發(fā)布時(shí)間：2018-05-23 17:51

  本文選題：財(cái)務(wù)指標(biāo) + 醫(yī)藥　； 參考：《上海交通大學(xué)》2014年碩士論文

【摘要】：并購是一個(gè)很大的主題。近年來，隨著我國市場經(jīng)濟(jì)和資本市場的發(fā)展，越來越多企業(yè)選擇通過并購來獲得外延式增長。醫(yī)藥行業(yè)是近幾年來發(fā)生并購交易最為活躍的領(lǐng)域之一。由于本文作者有三年醫(yī)藥行業(yè)從業(yè)經(jīng)驗(yàn)，一年醫(yī)藥行業(yè)投資研究經(jīng)驗(yàn)，所以自然而然想到了對這個(gè)主題進(jìn)行深入的探索。 本文首先整理了國內(nèi)外對于全行業(yè)并購績效和醫(yī)藥行業(yè)單獨(dú)并購績效的研究文獻(xiàn)，并進(jìn)一步界定了并購相關(guān)的概念和理論。接著對我國醫(yī)藥行業(yè)目前的發(fā)展現(xiàn)狀、驅(qū)動(dòng)因素、制約因素等做了介紹，然后又針對我國近年來上市醫(yī)藥公司并購案例情況做了相應(yīng)統(tǒng)計(jì)。 在此基礎(chǔ)之上，本研究以我國A股醫(yī)藥上市公司在2000-2011年的157起并購案例為研究對象，先是以5個(gè)方面共14個(gè)財(cái)務(wù)指標(biāo)作因子分析，研究發(fā)生并購的公司在并購前一年到并購后二年共4年過程中的業(yè)績得分變化。然后以業(yè)績得分作為因變量，選取并購、行業(yè)、股東3個(gè)方面共9個(gè)變量作多元回歸，從而了解到底是哪些因素影響了醫(yī)藥企業(yè)并購績效。研究不僅研究了醫(yī)藥行業(yè)整體，也分化學(xué)原料藥、化學(xué)制劑、中藥、生物制藥、醫(yī)療器械、醫(yī)療服務(wù)、醫(yī)藥商業(yè)7個(gè)子行業(yè)分別做了研究。第三部分是典型案例研究。最后得出以下結(jié)論： 一、醫(yī)藥企業(yè)并購當(dāng)年業(yè)績明顯下降，，盡管并購后一年、后二年業(yè)績有所回升，但仍然不及并購前一年業(yè)績得分，長遠(yuǎn)看并購并沒有給醫(yī)藥行業(yè)整體帶來正效應(yīng)。長遠(yuǎn)來看并購給企業(yè)業(yè)績帶來顯著提升的子行業(yè)是化學(xué)原料藥、醫(yī)療服務(wù)、醫(yī)藥商業(yè)，并購前后企業(yè)業(yè)績變化不大的子行業(yè)是中藥、生物制藥，并購后企業(yè)業(yè)績顯著下降的子行業(yè)是化學(xué)制劑。醫(yī)療器械子行業(yè)由于樣本有限其結(jié)論不具有效性。 二、從并購績效原因來看，對于醫(yī)藥行業(yè)整體而言，機(jī)構(gòu)持股比例和收購比例是重要的正面指標(biāo)。醫(yī)藥公司的機(jī)構(gòu)持股比例越高，收購目標(biāo)企業(yè)股權(quán)比例越高，其并購后的業(yè)績提升越為明顯。對于不同的子行業(yè)，機(jī)構(gòu)持股比例在生物制藥、醫(yī)藥商業(yè)、化學(xué)制劑、中藥4個(gè)子行業(yè)中與企業(yè)并購績效顯著正相關(guān)，是正面指標(biāo)。前十大股東持股比例與生物制藥、化學(xué)制劑企業(yè)并購績效負(fù)相關(guān)，但與化學(xué)原料藥企業(yè)并購績效正相關(guān)，可見是成熟藥企的負(fù)面指標(biāo)，上游藥企的正面指標(biāo)。交易金額與醫(yī)藥商業(yè)、醫(yī)療服務(wù)企業(yè)并購績效均為負(fù)相關(guān)，但與中藥類企業(yè)為正相關(guān)。流通股占比與生物制藥、化學(xué)制劑企業(yè)并購業(yè)績均為負(fù)相關(guān)。 綜上所述，本研究基于財(cái)務(wù)指標(biāo)法，并采用統(tǒng)計(jì)上的因子分析和回歸分析，對我國醫(yī)藥上市公司的并購績效做了多方面的分析探討，為我國醫(yī)藥企業(yè)并購行為做出了理論解釋，也為并購決策提供了依據(jù)和借鑒。
[Abstract]:M & A is a big theme. In recent years, with the development of market economy and capital market in our country, more and more enterprises choose to acquire extension growth through merger and acquisition. The pharmaceutical industry is one of the most active areas of M & A transactions in recent years. Since the author has three years experience in pharmaceutical industry and one year experience in investment research in pharmaceutical industry, it is natural for the author to explore this subject deeply. In this paper, the domestic and foreign literature on the performance of M & A in the whole industry and the performance of individual M & A in the pharmaceutical industry are reviewed, and the related concepts and theories of M & A are further defined. Then it introduces the current development situation, driving factors and restricting factors of the pharmaceutical industry in China, and then makes corresponding statistics on the M & A cases of listed pharmaceutical companies in China in recent years. On this basis, this study takes 157 M & A cases of A share pharmaceutical listed companies in China from 2000 to 2011 as the research object. Firstly, it takes 14 financial indicators in 5 aspects as the factor analysis. This paper studies the change of performance score of M & A companies in the period of 4 years from one year to two years after M & A. Then take the performance score as the dependent variable, select 9 variables of M & A, industry and shareholders to make multiple regression, so as to understand what factors affect the M & A performance of pharmaceutical enterprises. The research has not only studied the whole medicine industry, but also has done the research separately in the chemical raw material medicine, the