本文關(guān)鍵詞： 醫(yī)藥企業(yè)并購 目標(biāo)企業(yè)價(jià)值評(píng)估 價(jià)值類型 評(píng)估方法　出處：《西南交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著"健康中國"戰(zhàn)略的實(shí)施,為保障人民基本用藥,國家啟動(dòng)了新的醫(yī)療改革,出臺(tái)了新版的GMP、藥品優(yōu)先審評(píng)審批、仿制藥一致性評(píng)價(jià)、臨床實(shí)驗(yàn)數(shù)據(jù)自查核查、控制醫(yī)療保險(xiǎn)費(fèi)用支出、醫(yī)保目錄調(diào)整等一系列政策。針對(duì)醫(yī)藥工業(yè)目前存在的原始創(chuàng)新能力不強(qiáng)、基礎(chǔ)研究和轉(zhuǎn)化研究能力薄弱、產(chǎn)品質(zhì)量急需升級(jí)、行業(yè)集中度低,企業(yè)多、小、散,產(chǎn)品同質(zhì)化和重復(fù)建設(shè)突出、國際競(jìng)爭(zhēng)力弱等問題,國家積極推進(jìn)醫(yī)藥行業(yè)重組整合和引導(dǎo)產(chǎn)業(yè)集聚發(fā)展,優(yōu)化產(chǎn)業(yè)組織結(jié)構(gòu)。受相關(guān)政策以及醫(yī)藥企業(yè)對(duì)資源的戰(zhàn)略整合、迅速發(fā)展、提高企業(yè)競(jìng)爭(zhēng)力的需求等影響,醫(yī)藥行業(yè)的并購活躍,呈現(xiàn)數(shù)量增加、金額增大、標(biāo)的資產(chǎn)多樣化、資本跨界和海外并購增加等趨勢(shì)。并購活動(dòng)產(chǎn)生了對(duì)目標(biāo)企業(yè)價(jià)值評(píng)估的需求,鑒于醫(yī)藥行業(yè)的并購活動(dòng)與其他行業(yè)在并購動(dòng)因、并購標(biāo)的選擇等方面存在差異,受政策影響較大、產(chǎn)品專業(yè)性強(qiáng)、企業(yè)可比性差,目前企業(yè)價(jià)值評(píng)估理論與方法已相對(duì)完善,如何選擇適用的企業(yè)價(jià)值評(píng)估方法,合理評(píng)估目標(biāo)企業(yè)的價(jià)值具有重要意義。本文采用理論與案例相結(jié)合的研究方法,結(jié)合醫(yī)藥企業(yè)并購的特點(diǎn),將企業(yè)價(jià)值評(píng)估理論有效的運(yùn)用到醫(yī)藥企業(yè)并購估值的實(shí)務(wù)中,構(gòu)建目標(biāo)企業(yè)價(jià)值評(píng)估體系。本文首先闡述了并購與企業(yè)價(jià)值評(píng)估相關(guān)理論,并介紹了主要的企業(yè)價(jià)值評(píng)估方法。其次分析了醫(yī)藥企業(yè)并購的現(xiàn)狀、特點(diǎn)、未來趨勢(shì),以2011年-2015年醫(yī)藥制造業(yè)上市企業(yè)并購醫(yī)藥企業(yè)披露的評(píng)估報(bào)告為基礎(chǔ),統(tǒng)計(jì)分析目標(biāo)企業(yè)價(jià)值評(píng)估現(xiàn)狀,分析其價(jià)值影響因素,結(jié)合市場(chǎng)條件等因素,探討評(píng)估方法的選擇。最后,以醫(yī)藥企業(yè)Q并購企業(yè)P為例,從宏觀和微觀角度分析目標(biāo)企業(yè)P,并評(píng)估其市場(chǎng)價(jià)值。根據(jù)合適的評(píng)估技術(shù)思路選取具體的評(píng)估模型,通過分析預(yù)測(cè)來確定模型涉及的參數(shù),估算出目標(biāo)企業(yè)P的價(jià)值,并分析其結(jié)果的合理性,對(duì)目標(biāo)企業(yè)價(jià)值評(píng)估體系進(jìn)行反饋、修正。最后得出本文的研究結(jié)論,說明未來可以深入討論的問題。
[Abstract]:With the implementation of the "healthy China" strategy, in order to ensure the basic use of drugs for the people, the state has initiated a new medical reform, introduced a new version of GMPs, approved drugs in priority, evaluated the consistency of generic drugs, and checked the data of clinical trials. A series of policies such as controlling medical insurance expenditure, adjusting the medical insurance catalogue, etc., aiming at the pharmaceutical industry, the original innovation ability is not strong, the basic research and transformation research ability is weak, the product quality is in urgent need of upgrading, and the industry concentration is low. Many, small, scattered enterprises, outstanding product homogenization and repeated construction, weak international competitiveness, etc., the state has actively promoted the reorganization and integration of the pharmaceutical industry and guided the development of industrial agglomeration. Optimizing the industrial organization structure. Affected by the related policies and the strategic integration of the resources, the rapid development of the pharmaceutical enterprises, and the need to improve the competitiveness of the enterprises, the M & A of the pharmaceutical industry is active, the number of the pharmaceutical industry is increasing, and the amount of money is increasing. The diversification of underlying assets, the increase of cross-border capital and overseas mergers and acquisitions. M & A activities have created a demand for value assessment of target enterprises, in view of the M & A activities of the pharmaceutical industry and the motivation of M & A in other industries, There are differences in the selection of M & A target, which are influenced by the policy, the product is professional, and the enterprise is not comparable. At present, the theory and method of enterprise value evaluation have been relatively perfect, how to choose the suitable enterprise value evaluation method, It is of great significance to evaluate the value of the target enterprise reasonably. This paper adopts the research method of combining theory with case, combining the characteristics of M & A of pharmaceutical enterprise, and applies the theory of enterprise value evaluation to the practice of M & A valuation of pharmaceutical enterprise effectively. Firstly, this paper expounds the relevant theories of M & A and enterprise value evaluation, and introduces the main methods of enterprise value evaluation. Secondly, it analyzes the present situation, characteristics and future trend of M & A of pharmaceutical enterprises. Based on the evaluation report on the merger and acquisition of pharmaceutical enterprises by listed pharmaceutical manufacturing enterprises from 2011 to 2015, this paper analyzes the status quo of target enterprises' value evaluation, analyzes the influencing factors of their value, and combines the market conditions, and so on. Finally, taking the M & A P of pharmaceutical enterprise Q as an example, the paper analyzes the target enterprise P from macro and micro angles, and evaluates its market value. According to the appropriate evaluation technology, the specific evaluation model is selected. Through analysis and prediction to determine the parameters involved in the model, estimate the value of the target enterprise P, and analyze the rationality of the results, feedback to the target enterprise value evaluation system, correction. Finally, the conclusion of this paper is drawn. Describe issues that can be discussed in depth in the future.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F406.7;F426.72

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