本文選題：連續(xù)并購(gòu) + 協(xié)同效應(yīng)��； 參考：《北京交通大學(xué)》2017年碩士論文

【摘要】：企業(yè)的成長(zhǎng)有兩條途徑:一靠?jī)?nèi)部資本的積累,實(shí)現(xiàn)內(nèi)生式的增長(zhǎng);二通過(guò)并購(gòu),迅速擴(kuò)大資本規(guī)模,實(shí)現(xiàn)外延式擴(kuò)張。近年來(lái),隨著我國(guó)資本市場(chǎng)的快速發(fā)展,并購(gòu)重組已經(jīng)成為了企業(yè)做大做強(qiáng)的重要手段。2015年醫(yī)藥行業(yè)位列并購(gòu)市場(chǎng)前三甲,共發(fā)生320件并購(gòu)案例,涉及金額達(dá)到1,411.01億元。隨著并購(gòu)的不斷增加,企業(yè)進(jìn)行并購(gòu)的數(shù)量和頻率也顯著提高,這也使得部分公司的并購(gòu)行為呈現(xiàn)出連續(xù)并購(gòu)的趨勢(shì),連續(xù)并購(gòu)現(xiàn)象逐漸成為研究并購(gòu)時(shí)的熱點(diǎn)。復(fù)星醫(yī)藥和恒瑞醫(yī)藥作為醫(yī)藥行業(yè)的領(lǐng)頭軍,前者依靠連續(xù)并購(gòu)實(shí)現(xiàn)了外延式高速增長(zhǎng),后者依靠自身研發(fā)實(shí)現(xiàn)了內(nèi)生式發(fā)展,但復(fù)星醫(yī)藥的市場(chǎng)反應(yīng)卻遠(yuǎn)低于恒瑞醫(yī)藥,市場(chǎng)估值是恒瑞醫(yī)藥的一半。基于此,探究連續(xù)并購(gòu)實(shí)現(xiàn)的外延式高增長(zhǎng)能否創(chuàng)造價(jià)值,以及連續(xù)并購(gòu)?fù)庋訑U(kuò)張策略存在的問(wèn)題,以期能為醫(yī)藥行業(yè)如何選擇發(fā)展策略,以及如何通過(guò)外延式擴(kuò)張策略創(chuàng)造價(jià)值提供一些幫助。本文選擇復(fù)星醫(yī)藥作為研究對(duì)象,并以恒瑞醫(yī)藥進(jìn)行對(duì)比。首先,分析連續(xù)并購(gòu)創(chuàng)造的價(jià)值。從股東角度出發(fā),企業(yè)價(jià)值可分為市場(chǎng)價(jià)值和內(nèi)在價(jià)值,市場(chǎng)價(jià)值用股價(jià)和市值反映,內(nèi)在價(jià)值用財(cái)務(wù)指標(biāo)反映,從盈利能力、營(yíng)運(yùn)能力、償債能力、發(fā)展能力出發(fā),選取了11個(gè)指標(biāo),運(yùn)用事件研究法和主成分分析法,評(píng)價(jià)復(fù)星醫(yī)藥能否創(chuàng)造價(jià)值;并與恒瑞醫(yī)藥內(nèi)生式發(fā)展對(duì)比,評(píng)價(jià)復(fù)星醫(yī)藥連續(xù)并購(gòu)創(chuàng)造價(jià)值的特點(diǎn)。然后,探究連續(xù)并購(gòu)?fù)庋訑U(kuò)張策略存在的問(wèn)題,從價(jià)值鏈整合的角度出發(fā),圍繞協(xié)同效應(yīng)在價(jià)值鏈各職能活動(dòng)(采購(gòu)、研發(fā)、生產(chǎn)、營(yíng)銷服務(wù)和其他支持性活動(dòng))上的運(yùn)作機(jī)理,選取15個(gè)指標(biāo)構(gòu)建并購(gòu)后整合效率指標(biāo)體系,來(lái)評(píng)價(jià)并購(gòu)后整合效率,探究并購(gòu)整合效率對(duì)實(shí)現(xiàn)價(jià)值創(chuàng)造的影響。最后,總結(jié)出基于協(xié)同效應(yīng)的連續(xù)并購(gòu)價(jià)值創(chuàng)造路徑。本文研究結(jié)論如下:(1)復(fù)星醫(yī)藥連續(xù)并購(gòu)獲得外延式高增長(zhǎng)。(2)復(fù)星醫(yī)藥通過(guò)連續(xù)并購(gòu)在市場(chǎng)上獲得了超額收益,在企業(yè)中獲得良好業(yè)績(jī)表現(xiàn)。(3)與內(nèi)生式發(fā)展相比,復(fù)星醫(yī)藥的外延式高增長(zhǎng)價(jià)值創(chuàng)造出現(xiàn)財(cái)富遞減效應(yīng)。(4)復(fù)星醫(yī)藥并購(gòu)后整合不力導(dǎo)致業(yè)績(jī)成長(zhǎng)性不佳是外延式高增長(zhǎng)價(jià)值創(chuàng)造出現(xiàn)財(cái)富遞減效應(yīng)的原因�？梢�(jiàn)連續(xù)并購(gòu)戰(zhàn)略有效,可支持企業(yè)的快速發(fā)展,但要注重并購(gòu)后的整合,發(fā)揮連續(xù)并購(gòu)策略的協(xié)同效應(yīng),從而使企業(yè)能持續(xù)發(fā)展,創(chuàng)造更大的企業(yè)價(jià)值。
[Abstract]:There are two ways for the growth of enterprises: one is to achieve endogenous growth by the accumulation of internal capital; the other is to expand the scale of capital rapidly through mergers and acquisitions and to realize the extension expansion. In recent years, with the rapid development of China's capital market, M & A has become an important means for enterprises to become bigger and stronger. In 2015, the pharmaceutical industry ranked the top three in the M & A market, involving 320 M & A cases, involving a sum of 141.101 billion yuan. With the increasing of M & A, the number and frequency of M & A of enterprises also increase significantly, which makes the M & A behavior of some companies show the trend of continuous M & A, and the phenomenon of continuous M & A has gradually become a hot spot in the research of M & A. Fosun Medicine and Hengrui Medicine are the leading players in the pharmaceutical industry. The former relies on continuous mergers and