本文選題：私募股權(quán)投資　切入點：醫(yī)藥商業(yè)　出處：《天津商業(yè)大學》2017年碩士論文　論文類型：學位論文

【摘要】：本文以一家醫(yī)藥商業(yè)企業(yè)——山東GH藥業(yè)有限公司為研究對象,針對其股權(quán)融資過程中出現(xiàn)的部分問題,分析原因并提供解決對策。山東GH藥業(yè)有限公司由于項目需要,需要籌集一定量的資金,對比債務(wù)融資與股權(quán)融資,GH藥業(yè)最終選擇找私募機構(gòu)為其投資,隨之而來的便是投資資金最后如何退出企業(yè)的一系列問題。私募股權(quán)投資是一種新興的資本運作方式,近年來在我國的發(fā)展勢頭迅猛。私募股權(quán)投資的目標行業(yè)較廣泛,而在當代社會人們對醫(yī)療和健康的關(guān)注度在逐漸增強,使得私募股權(quán)投資在醫(yī)藥行業(yè)看到了商機,投資的權(quán)重也更多的偏向醫(yī)藥行業(yè)中發(fā)展較好的企業(yè)。GH藥業(yè)屬于醫(yī)療保健產(chǎn)業(yè),是一種高新技術(shù)產(chǎn)業(yè),較容易募集到私募股權(quán)投資,尤其是風險投資,更傾向于GH藥業(yè)這種處于創(chuàng)業(yè)期的中小型高新技術(shù)企業(yè)。于是公司取得了私募投資機構(gòu)的投資資金,同時需要與投資機構(gòu)簽訂一份對賭協(xié)議,保證企業(yè)每年收益率的基礎(chǔ)上,還要保證投資機構(gòu)能夠順利退出投資。私募股權(quán)投資的退出方式有多種,較理想的退出方式即能夠?qū)⑵髽I(yè)順利推行上市。但是,由于GH藥業(yè)在營銷方式、經(jīng)營管理等方面還存在一定的不足,使得企業(yè)暫時不能滿足上市的標準。為了能夠幫助企業(yè)提高自身盈利能力和在行業(yè)中的競爭力,盡早滿足上市條件要求成功推行上市,以使得私募股權(quán)投資能夠順利退出企業(yè),減少投資機構(gòu)對企業(yè)自身過多的影響,本文以公司近三年經(jīng)營狀況為依據(jù),分析企業(yè)在經(jīng)營能力、盈利能力等方面的不足之處,同時分析企業(yè)上市過程中可能面臨的風險,分析原因及影響,幫助企業(yè)找到能夠提前防范風險的對策,也能夠?qū)ν袠I(yè)其他需要融資的中小型醫(yī)藥商業(yè)企業(yè)起到一定的借鑒作用。
[Abstract]:This paper takes Shandong GH Pharmaceutical Co., Ltd., a pharmaceutical commercial enterprise, as the research object, analyzes the reasons and provides solutions to some problems in the process of equity financing. Need to raise a certain amount of money, compared to debt financing and equity financing, GH Pharmaceutical ultimately chose a private equity firm for its investment. Then comes a series of questions about how to exit the enterprise finally. Private equity investment is a new capital operation mode, which has been developing rapidly in China in recent years. The target industries of private equity investment are more extensive. And in contemporary society, people are paying more and more attention to medical care and health, and private equity investment has seen business opportunities in the pharmaceutical industry. The weight of investment is also more biased towards the better developed enterprises in the pharmaceutical industry. The GH pharmaceutical industry belongs to the medical and health care industry. It is a high-tech industry, and it is easier to raise private equity investment, especially venture capital. More inclined to the GH pharmaceutical industry, such small and medium-sized high-tech enterprises in the start-up period. So the company obtained the investment funds of private equity investment institutions, and it also needed to sign a gambling agreement with the investment agencies to ensure the annual return rate of the enterprises on the basis. It is also necessary to ensure that investment institutions can withdraw from their investments smoothly. There are many ways of withdrawing from private equity investment, and the more ideal exit means that enterprises can be successfully listed. However, because of the marketing mode of GH Pharmaceuticals, There are still some deficiencies in operation and management, which make the enterprises temporarily unable to meet the standards of listing. In order to help enterprises to improve their profitability and competitiveness in the industry, and to meet the requirements of listing requirements as soon as possible, they have successfully implemented the listing. In order to make the private equity investment withdraw from the enterprise smoothly and reduce the excessive influence of the investment institution on the enterprise itself, this paper, based on the operating situation of the company in the past three years, analyzes the shortcomings of the enterprise in the aspects of management ability, profitability and so on. At the same time, it analyzes the risks that enterprises may face in the process of listing, analyzes the causes and effects, and helps the enterprises to find countermeasures to prevent the risks ahead of time. It can also be used for reference for other small and medium-sized pharmaceutical enterprises in need of financing in the same industry.
【學位授予單位】：天津商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F406.7;F426.72

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