本文選題：企業(yè)并購(gòu)　切入點(diǎn)：財(cái)務(wù)風(fēng)險(xiǎn)　出處：《河北經(jīng)貿(mào)大學(xué)》2017年碩士論文

【摘要】：近幾年,越來(lái)越多的企業(yè)把并購(gòu)當(dāng)作持續(xù)發(fā)展甚至是海外擴(kuò)張的重要手段,然而并購(gòu)是一把“雙刃劍”,成功的并購(gòu)為企業(yè)資源的優(yōu)化配置帶來(lái)積極的作用,但是,如果并購(gòu)沒(méi)有成功,企業(yè)很有可能降低資源的配置效率,以致會(huì)給并購(gòu)雙方帶來(lái)很大的負(fù)面影響。隨著我國(guó)市場(chǎng)經(jīng)濟(jì)的不斷加深和國(guó)民經(jīng)濟(jì)的繁榮發(fā)展,近幾年并購(gòu)案例在我國(guó)屢見(jiàn)不鮮,尤其是產(chǎn)業(yè)集中度較低的行業(yè),許多企業(yè)通過(guò)橫向并購(gòu)進(jìn)一步擴(kuò)大市場(chǎng)份額。其中醫(yī)療行業(yè)就屬于眾多產(chǎn)業(yè)集中度較低的行業(yè)之一,隨著國(guó)民生活水平的提高,對(duì)醫(yī)療健康越來(lái)越重視,當(dāng)前資源分散的醫(yī)療行業(yè)無(wú)法滿足市場(chǎng)的需求,行業(yè)內(nèi)的并購(gòu)整合勢(shì)在必行。同時(shí),為增強(qiáng)我國(guó)藥企的規(guī)范管理,2011年3月國(guó)家推出了新版《藥品生產(chǎn)質(zhì)量管理規(guī)范》(又稱新版GMP),新版GMP要求藥企在2016年1月1日前通過(guò)認(rèn)證,否則將面臨停產(chǎn),而眾多中小企業(yè)憑借自身實(shí)力難以達(dá)到新版GMP的要求,企業(yè)若要在競(jìng)爭(zhēng)激烈的行業(yè)中生存發(fā)展只有通過(guò)并購(gòu)整合的方式。2013年1月16日華潤(rùn)三九發(fā)布公告稱為落實(shí)公司發(fā)展戰(zhàn)略,擬收購(gòu)桂林天和97.18%的股份,華潤(rùn)三九收購(gòu)桂林天和填補(bǔ)了其在骨科領(lǐng)域的空白,是典型的通過(guò)并購(gòu)方式擴(kuò)展企業(yè)市場(chǎng)的案例,在本次收購(gòu)中,華潤(rùn)三九因其對(duì)桂林天和估值溢價(jià)過(guò)高及全部使用現(xiàn)金支付等高財(cái)務(wù)風(fēng)險(xiǎn)作法受到各方質(zhì)疑,本文通過(guò)搜集、整理、研究國(guó)內(nèi)外學(xué)者關(guān)于并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的相關(guān)研究文獻(xiàn),以及對(duì)此次并購(gòu)案例始末的分析梳理,還原了華潤(rùn)三九并購(gòu)桂林天和的全過(guò)程,并運(yùn)用并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的相關(guān)理論對(duì)這一案例中發(fā)生的并購(gòu)前目標(biāo)企業(yè)價(jià)值評(píng)估風(fēng)險(xiǎn)、并購(gòu)中融資風(fēng)險(xiǎn)和支付風(fēng)險(xiǎn)及并購(gòu)后的財(cái)務(wù)整合風(fēng)險(xiǎn)分析研究,得出華潤(rùn)三九在并購(gòu)桂林天和時(shí)存在較高的財(cái)務(wù)風(fēng)險(xiǎn)的結(jié)論,最后結(jié)合本案例中突出的財(cái)務(wù)風(fēng)險(xiǎn)提出防范和控制建議,為其他并購(gòu)企業(yè)降低并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)提供參考。
[Abstract]:In recent years, more and more enterprises regard M & A as an important means of sustainable development and even overseas expansion. However, M & A is a "double-edged sword". If M & A is not successful, the enterprise will probably reduce the efficiency of resource allocation, which will bring great negative effects to both sides of M & A. with the deepening of the market economy and the prosperity of the national economy in our country, In recent years, M & A cases are common in China, especially in industries with low industrial concentration. Many enterprises further expand their market share through horizontal mergers and acquisitions. Among them, medical industry is one of the industries with low industrial concentration. With the improvement of the standard of living of the people, more and more attention has been paid to medical care and health. At present, the medical industry with scattered resources cannot meet the needs of the market, so it is imperative to integrate mergers and acquisitions within the industry. At the same time, In order to strengthen the normative management of pharmaceutical enterprises in China, in March 2011, the state launched a new edition of the "quality Management Standard for Pharmaceutical production" (also known as the new edition of GMP, which requires pharmaceutical enterprises to pass the certification before January 1, 2016, otherwise, they will face suspension of production. However, many small and medium-sized enterprises cannot meet the requirements of the new version of GMP with their own strength. If enterprises want to survive and develop in a highly competitive industry, they can only adopt the way of merger and acquisition integration. On January 16, 2013, China Resources 39 issued an announcement calling it the implementation of the company's development strategy. To acquire the shares of Guilin Tianhe and 97.18%, China Resources 39's acquisition of Guilin Tianhe filled the gap in the field of orthopaedics. It is a typical case of expanding the enterprise market through mergers and acquisitions. In this acquisition, China Resources 39 has been questioned by all parties for its high financial risk practices such as excessive premium to Guilin Tianhe valuation and full use of cash payments. By collecting and sorting out, this paper studies the relevant research literature of domestic and foreign scholars on the financial risk of mergers and acquisitions. As well as the analysis of the beginning and end of this case, it restores the whole process of Tianhe merger of Guilin by China Resources 39, and applies the theory of financial risk of M & A to evaluate the value of the target enterprise before M & A in this case. The financial risk and payment risk in M & A and the financial integration risk after M & A are analyzed and studied, and the conclusion that China Resources 39 has high financial risk in the merger and acquisition of Guilin Tianhe is concluded. Finally, combining with the outstanding financial risk in this case, the paper puts forward some suggestions on how to prevent and control the financial risk, and provides reference for other M & A enterprises to reduce the financial risk of M & A.
【學(xué)位授予單位】：河北經(jīng)貿(mào)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
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本文編號(hào)：1666639