本文選題：并購 + 醫(yī)藥企業(yè)　； 參考：《哈爾濱商業(yè)大學(xué)》2017年碩士論文

【摘要】：企業(yè)的發(fā)展一般依賴于對內(nèi)和對外發(fā)展兩條途徑。全球共發(fā)生過五次并購浪潮,我國也即將迎來第六次并購浪潮,不斷沖擊著國內(nèi)企業(yè),使國內(nèi)企業(yè)發(fā)展重心不斷偏向于并購的方式,近年來國內(nèi)針對醫(yī)藥企業(yè)發(fā)布了諸多優(yōu)惠政策,又一次刺激了國內(nèi)企業(yè)并購重組的發(fā)展。國內(nèi)醫(yī)藥企業(yè)雖然數(shù)量繁多,但整個行業(yè)缺少大型的領(lǐng)先企業(yè),行業(yè)的發(fā)展受到企業(yè)多、小、散現(xiàn)狀的制約,整個行業(yè)缺乏集中度。而且醫(yī)藥企業(yè)在研發(fā)階段需要大量的資金支持,且對于藥物的研發(fā)工作也具有極大的風(fēng)險,這就對資金的需求提出了更高的要求。面對市場不斷升級的競爭以及自身對資金的高要求,國內(nèi)醫(yī)藥企業(yè)已經(jīng)無法通過自身發(fā)展來滿足企業(yè)的發(fā)展需求,必須通過并購來發(fā)展。研究醫(yī)藥企業(yè)并購的經(jīng)濟(jì)后果,有助于彌補(bǔ)國內(nèi)關(guān)于醫(yī)藥企業(yè)并購案例的空白,提供有效建議,為醫(yī)藥企業(yè)并購行為提供案例支撐,提高國內(nèi)醫(yī)藥企業(yè)并購成功幾率。通過梳理國內(nèi)外有關(guān)并購經(jīng)濟(jì)后果的研究文獻(xiàn),在代理人理論、協(xié)同效應(yīng)理論、市場勢力理論以及自大假說等理論的基礎(chǔ)上,采用案例分析法、文獻(xiàn)研究法和財務(wù)指標(biāo)法,以華潤三九系列并購為例,將系列并購的動因總結(jié)為豐富產(chǎn)品線以實現(xiàn)整體發(fā)展布局、實現(xiàn)規(guī)模經(jīng)濟(jì)以增強(qiáng)市場價格變動應(yīng)對能力、獲取新的利潤增長點(diǎn)以保持行業(yè)優(yōu)勢以及獲取醫(yī)藥資源以節(jié)約研發(fā)成本,分析并購過程中的風(fēng)險,包括價值評估風(fēng)險、融資風(fēng)險、償債風(fēng)險以及整合風(fēng)險。通過資本層面的市場反應(yīng)、財務(wù)層面的財務(wù)指標(biāo)以及管理層面的協(xié)同效應(yīng)三個層面來驗證華潤三九系列并購產(chǎn)生的經(jīng)濟(jì)后果�？偨Y(jié)華潤三九并購決策、并購前的準(zhǔn)備以及并購后整合的寶貴經(jīng)驗,為醫(yī)藥企業(yè)的并購提供有效建議。
[Abstract]:The development of enterprises generally depends on the internal and external development of two ways. There have been five waves of M & A in the world, and China is about to usher in the sixth wave of M & A, which is constantly impacting domestic enterprises and making the center of development of domestic enterprises more inclined to the mode of M & A. In recent years, many preferential policies have been issued for pharmaceutical enterprises, which has stimulated the development of M & A. Although the number of domestic pharmaceutical enterprises is various, the whole industry is short of large leading enterprises. The development of the industry is restricted by many, small and scattered enterprises, and the whole industry lacks concentration. Moreover, pharmaceutical enterprises need a large amount of financial support in the stage of R & D, and also have great risk to the research and development of drugs, which puts forward higher requirements for the demand of funds. In the face of the market competition and its own high demand for capital, domestic pharmaceutical enterprises can not meet the development needs of enterprises through their own development, must be through mergers and acquisitions to develop. The study of the economic consequences of M & A of pharmaceutical enterprises is helpful to make up for the gaps in domestic M & A cases, to provide effective suggestions, to provide case support for M & A of pharmaceutical enterprises, and to improve the probability of success in M & A of domestic pharmaceutical enterprises. By combing the domestic and foreign literature on the economic consequences of mergers and acquisitions, on the basis of agent theory, synergy theory, market power theory and arrogant hypothesis, the paper adopts case analysis method, literature research method and financial index method. Taking China Resources 39 Series M & A as an example, the motivation of series M & A is summarized as enriching the product line to realize the overall development layout and realizing economies of scale in order to enhance the market price change coping ability. In order to obtain new profit growth point to maintain industry advantage and medical resources to save R & D costs, the risks in M & A process, including value assessment risk, financing risk, debt repayment risk and integration risk, are analyzed. Through the market reaction in capital level, financial index in financial level and synergetic effect in management level, the economic consequences of China Resources 39 Series M & A are verified. Summing up China Resources 39 M & A decision, the preparation before M & A and the valuable experience of integration after M & A, to provide effective suggestions for M & A of pharmaceutical enterprises.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.72;F271;F406.7

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