本文選題：并購(gòu)績(jī)效　切入點(diǎn)：JYPC　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近來(lái),我國(guó)傳統(tǒng)藥業(yè)的生存和成長(zhǎng)面臨著諸多問(wèn)題與挑戰(zhàn),隨著中國(guó)經(jīng)濟(jì)由高速增長(zhǎng)向中高速增長(zhǎng)的轉(zhuǎn)變,中國(guó)經(jīng)濟(jì)面對(duì)諸多下行壓力:外部需求疲軟、人均盈利減少、生產(chǎn)產(chǎn)能過(guò)剩等。整個(gè)經(jīng)濟(jì)環(huán)境的惡化,使得傳統(tǒng)企業(yè)收入下降、利潤(rùn)大幅下滑,其生存受到了巨大威脅。在2015年,我國(guó)總共發(fā)生的985次并購(gòu)事件,其中有67次是醫(yī)藥企業(yè)并購(gòu),占據(jù)了中國(guó)并購(gòu)6.8%的市場(chǎng),而且在醫(yī)藥企業(yè)的并購(gòu)中間,還有一些令人關(guān)注的案例發(fā)生。比如華潤(rùn)三九并購(gòu)廣東順?lè)逅帢I(yè)花費(fèi)了 6億,湖南洞庭藥業(yè)被復(fù)星醫(yī)藥用5.86億并購(gòu)等。由于我國(guó)企業(yè)并購(gòu)領(lǐng)域逐漸擴(kuò)大、醫(yī)藥企業(yè)的并購(gòu)也越來(lái)越重要而且越來(lái)越普遍。由于醫(yī)藥企業(yè)是朝陽(yáng)行業(yè),所以從改革開(kāi)放以來(lái),醫(yī)藥企業(yè)被稱為是國(guó)民經(jīng)濟(jì)中成長(zhǎng)比較快的行業(yè),每年平均增長(zhǎng)速度到達(dá)22.9%。最近幾年醫(yī)藥行業(yè)主體更是快速成長(zhǎng)和發(fā)展,這也就為各個(gè)醫(yī)藥企業(yè)不停的進(jìn)行并購(gòu)活動(dòng)的提供良好的前提。本文選取2013年度國(guó)內(nèi)重大并購(gòu)事件之一,JYPC并購(gòu)金沙藥業(yè)作為分析案例,對(duì)其績(jī)效進(jìn)行分析。借鑒個(gè)別案例,以點(diǎn)帶面,試圖揭示出我國(guó)傳統(tǒng)藥業(yè)適宜發(fā)展方式與效果。衡量個(gè)案中我國(guó)傳統(tǒng)藥業(yè)進(jìn)行并購(gòu)的績(jī)效,并購(gòu)表象下的實(shí)質(zhì),并購(gòu)后的整合,為中國(guó)傳統(tǒng)藥業(yè)上市公司的并購(gòu)提供一定借鑒與參考。文章以對(duì)JYPC并購(gòu)金沙藥業(yè)的案例進(jìn)行分析,通過(guò)對(duì)并購(gòu)前后JYPC的財(cái)務(wù)指標(biāo)、非財(cái)務(wù)指標(biāo),等多個(gè)角度對(duì)相關(guān)并購(gòu)案例的影響做出評(píng)價(jià),結(jié)合多項(xiàng)指標(biāo)來(lái)評(píng)價(jià)我國(guó)傳統(tǒng)藥業(yè)進(jìn)行并購(gòu)的績(jī)效。文章的結(jié)論是,JYPC由于并購(gòu)的是優(yōu)質(zhì)資產(chǎn),加之后期的合理整合從而獲得新的利潤(rùn)增長(zhǎng)點(diǎn),達(dá)到互利共贏的局面,使JYPC的核心競(jìng)爭(zhēng)力得到提升。
[Abstract]:Recently, the survival and growth of China's traditional pharmaceutical industry are facing many problems and challenges. With the transition of China's economy from high-speed growth to medium-high growth, China's economy is facing a lot of downward pressure: weak external demand, reduced per capita profit, Production overcapacity, etc. The deterioration of the entire economic environment has led to a drop in traditional enterprises' income and a sharp decline in profits, and their survival has been greatly threatened. In 2015, a total of 985 mergers and acquisitions took place in our country. Of these, 67 were pharmaceutical mergers and acquisitions, which accounted for 6.8% of the Chinese M & A market, and there were still some interesting cases in the M & A of pharmaceutical companies. For example, China Resources 39 merged with Guangdong Shunfeng Pharmaceutical Co., Ltd. It took 600 million. Hunan Dongting Pharmaceutical Industry was acquired by Fosun Medicine in 586 million. As the field of enterprise merger and acquisition in China has gradually expanded, the M & A of pharmaceutical enterprises is becoming more and more important and more and more common. As pharmaceutical enterprises are sunrise industries, so since the reform and opening up to the outside world, Pharmaceutical enterprises are described as relatively fast growing industries in the national economy, with an average annual growth rate of 22.9. in recent years, the main body of the pharmaceutical industry has also grown and developed rapidly. This also provides a good premise for various pharmaceutical enterprises to keep on the M & A activities. This paper selects JYPC M & A as an analysis case to analyze its performance, and draws lessons from individual cases, which is one of the most important M & A events in China in 2013. This paper tries to reveal the suitable development mode and effect of traditional pharmaceutical industry in China. It measures the performance of M & A in Chinese traditional pharmaceutical industry, the essence under the appearance of M & A, and the integration after M & A. This paper analyzes the case of JYPC M & A of Sands Pharmaceutical Industry, and analyzes the financial index, non-financial index of JYPC before and after M & A. To evaluate the impact of related M & A cases, and to evaluate the performance of M & A in Chinese traditional pharmaceutical industry with multiple indicators. The conclusion of this paper is that JYPC is a high-quality asset because of M & A. In addition, the reasonable integration of the late stage to obtain a new profit growth point, to achieve a win-win situation, so that the core competitiveness of JYPC has been enhanced.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.72;F271;F406.7