acquisitions to achieve rapid growth in extension, while the latter relies on their own research and development to achieve endogenous development, but the market response of Fosun medicine is far lower than that of Hengrui medicine. The market valuation is half that of Hengrui. Based on this, this paper explores whether the extended high growth of continuous mergers and acquisitions can create value, and the problems existing in the strategy of extension expansion of continuous mergers and acquisitions, in order to find out how to choose the development strategy for the pharmaceutical industry. And how to provide some help through extension expansion strategy to create value. This article chooses Fosun medicine as the research object, and carries on the contrast with the Hengrui medicine. First of all, analyze the value created by successive mergers and acquisitions. From the angle of shareholders, the enterprise value can be divided into market value and intrinsic value, the market value is reflected by stock price and market value, and the intrinsic value is reflected by financial index. This paper selects 11 indexes and evaluates whether Fosun medicine can create value by using event research method and principal component analysis method, and compares with the endogenous development of Hengrui medicine to evaluate the characteristics of continuous merger and acquisition of Fosun medicine to create value. Then, this paper explores the problems existing in the extension strategy of continuous M & A, starting from the perspective of value chain integration, focusing on synergy in the various functions of the value chain activities (procurement, research and development, production, The operation mechanism of marketing service and other supporting activities), 15 indexes are selected to construct the index system of post-merger integration efficiency, to evaluate the post-merger integration efficiency, and to explore the impact of merger integration efficiency on the realization of value creation. Finally, the paper summarizes the value creation path of continuous M & A based on synergy effect. The conclusions of this paper are as follows: (1) Fosun Medical continuous M & A gains an extension of high growth. 2) Fosun Medicine gains excess returns in the market through continuous M & A, and gains good performance in the enterprise. 3) compared with endogenous development, Fosun Medical Co., Ltd. The wealth decline effect of the extension high growth value creation of Fosun Medical Co., Ltd.) the poor performance growth caused by the weak integration of Fosun medicine after merger and acquisition is the reason for the wealth decline effect in the extension high growth value creation. It can be seen that the continuous merger strategy is effective and can support the rapid development of the enterprise, but we should pay attention to the integration after the merger and acquisition, give play to the synergy effect of the continuous merger and acquisition strategy, so that the enterprise can develop continuously and create greater enterprise value.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F426.72

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