【摘要】：隨著社會的發(fā)展和科技的進(jìn)步,人民生活水平不斷提高,人們開始越來越關(guān)注生理和精神健康,對醫(yī)藥方面的投入也逐步加大。日前,國務(wù)院正式發(fā)布的《“十三五”深化醫(yī)藥衛(wèi)生體制改革規(guī)劃》,使得醫(yī)藥行業(yè)又一次成為全社會關(guān)注的熱點(diǎn)。目前世界上的幾大制藥企業(yè)都是通過并購成為全球醫(yī)藥行業(yè)巨頭,并購已經(jīng)成為醫(yī)藥制造業(yè)上市公司優(yōu)化資源配置,實(shí)現(xiàn)可持續(xù)化發(fā)展,將企業(yè)做大做強(qiáng)的必經(jīng)之路。我國醫(yī)藥制造企業(yè)的并購事件也頻頻發(fā)生,而判斷一起并購是否成功的關(guān)鍵在于衡量企業(yè)并購后是否實(shí)現(xiàn)了并購目標(biāo)并使得公司的經(jīng)營情況得到有效改善。海翔藥業(yè)作為一家生產(chǎn)特色原料藥的制藥企業(yè),在制藥行業(yè)競爭越發(fā)激烈的環(huán)境下,其競爭壓力與日俱增。面對低收入、高成本帶來的虧損,海翔藥業(yè)提出并購臺州前進(jìn),在制藥之外拓展盈利能力較強(qiáng)的染料板塊,希望可以通過并購扭虧為盈。本文在前半部分首先對相關(guān)理論進(jìn)行了闡述。其主要包括:介紹并購的相關(guān)理論;根據(jù)前人的研究結(jié)果,對并購是否會影響企業(yè)績效的文獻(xiàn)進(jìn)行綜述;介紹常見的幾種績效評價方法并將它們進(jìn)行比較。本文后半部分主要是進(jìn)行對海翔藥業(yè)并購臺州的案例分析。首先,對此次并購的相關(guān)主體和過程進(jìn)行介紹。其次,分別使用事件研究法、財(cái)務(wù)指標(biāo)分析法和EVA分析法分析海翔藥業(yè)并購前后的績效變化。從案例分析中得出,海翔藥業(yè)并購臺州前進(jìn)這一事件,達(dá)到了海翔藥業(yè)的并購目標(biāo)。公司戰(zhàn)略由生產(chǎn)特色原料藥轉(zhuǎn)變?yōu)橹扑�、染料雙頭并進(jìn),凈利潤扭虧為盈,各項(xiàng)能力都得到大幅提高。因此得出了此次并購為海翔藥業(yè)帶來了正面效應(yīng)的結(jié)論。
[Abstract]:With the development of society and the progress of science and technology, people's living standard is improving constantly. People begin to pay more and more attention to physical and mental health, and invest more and more in medicine. A few days ago, the State Council issued the "13th Five-Year Plan" to deepen the reform of the medical and health system, making the pharmaceutical industry once again become the focus of attention of the whole society. At present, the major pharmaceutical enterprises in the world are becoming the global pharmaceutical giant through M & A. M & A has become the only way to optimize the allocation of resources, realize the sustainable development and make the enterprises bigger and stronger. The M & A events of pharmaceutical manufacturing enterprises in China also occur frequently, and the key to judge the success of M & A is to measure whether the goal of M & A has been achieved or not and to improve the management of the company effectively. Haixiang Pharmaceutical Industry, as a pharmaceutical company producing characteristic API, is under increasing competitive pressure under the increasingly competitive environment in the pharmaceutical industry. Faced with the loss brought by low income and high cost, Haixiang Pharmaceutical Company proposed to merge Taizhou and expand the profitable dyestuff sector outside the pharmaceutical industry in the hope of turning losses into profits through mergers and acquisitions. In the first half of this paper, the related theories are expounded. It mainly includes: introduce the relevant theory of M & A; according to the previous research results, review the literature on whether M & A will affect the performance of enterprises; introduce several common performance evaluation methods and compare them. The second half of this paper is the case study of Taizhou merger and acquisition of Haixiang Pharmaceutical Industry. First of all, the M & A related subjects and processes are introduced. Secondly, the performance changes of Haixiang pharmaceutical industry before and after merger and acquisition are analyzed by means of event study, financial index analysis and EVA analysis respectively. From the case analysis, it is concluded that the merger and acquisition of Taizhou by Haixiang Pharmaceutical Industry has reached the goal of merger and acquisition of Haixiang Pharmaceutical Industry. The strategy of the company is changed from producing characteristic raw material medicine to pharmaceutical, dye double head goes hand in hand, net profit turns to profit, each ability is greatly improved. As a result, the merger and acquisition for the Haixiang pharmaceutical industry has brought a positive effect.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.72;F406.7;F271

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本文編號：2332326