管理协同效应、经营协同效应、财务协同效应三个方面分析,哪些方面获得了正协同效应,哪些方面没有获得协同效应,能够更针对性获得某方面协同效应而采取措施。其二,在提高并购协同效应的对策上,提倡递延支付方式,并详细针对该案例提出递延支付注意事项。
[Abstract]:With the further development and expansion of China's capital market and the gradual acceleration of economic integration process, M & A has become the main way for enterprises to seek for rapid development, so that enterprises can realize the concentration of production and capital.Compared with foreign M & A, China's M & A started late and developed faster.M & A brings both opportunities and risks to Chinese enterprises.In our country, M & A failure is not a few examples.The key to success or failure of M & A often lies in the realization of synergy effect of M & A, how to understand the synergy effect, identify the elements of synergy, and improve the synergy effect.These problems are of great theoretical and practical significance to the comprehensive and in-depth study of M & A activities in China.The pharmaceutical industry, which is related to all aspects of people's livelihood, is a fast growing industry in the economic development of our country, and has been playing a very important role in the whole economy of our country.In recent years, the number of mergers and acquisitions of pharmaceutical companies has increased significantly, and the introduction of the new deal in the pharmaceutical industry has forced strong companies to join forces to integrate resources.Make use of each other's advantage, expand management scale, pursue merger and acquisition synergy effect.It is in this case that this paper adopts the method of combining theory with case study and chooses the leading enterprise HD pharmaceutical enterprise in the pharmaceutical industry as the case study object.In this paper, firstly, the background and significance of the selected topic of the article are expounded, and the research results related to the synergy effect of mergers and acquisitions at home and abroad are systematically reviewed and summarized. Then, the theory of M & A, the definition and classification of synergy effect of M & A are expounded.Taking the case of HD medical M & A as the research object, this paper briefly introduces the situation of M & A, and analyzes the realization of M & A synergy from three aspects: management synergy effect, management synergy effect and financial synergy effect.On the basis of in-depth analysis, this paper summarizes the reasons for the low synergistic effect of M & A, and finally points out some suggestions for improving the synergistic effect of M & A: evaluating the synergy effect before M & A, rationally determining the M & A premium; choosing the payment method carefully.Actively optimize the capital structure after M & A; strengthen the integration of resources after M & A.These improvement measures are intended to provide some ideas for the future M & A of enterprises, so as to play a certain role in inspiration.The innovation of this paper mainly lies in: first, in the analysis of the realization of synergy, it is not a direct conclusion whether the merger and acquisition synergy effect, but from the management synergy effect, management synergy effect in detail.This paper analyzes the three aspects of financial synergy, which have achieved positive synergetic effect, which have not got synergy effect, and which can get some synergistic effect more pertinently and take measures.Secondly, in order to improve the synergetic effect of M & A, the deferred payment method is advocated, and the matters needing attention for deferred payment are put forward in detail.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.72;F271

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