發(fā)布時(shí)間：2018-06-03 14:23

  本文選題：復(fù)星醫(yī)藥 + 并購(gòu)動(dòng)因�。� 參考：《西南交通大學(xué)》2017年碩士論文

【摘要】：隨著我國(guó)資本市場(chǎng)運(yùn)行機(jī)制的逐漸完善,并購(gòu)成為了上市公司實(shí)現(xiàn)做大做強(qiáng)的一種常用資本運(yùn)作手段。伴隨著并購(gòu)活動(dòng)發(fā)生次數(shù)的增加和發(fā)生頻率的提高,企業(yè)的并購(gòu)行為也開(kāi)始呈現(xiàn)出頻繁并購(gòu)的新趨勢(shì),復(fù)星醫(yī)藥即是這類(lèi)企業(yè)中的一個(gè)典型代表。2010年,復(fù)星醫(yī)藥緊抓醫(yī)藥行業(yè)結(jié)構(gòu)性調(diào)整機(jī)遇,響應(yīng)政策鼓勵(lì)兼并重組的號(hào)召,通過(guò)在行業(yè)內(nèi)頻繁開(kāi)展并購(gòu)活動(dòng),實(shí)現(xiàn)了跨越式發(fā)展,在醫(yī)藥產(chǎn)業(yè)多、小、散、亂的格局中脫穎而出,成為我國(guó)擁有領(lǐng)先地位的大型醫(yī)藥企業(yè)。截至2015年,復(fù)星醫(yī)藥的業(yè)務(wù)基本覆蓋產(chǎn)業(yè)鏈的核心環(huán)節(jié),其全產(chǎn)業(yè)鏈戰(zhàn)略布局基本實(shí)現(xiàn)。復(fù)星醫(yī)藥的成長(zhǎng)堪稱(chēng)一部并購(gòu)史,其并購(gòu)經(jīng)驗(yàn)值得借鑒。目前,頻繁并購(gòu)效應(yīng)的研究以實(shí)證為主,針對(duì)特定企業(yè)頻繁并購(gòu)行為的效應(yīng)研究較少。鑒于此,本文將對(duì)復(fù)星醫(yī)藥的并購(gòu)行為及效應(yīng)展開(kāi)案例研究,以并購(gòu)動(dòng)因及效應(yīng)為理論基礎(chǔ),立足企業(yè)2010-2015年頻繁開(kāi)展的并購(gòu)活動(dòng)概述其并購(gòu)歷程,進(jìn)而從并購(gòu)的類(lèi)型、目標(biāo)選擇、定價(jià)方法及對(duì)價(jià)支付方式來(lái)分析復(fù)星醫(yī)藥的并購(gòu)行為特征。針對(duì)復(fù)星醫(yī)藥的戰(zhàn)略目標(biāo)、管理層特征探究其頻繁開(kāi)展并購(gòu)活動(dòng)的動(dòng)因,再?gòu)亩唐谑袌?chǎng)效應(yīng)和長(zhǎng)期財(cái)務(wù)績(jī)效方面對(duì)復(fù)星醫(yī)藥的并購(gòu)行為實(shí)施效果和動(dòng)因?qū)崿F(xiàn)程度進(jìn)行分析與評(píng)價(jià)。最后,結(jié)合對(duì)復(fù)星醫(yī)藥并購(gòu)行為的分析總結(jié)出其并購(gòu)經(jīng)驗(yàn)與不足,為將要實(shí)施并購(gòu)戰(zhàn)略的醫(yī)藥企業(yè)提供借鑒。經(jīng)過(guò)分析得到以下結(jié)論:(1)復(fù)星醫(yī)藥的并購(gòu)行為動(dòng)因是多層面的,包括產(chǎn)業(yè)環(huán)境、政策環(huán)境、企業(yè)戰(zhàn)略動(dòng)機(jī)和管理層行為動(dòng)因等;(2)復(fù)星醫(yī)藥的并購(gòu)行為整體上增加了股東財(cái)富,且縱向并購(gòu)相比橫向并購(gòu)能獲得更大的正向超額收益,同時(shí)頻繁并購(gòu)事件未出現(xiàn)股東財(cái)富效應(yīng)遞減現(xiàn)象;(3)復(fù)星醫(yī)藥的并購(gòu)行為獲得了規(guī)模優(yōu)勢(shì),一定程度上實(shí)現(xiàn)了經(jīng)營(yíng)和管理協(xié)同效應(yīng),但也給企業(yè)帶來(lái)了流動(dòng)性風(fēng)險(xiǎn),企業(yè)的償債能力被削弱;(4)通過(guò)并購(gòu)后的整合,復(fù)星醫(yī)藥聚焦主業(yè)的發(fā)展目標(biāo)得以實(shí)現(xiàn)。優(yōu)秀的投資能力也成為支撐主業(yè)快速發(fā)展的重要因素�？傮w來(lái)看,復(fù)星醫(yī)藥通過(guò)頻繁開(kāi)展并購(gòu)活動(dòng)實(shí)現(xiàn)了自身的跨越式發(fā)展,但在后續(xù)并購(gòu)時(shí)應(yīng)注重對(duì)價(jià)支付方式的選擇等問(wèn)題,以減少流動(dòng)性風(fēng)險(xiǎn),實(shí)現(xiàn)可持續(xù)發(fā)展。
[Abstract]:With the gradual improvement of the operating mechanism of capital market in China, M & A has become a common means of capital operation for listed companies to become bigger and stronger. With the increase of the times and frequency of M & A activities, the M & A behavior of enterprises is beginning to show a new trend of frequent M & A. Fosun Medicine is a typical representative of this kind of enterprises in 2010. Fosun Pharmaceutical clung to the opportunities for structural adjustment of the pharmaceutical industry, responded to the call of policies to encourage mergers and acquisitions, and through frequent M & A activities within the industry, achieved leap-forward development and stood out in the pattern of more, smaller, scattered and chaotic pharmaceutical industries. Become