【參考文獻(xiàn)】

相關(guān)期刊論文 前8條

1 李進(jìn)龍;呂巍;郭冰;;制度約束、國(guó)家文化差異與企業(yè)跨國(guó)并購(gòu)績(jī)效——文化差異的競(jìng)爭(zhēng)性中介作用[J];上海管理科學(xué);2012年04期

2 李濤;;從綠大地事件看上市公司監(jiān)管[J];財(cái)會(huì)研究;2012年06期

3 張道峰;馬愛(ài)霞;;基于中國(guó)制藥業(yè)上市公司的綜合績(jī)效評(píng)價(jià)研究[J];經(jīng)營(yíng)管理者;2011年08期

4 李明;徐強(qiáng);徐化兵;;文化差異和行業(yè)相關(guān)度對(duì)并購(gòu)績(jī)效的影響[J];價(jià)值工程;2010年11期

5 李哲;何佳;;國(guó)有上市公司的上市模式、并購(gòu)類型與績(jī)效[J];世界經(jīng)濟(jì);2007年09期

6 陳曄;;中藥產(chǎn)業(yè)發(fā)展存在的問(wèn)題及其對(duì)策[J];甘肅中醫(yī);2007年07期

7 胡長(zhǎng)麗;馮國(guó)忠;;我國(guó)中藥類上市公司經(jīng)營(yíng)業(yè)績(jī)實(shí)證分析[J];中國(guó)醫(yī)藥技術(shù)經(jīng)濟(jì)與管理;2007年06期

8 張秀蘭;;并購(gòu)績(jī)效的實(shí)證研究[J];企業(yè)經(jīng)濟(jì);2006年07期

，

本文編號(hào)：1571468