本文關(guān)鍵詞： 并購(gòu)績(jī)效 華潤(rùn)三九 桂林天和　出處：《河北經(jīng)貿(mào)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來(lái),并購(gòu)活動(dòng)成為許多企業(yè)實(shí)現(xiàn)跳躍式發(fā)展的一條重要路徑,在全球幾次并購(gòu)浪潮的沖擊下,中國(guó)企業(yè)并購(gòu)的數(shù)量每年都在增加,規(guī)模也在不斷升級(jí)。醫(yī)藥行業(yè)較高的需求彈性和風(fēng)險(xiǎn),使得企業(yè)僅僅依靠自身發(fā)展無(wú)法抵御包括外國(guó)藥企在內(nèi)的多方面夾擊,因此,醫(yī)藥企業(yè)越來(lái)越傾向于選擇并購(gòu)作為擴(kuò)張模式。但是對(duì)于醫(yī)藥行業(yè)的并購(gòu)效果究竟如何,業(yè)界一直沒(méi)有形成統(tǒng)一的觀點(diǎn)。本文運(yùn)用案例分析法,以華潤(rùn)三九醫(yī)藥控股有限公司并購(gòu)桂林天和為例,基于并購(gòu)和并購(gòu)績(jī)效的相關(guān)理論,分析了中國(guó)醫(yī)藥行業(yè)的發(fā)展?fàn)顟B(tài),又從并購(gòu)動(dòng)因等方面分析了這次的并購(gòu)活動(dòng)。然后,從經(jīng)營(yíng)業(yè)績(jī)方面對(duì)并購(gòu)進(jìn)行了具體績(jī)效評(píng)價(jià),根據(jù)傳統(tǒng)財(cái)務(wù)指標(biāo)、EVA和非財(cái)務(wù)指標(biāo)相結(jié)合的分析結(jié)果綜合評(píng)判此次并購(gòu)的效果,最后提出自己的建議。本文的主要工作和結(jié)論是:(1)從華潤(rùn)三九并購(gòu)桂林天和的并購(gòu)動(dòng)因、并購(gòu)過(guò)程、整合過(guò)程等方面分析了這次并購(gòu)活動(dòng),可以初步判斷華潤(rùn)的此次并購(gòu)符合企業(yè)的戰(zhàn)略目標(biāo),整合狀況良好。(2)通過(guò)傳統(tǒng)財(cái)務(wù)指標(biāo)的分析,從盈利能力、成長(zhǎng)能力、償債能力和營(yíng)運(yùn)能力四個(gè)方面分別橫向、縱向視角分析了華潤(rùn)三九并購(gòu)前后的業(yè)績(jī),可以發(fā)現(xiàn)并購(gòu)后各項(xiàng)指標(biāo)存在波動(dòng)。(3)通過(guò)引入價(jià)值指標(biāo)EVA,結(jié)合行業(yè)和企業(yè)自身特點(diǎn),確定EVA調(diào)整項(xiàng)目和資本成本,從企業(yè)價(jià)值視角分析華潤(rùn)三九并購(gòu)前后的業(yè)績(jī),可以發(fā)現(xiàn)EVA指標(biāo)在并購(gòu)當(dāng)年顯著上升又在之后一年經(jīng)歷了下跌,原因是醫(yī)藥行業(yè)供給側(cè)改革的進(jìn)一步深入所致行業(yè)轉(zhuǎn)型升級(jí)的陣痛�？傮w而言,華潤(rùn)三九并購(gòu)桂林天和從績(jī)效評(píng)價(jià)視角是成功的。
[Abstract]:In recent years, many enterprises mergers and acquisitions become an important path to realize the leaping development, in several of the world's wave of mergers and acquisitions under the impact of the number of China MampA increases every year, the scale is constantly upgrading. The pharmaceutical industry demand elasticity and high risk, so that enterprises rely solely on their own development cannot resist many aspects including foreign pharmaceutical companies, pharmaceutical companies attack, therefore, more and more inclined to choose M & A as the expansion mode. But for the pharmaceutical industry mergers and acquisitions effect how the industry has not formed a unified view. This paper uses the method of case analysis, based on Huarun 39 Pharmaceutical Holdings Limited merger and Guilin as an example, the related theory of merger and acquisition based on performance, analyzes the development state of China pharmaceutical industry, and from the merger are analyzed in terms of the merger and acquisition activities. Then, from the operating performance of Party In the face of the M & A of specific performance evaluation, according to the traditional financial indicators, the effect of the results of EVA analysis and non-financial indicators combined with the comprehensive evaluation of the merger, finally put forward their own proposals. The main work and conclusions are: (1) merger and acquisition motivation, and from the 39 day of Guilin Huarun merger integration process, etc. Analysis of the merger and acquisition activity, you can determine the initial Huarun merger is in line with the strategic objectives of the enterprise integration, in good condition. (2) through the analysis of the traditional financial indicators, from the profitability, growth, four aspects of solvency and operation ability are horizontal, longitudinal analyses before and after Huarun 39 acquisition of the performance, can found in the index after the merger volatility. (3) through the introduction of value index EVA, combined with the industry and their own characteristics, determine the EVA adjustment project and the cost of capital, from the perspective of corporate value Huarun 39 performance analysis before and after the merger, EVA index can be found after the acquisition of the year increased significantly in one year experienced a fall, the reason is the pharmaceutical industry supply side reform caused by industry upgrade pains. Overall, 39 days from Guilin and Huarun M & a performance evaluation perspective is successful.

【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;F406.7;F271

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本文編號(hào)：1556161