本文選題：企業(yè)并購 + 風險控制　； 參考：《華南理工大學》2013年碩士論文

【摘要】：本文通過G醫(yī)藥集團公司并購案例的研究，從中尋求對并購中面臨的財務(wù)風險控制的最優(yōu)措施。 企業(yè)并購是一項復(fù)雜性與技術(shù)性并存的專業(yè)投資活動，又是一項高收益與高風險伴生的業(yè)務(wù)，一方面能使企業(yè)迅速發(fā)展，另一方面也會給企業(yè)帶來各種風險，尤其是財務(wù)風險最為突出。如目標企業(yè)估值風險、融資方式選擇風險和支付方式選擇風險等等財務(wù)風險。對于醫(yī)藥行業(yè)中型企業(yè)來說，由于行業(yè)回款期長的特點以及自身資金實力有限，對于風險的抵抗能力相對較差，，但要在激烈的市場競爭以及新醫(yī)改的政策條件下生存及發(fā)展，又需要盡快地擴大規(guī)模。因此，如何防范并購帶來的財務(wù)風險，是醫(yī)藥行業(yè)中型企業(yè)發(fā)展的關(guān)鍵。 本文將以G醫(yī)藥集團為例子。G醫(yī)藥集團是典型的醫(yī)藥行業(yè)中型企業(yè)，為了企業(yè)發(fā)展對其他公司進行了企業(yè)并購，為了防范企業(yè)并購中存在的財務(wù)風險，G醫(yī)藥集團采取了一些措施。本文將以理論和實際相結(jié)合的方法，從行業(yè)特點到公司實際出發(fā)，對G醫(yī)藥集團的各項措施作出評價，分析其措施成功或失敗的原因。并根據(jù)對G醫(yī)藥集團并購的研究，總結(jié)出醫(yī)藥行業(yè)中型企業(yè)在并購時防范財務(wù)風險的有效措施。
[Abstract]:Based on the case study of M & A of G Pharmaceutical Group, this paper seeks the best measures to control the financial risk in M & A. M & A is a professional investment activity with both complexity and technology, and it is also a business accompanied by high profit and high risk. On the one hand, it can make the enterprise develop rapidly, on the other hand, it will bring all kinds of risks to the enterprise. Especially the financial risk is the most prominent. Such as target enterprise valuation risk, financing mode choice risk and payment mode choice risk and so on financial risk. For the medium-sized enterprises in the pharmaceutical industry, due to the long payback period of the industry and the limited capital strength, the ability to resist risks is relatively poor, but they have to survive and develop under the conditions of fierce market competition and the policy of the new health care reform. There is also a need to scale up as quickly as possible. Therefore, how to prevent the financial risks brought by M & A is the key to the development of medium-sized pharmaceutical enterprises. This paper will take G Pharmaceutical Group as an example. G Pharmaceutical Group is a typical medium-sized enterprise in the pharmaceutical industry. For the sake of enterprise development, M & A of other companies has been carried out. In order to prevent the financial risk existing in M & A, G Pharmaceutical Group has taken some measures. Based on the combination of theory and practice, this paper evaluates the measures of G Pharmaceutical Group from the characteristics of the industry to the reality of the company, and analyzes the reasons for the success or failure of the measures. According to the research on M & A of G Pharmaceutical Group, the effective measures of preventing financial risk in M & A of medium sized enterprises in pharmaceutical industry are summarized.
【學位授予單位】：華南理工大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F271;F426.72

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