chemical preparation, the traditional Chinese medicine, the biopharmaceuticals, the medical device, the medical service, the medicine commercial seven sub-industries has made the research separately. The third part is a typical case study. Finally, the following conclusions are drawn: First, the performance of pharmaceutical enterprises in the year of M & A decreased significantly. Although the performance of the latter two years recovered a year after the merger, it was still not as good as the score of the year before the merger and acquisition. In the long run, M & A did not bring positive effects to the pharmaceutical industry as a whole. In the long run, the sub-industries in which mergers and acquisitions have significantly improved the performance of enterprises are chemical raw materials, medical services, pharmaceutical commerce, and the sub-industries in which the performance of enterprises do not change much before and after the merger are traditional Chinese medicine and biopharmaceuticals. After the merger and acquisition of corporate performance significantly decreased in the sub-industry is chemical agents. The conclusions of the medical device sub-industry are not effective due to the limited sample. Second, from the M & A performance reasons, for the pharmaceutical industry as a whole, institutional shareholding ratio and acquisition ratio are important positive indicators. The higher the proportion of institutional shareholding of pharmaceutical companies, the higher the share ratio of target enterprises, and the more obvious the performance of M & A is. For different sub-industries, the proportion of institutional shareholding in biopharmaceutical, pharmaceutical commerce, chemical preparations and traditional Chinese medicine is significantly positive correlation with M & A performance, which is a positive indicator. The proportion of the top ten shareholders is negatively correlated with the M & A performance of biopharmaceutical and chemical pharmaceutical enterprises, but it is positively correlated with the M & A performance of the chemical API enterprises, which shows that it is the negative index of the mature pharmaceutical enterprises and the positive index of the upstream pharmaceutical enterprises. The transaction amount is negatively correlated with the M & A performance of pharmaceutical and medical service enterprises, but is positively correlated with traditional Chinese medicine enterprises. The proportion of circulating shares is negatively correlated with the M & A performance of biopharmaceuticals and chemical agents. To sum up, based on the method of financial index, and using the statistical factor analysis and regression analysis, this paper makes a multi-aspect analysis and discussion on the M & A performance of the listed pharmaceutical companies in China, and makes a theoretical explanation for the M & A behavior of the pharmaceutical enterprises in China. It also provides the basis and reference for M & A decision.
【學(xué)位授予單位】：上海交通大學(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;F271

【參考文獻(xiàn)】

相關(guān)期刊論文 前7條

1 黃旭;史銳;;制造業(yè)上市公司并購:績效分析與政策建議[J];財(cái)經(jīng)科學(xué);2007年11期

2 余光,楊榮;企業(yè)購并股價(jià)效應(yīng)的理論分析和實(shí)證分析[J];當(dāng)代財(cái)經(jīng);2000年07期

3 張小倩;;企業(yè)并購績效的實(shí)證研究[J];消費(fèi)導(dǎo)刊;2009年04期

4 方芳,閆曉彤;中國上市公司并購績效與思考[J];經(jīng)濟(jì)理論與經(jīng)濟(jì)管理;2002年08期

5 何曉瑩;牛霞;;中國醫(yī)藥上市公司并購績效分析[J];經(jīng)濟(jì)研究導(dǎo)刊;2009年15期

6 馮根福,吳林江;我國上市公司并購績效的實(shí)證研究[J];經(jīng)濟(jì)研究;2001年01期

7 李志剛;陳守東;劉志強(qiáng);;我國上市公司并購績效分析[J];稅務(wù)與經(jīng)濟(jì);2008年05期

本文編號(hào)：1925733