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

【摘要】：企業(yè)的成長有兩條途徑:一靠內(nèi)部資本的積累,實現(xiàn)內(nèi)生式的增長;二通過并購,迅速擴大資本規(guī)模,實現(xiàn)外延式擴張。近年來,隨著我國資本市場的快速發(fā)展,并購重組已經(jīng)成為了企業(yè)做大做強的重要手段。2015年醫(yī)藥行業(yè)位列并購市場前三甲,共發(fā)生320件并購案例,涉及金額達到1,411.01億元。隨著并購的不斷增加,企業(yè)進行并購的數(shù)量和頻率也顯著提高,這也使得部分公司的并購行為呈現(xiàn)出連續(xù)并購的趨勢,連續(xù)并購現(xiàn)象逐漸成為研究并購時的熱點。復星醫(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)并購實現(xiàn)了外延式高速增長,后者依靠自身研發(fā)實現(xiàn)了內(nèi)生式發(fā)展,但復星醫(yī)藥的市場反應(yīng)卻遠低于恒瑞醫(yī)藥,市場估值是恒瑞醫(yī)藥的一半。基于此,探究連續(xù)并購實現(xiàn)的外延式高增長能否創(chuàng)造價值,以及連續(xù)并購外延擴張策略存在的問題,以期能為醫(yī)藥行業(yè)如何選擇發(fā)展策略,以及如何通過外延式擴張策略創(chuàng)造價值提供一些幫助。本文選擇復星醫(yī)藥作為研究對象,并以恒瑞醫(yī)藥進行對比。首先,分析連續(xù)并購創(chuàng)造的價值。從股東角度出發(fā),企業(yè)價值可分為市場價值和內(nèi)在價值,市場價值用股價和市值反映,內(nèi)在價值用財務(wù)指標反映,從盈利能力、營運能力、償債能力、發(fā)展能力出發(fā),選取了11個指標,運用事件研究法和主成分分析法,評價復星醫(yī)藥能否創(chuàng)造價值;并與恒瑞醫(yī)藥內(nèi)生式發(fā)展對比,評價復星醫(yī)藥連續(xù)并購創(chuàng)造價值的特點。然后,探究連續(xù)并購外延擴張策略存在的問題,從價值鏈整合的角度出發(fā),圍繞協(xié)同效應(yīng)在價值鏈各職能活動(采購、研發(fā)、生產(chǎn)、營銷服務(wù)和其他支持性活動)上的運作機理,選取15個指標構(gòu)建并購后整合效率指標體系,來評價并購后整合效率,探究并購整合效率對實現(xiàn)價值創(chuàng)造的影響。最后,總結(jié)出基于協(xié)同效應(yīng)的連續(xù)并購價值創(chuàng)造路徑。本文研究結(jié)論如下:(1)復星醫(yī)藥連續(xù)并購獲得外延式高增長。(2)復星醫(yī)藥通過連續(xù)并購在市場上獲得了超額收益,在企業(yè)中獲得良好業(yè)績表現(xiàn)。(3)與內(nèi)生式發(fā)展相比,復星醫(yī)藥的外延式高增長價值創(chuàng)造出現(xiàn)財富遞減效應(yīng)。(4)復星醫(yī)藥并購后整合不力導致業(yè)績成長性不佳是外延式高增長價值創(chuàng)造出現(xiàn)財富遞減效應(yīng)的原因�？梢娺B續(xù)并購戰(zhàn)略有效,可支持企業(yè)的快速發(fā)展,但要注重并購后的整合,發(fā)揮連續(xù)并購策略的協(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.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F426.72

【參考文獻】

相關(guān)期刊論文 前10條

1 陳玉罡;陳文婷;李善民;;并購能降低目標公司的掏空行為嗎?[J];管理科學學報;2013年12期

2 周紹妮;文海濤;;基于產(chǎn)業(yè)演進、并購動機的并購績效評價體系研究[J];會計研究;2013年10期

3 謝玲紅;劉善存;邱菀華;;學習型管理者的過度自信行為對連續(xù)并購績效的影響[J];管理評論;2011年07期

4 李青原;田晨陽;唐建新;陳曉;;公司橫向并購動機:效率理論還是市場勢力理論——來自匯源果汁與可口可樂的案例研究[J];會計研究;2011年05期

5 蘇衛(wèi)東;謝玲紅;;基于時間間隔的連續(xù)并購行為分析[J];西北工業(yè)大學學報(社會科學版);2011年01期

6 謝偉;孫忠娟;李培馨;;影響技術(shù)并購績效的關(guān)鍵因素研究[J];科學學研究;2011年02期

7 李青原;陳超;唐建新;;縱向一體化動因研究評述——交易費用經(jīng)濟學演化視角[J];上海立信會計學院學報;2010年05期

8 毛基業(yè);李曉燕;;理論在案例研究中的作用——中國企業(yè)管理案例論壇(2009)綜述與范文分析[J];管理世界;2010年02期

9 張金鑫;王清劍;;戰(zhàn)略并購中協(xié)同效應(yīng)的來源[J];財會研究;2009年21期

10 王宛秋;張永安;;基于解釋結(jié)構(gòu)模型的企業(yè)技術(shù)并購協(xié)同效應(yīng)影響因素分析[J];科學學與科學技術(shù)管理;2009年04期

相關(guān)碩士學位論文 前2條

1 熊欣;基于平衡計分卡的房地產(chǎn)企業(yè)并購績效研究[D];浙江大學;2014年

2 楊程;我國創(chuàng)業(yè)板上市公司并購動因及績效研究[D];西南財經(jīng)大學;2014年

，

本文編號：1784375