our country has the leading position of large-scale pharmaceutical enterprises. Up to 2015, Fosun Pharmaceutical's business basically covers the core link of the industrial chain, and the strategic layout of the whole industry chain is basically realized. The growth of Fosun Medicine can be called a M & A history, and its M & A experience is worthy of reference. At present, the research on the effect of frequent mergers and acquisitions is mainly empirical, but the effect of frequent mergers and acquisitions of specific enterprises is less. In view of this, this paper will carry out a case study on the M & A behavior and effect of Fosun Medicine. Based on the theory of M & A motivation and effect, based on the frequent M & A activities carried out by enterprises from 2010 to 2015, this paper will outline the course of M & A, and then summarize the types of M & A. Objective selection, pricing method and price payment method to analyze the M & A behavior characteristics of Fosun Medicine. In view of the strategic goal of Fosun Medicine, the management characteristics explore the motivation of its frequent M & A activities. From the aspects of short-term market effect and long-term financial performance, this paper analyzes and evaluates the effect and motivation of Fosun Medical M & A (M & A). Finally, combined with the analysis of Fosun's M & A behavior, the experiences and shortcomings of M & A are summed up, which can be used for reference by pharmaceutical enterprises that will implement M & A strategy. Through the analysis, we can draw the following conclusions: (1) the M & A behavior motivation of Fosun Medicine is multi-layered, including industrial environment, policy environment, strategic motivation of enterprise and behavior motivation of management, etc.) the M & A behavior of Fosun Pharmaceutical has increased the wealth of shareholders as a whole. Compared with horizontal M & A, vertical M & A can obtain more positive excess returns, and frequent M & A events do not have the phenomenon of decreasing shareholder wealth effect. To a certain extent, the synergetic effect of management and management has been realized, but it also brings liquidity risk to enterprises. The ability to repay debt of enterprises is weakened. 4) through the integration of M & A, the development goal of focusing on the main industry of Fosun Medicine can be realized. Excellent investment capacity has also become an important factor supporting the rapid development of the main industry. In general, Fosun medicine has realized its leap-forward development through frequent M & A activities, but it should pay attention to the choice of consideration payment mode in the subsequent M & A in order to reduce liquidity risk and realize sustainable development.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F271;F426.72

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本文編號(hào)：1973102