本文選題：收購(gòu)方式 + 企業(yè)價(jià)值��； 參考：《哈爾濱工業(yè)大學(xué)》2014年碩士論文

【摘要】：醫(yī)藥產(chǎn)業(yè)是與人民群眾生命健康和生活質(zhì)量等切身利益息息相關(guān)的全社會(huì)關(guān)注的熱點(diǎn)問(wèn)題，是市場(chǎng)經(jīng)濟(jì)的重要組成部分，隨著國(guó)家政策的變化和醫(yī)療改革的推行，我國(guó)醫(yī)藥行業(yè)在進(jìn)行著行業(yè)變革，迅猛發(fā)展背后的問(wèn)題逐漸凸顯：資產(chǎn)結(jié)構(gòu)不合理、環(huán)保治理能力較弱、資源嚴(yán)重浪費(fèi)、創(chuàng)新能力較差等等。因此，企業(yè)的兼并和重組可以說(shuō)是市場(chǎng)經(jīng)濟(jì)發(fā)展的必然趨勢(shì)，也是實(shí)現(xiàn)醫(yī)藥工業(yè)繁榮的必經(jīng)之路。 本文側(cè)重于我國(guó)企業(yè)收購(gòu)具體案例的價(jià)值研究，即對(duì)擬收購(gòu)公司的價(jià)值進(jìn)行預(yù)估。企業(yè)收購(gòu)是一項(xiàng)涉及關(guān)系和問(wèn)題眾多的復(fù)雜的系統(tǒng)工程，首先需要對(duì)這些問(wèn)題進(jìn)行認(rèn)真細(xì)致的背景分析，為企業(yè)日后的收購(gòu)行為提供科學(xué)根據(jù)。本文從介紹收購(gòu)企業(yè)和被收購(gòu)企業(yè)開始入手，結(jié)合市場(chǎng)情況和政策導(dǎo)向，以及收購(gòu)方所處的企業(yè)瓶頸，具體分析了收購(gòu)方企業(yè)所存在的問(wèn)題，然后根據(jù)企業(yè)的具體情況和行業(yè)市場(chǎng)政策導(dǎo)向等，確定了目標(biāo)企業(yè)，并對(duì)目標(biāo)企業(yè)進(jìn)行了市場(chǎng)分析以及優(yōu)勢(shì)和問(wèn)題分析，在以上分析的基礎(chǔ)上，分析了收購(gòu)項(xiàng)目可行性以及必要性。然后設(shè)計(jì)了收購(gòu)方案的主要控制點(diǎn)，首先根據(jù)目標(biāo)企業(yè)的實(shí)際財(cái)務(wù)數(shù)據(jù)，對(duì)整個(gè)收購(gòu)方案的經(jīng)濟(jì)價(jià)值進(jìn)行了預(yù)測(cè)，提出收購(gòu)項(xiàng)目的投資計(jì)劃以及資金需求和具體的融資方案，并對(duì)項(xiàng)目進(jìn)行了效益評(píng)價(jià)，即財(cái)務(wù)預(yù)測(cè)。并提出了收購(gòu)項(xiàng)目的業(yè)績(jī)保障方案，以降低收購(gòu)項(xiàng)目的風(fēng)險(xiǎn)性。最后進(jìn)行了收購(gòu)項(xiàng)目的價(jià)值分析，這里采取了自由現(xiàn)金流量方法評(píng)估目標(biāo)企業(yè)的價(jià)值，并對(duì)企業(yè)價(jià)值進(jìn)行了敏感性分析，確立了企業(yè)收購(gòu)價(jià)值的適合區(qū)間，，得出收購(gòu)的最高限價(jià)，并結(jié)合收購(gòu)企業(yè)雙方的財(cái)務(wù)情況，提出具體的支付方式。希望通過(guò)本文的撰寫，對(duì)企業(yè)收購(gòu)活動(dòng)提供一定的指導(dǎo)，尤其是醫(yī)藥行業(yè)的收購(gòu)，對(duì)其收購(gòu)過(guò)程中計(jì)算確定企業(yè)價(jià)值、支付方式的確定和收購(gòu)價(jià)值測(cè)算提供一些思路和設(shè)想。同時(shí)，哈藥股份收購(gòu)案例具有醫(yī)藥公司收購(gòu)的典型性，通過(guò)研究這一收購(gòu)案例，可以為其他上市公司，尤其是醫(yī)藥公司的收購(gòu)方案設(shè)計(jì)提供借鑒意義。
[Abstract]:The pharmaceutical industry is a hot issue closely related to the vital interests of the people, such as life, health and quality of life. It is an important part of the market economy. With the change of national policy and the implementation of medical reform, The problems behind the rapid development of the pharmaceutical industry in China are becoming increasingly prominent: irrational asset structure, weak ability of environmental protection, serious waste of resources, poor ability of innovation and so on. Therefore, the merger and reorganization of enterprises can be said to be the inevitable trend of the development of market economy and the only way to realize the prosperity of pharmaceutical industry. This paper focuses on the value study of the specific case of enterprise acquisition in China, that is, to estimate the value of the company to be acquired. Enterprise acquisition is a complex system engineering involving many relations and problems. First of all, it is necessary to make a careful background analysis of these problems to provide scientific basis for the acquisition behavior of enterprises in the future. This paper begins with the introduction of the acquired enterprise and the acquired enterprise, combining with the market situation and the policy orientation, and the bottleneck of the enterprise in which the acquirer is located, and analyzes the existing problems of the acquirer's enterprise in detail. Then according to the specific situation of the enterprise and the market policy orientation of the industry, the target enterprise is determined, and the market analysis, advantage and problem analysis of the target enterprise are carried out, on the basis of the above analysis, The feasibility and necessity of acquisition project are analyzed. Then the main control points of the acquisition project are designed. Firstly, according to the actual financial data of the target enterprise, the economic value of the whole acquisition project is forecasted, and the investment plan, the capital demand and the specific financing plan of the acquisition project are put forward. And carried on the benefit appraisal to the project, namely the financial forecast. In order to reduce the risk of the acquisition project, the performance guarantee scheme of the acquisition project is put forward. Finally, the value analysis of the acquisition project is carried out. Here the free cash flow method is adopted to evaluate the value of the target enterprise, and the sensitivity analysis of the enterprise value is carried out, and the suitable interval of the enterprise acquisition value is established. The maximum price of the acquisition is obtained, and combined with the financial situation of both parties, the specific payment method is put forward. It is hoped that through the writing of this paper, it will provide some guidance for the enterprise acquisition, especially the acquisition in the pharmaceutical industry, and provide some ideas and assumptions for the calculation and determination of the enterprise value, the determination of the payment method and the measurement of the acquisition value in the course of its acquisition. At the same time, the purchase case of Harbin Pharmaceutical shares has the typical nature of the acquisition of pharmaceutical companies, through the study of this acquisition case, can provide reference for other listed companies, especially pharmaceutical companies.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.72;F406.7

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