本文關(guān)鍵詞：“仁濟醫(yī)藥”并購中的價值評估研究　出處：《中南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 醫(yī)藥企業(yè) 企業(yè)并購 價值評估 DCF法

【摘要】：摘要：企業(yè)價值評估是并購行為中最為關(guān)鍵的問題之一,是并購交易的精髓。一方面,評估出的企業(yè)價值為并購方談判定價提供了依據(jù)；另一方面,通過價值評估有助于并購方全面把握和控制并購風(fēng)險,避免支付過高溢價而陷入“并購陷阱”,提高最終的并購成功率。 論文以仁濟醫(yī)藥有限公司(簡稱“仁濟醫(yī)藥”)并購晉榮藥業(yè)有限公司(簡稱“晉榮藥業(yè)”)為例,首先,闡述了當(dāng)前我國醫(yī)藥企業(yè)并購的背景,分析了國內(nèi)外對此論題的研究現(xiàn)狀,確定了論文的研究內(nèi)容與框架。接著,介紹了并購的概念,并購動因理論及流程,價值評估的概念、原則及方法。然后,分析了我國宏觀環(huán)境(PEST),醫(yī)藥行業(yè)發(fā)展現(xiàn)狀及前景,企業(yè)基本面及“仁濟醫(yī)藥”的并購動因,結(jié)合對不同估值方法優(yōu)缺點及適用性的比較,選取了現(xiàn)金流折現(xiàn)(DCF)法作為“仁濟醫(yī)藥”并購估值的方法,并結(jié)合特定企業(yè)對DCF法基本模型進行了修正。在此基礎(chǔ)上,根據(jù)DCF法并購估值的一般流程,詳細分析了DCF法修正模型在“仁濟醫(yī)藥”并購估值中的運用過程。最后,對評估結(jié)論進行了簡要分析并針對完善DCF法并購估值提出了相關(guān)建議。圖18幅,表33張,參考文獻54篇。
[Abstract]:Abstract: the enterprise value assessment is one of the most critical issues in mergers and acquisitions, mergers and acquisitions is the essence. On the one hand, the enterprise provides the basis for the assessment of the value of the acquirer to negotiate pricing; on the other hand, the value of assessment will help grasp in M & A and control and purchase risk, avoid paying high premium in M & a "trap", improve the final success rate of mergers and acquisitions.
According to Yan Chai Pharmaceutical Co. Ltd. (hereinafter referred to as "Renji Medical") & Jin Rong Pharmaceutical Co. Ltd. (hereinafter referred to as "Jin Rong pharmaceutical") as an example, firstly, elaborates the background of China's pharmaceutical enterprises merger, analyzes the domestic and foreign research status of this topic, the research content and framework of the paper. Then, the the concept of mergers and acquisitions, mergers and acquisitions motivation theory and process, the concept of value evaluation, principles and methods. Then, analysis of China's macro environment (PEST), the present situation and prospects of development of pharmaceutical industry, mergers and corporate fundamentals and "Renji medical", comparing the advantages and disadvantages and applicability of different valuation methods. The discounted cash flow (DCF) method as the method of "Yan Chai medicine" valuation, combined with a specific enterprise to carry on the revision to the basic model of DCF method. On this basis, according to the general process of DCF method of valuation, detailed Analysis of the modified DCF model in "Renji Medical" valuation application process. Finally, the conclusions of the assessment are analyzed briefly and to perfect the DCF valuation method and put forward relevant proposals. 18 charts, 33 tables, 54 references.

【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F271;F426.72

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本文編號：1384534