本文選題：醫(yī)藥　切入點(diǎn)：并購(gòu)　出處：《上海交通大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

【摘要】：醫(yī)藥行業(yè)是近幾年來(lái)并購(gòu)交易發(fā)生最為頻繁的領(lǐng)域之一,對(duì)醫(yī)藥上市公司發(fā)生并購(gòu)后的協(xié)同效應(yīng)進(jìn)行實(shí)證分析,既具備較強(qiáng)的理論性,又符合當(dāng)前時(shí)代背景發(fā)展的要求,對(duì)實(shí)踐具有很好的指導(dǎo)作用。本文首先闡述了文章寫作的理論基礎(chǔ),包括兼并收購(gòu)、協(xié)同效應(yīng)、事件分析法、財(cái)務(wù)指標(biāo)分析法等的內(nèi)涵。然后介紹了國(guó)內(nèi)外專家學(xué)者在并購(gòu)協(xié)同效應(yīng)方面的研究成果。接著從行業(yè)的角度分析了我國(guó)醫(yī)藥上市公司兼并收購(gòu)的現(xiàn)狀,從宏觀、政策、行業(yè)和估值四個(gè)層面對(duì)醫(yī)藥上市公司兼并收購(gòu)的驅(qū)動(dòng)因素進(jìn)行了分析。文章核心實(shí)證部分選取發(fā)生在2000-2012年間,醫(yī)藥上市公司作為購(gòu)買方、收購(gòu)成功、披露交易金額在1億元以上的非關(guān)聯(lián)交易,總共35起醫(yī)藥并購(gòu)案例。在此基礎(chǔ)上,首先從短期角度,采用事件分析法計(jì)算出樣本公司并購(gòu)公告日前后共10天的累計(jì)平均異常收益率CAR,結(jié)論顯示并購(gòu)事件短期提高了公司績(jī)效。然后從長(zhǎng)期角度,采用財(cái)務(wù)指標(biāo)分析法,通過(guò)研究一系列財(cái)務(wù)指標(biāo)體系,利用因子分析法進(jìn)行分析,比較并購(gòu)公告發(fā)布日前后共5年的長(zhǎng)期績(jī)效綜合得分變化,結(jié)論顯示并購(gòu)事件對(duì)公司長(zhǎng)期績(jī)效起到了正面作用,長(zhǎng)期來(lái)看為上市公司股東創(chuàng)造了正向回報(bào),即產(chǎn)生了協(xié)同效應(yīng)。最后本文還采用了多元回歸方法,對(duì)并購(gòu)績(jī)效綜合得分變化的原因進(jìn)行了分析,回歸結(jié)果顯示機(jī)構(gòu)持股比例、滬深300指數(shù)區(qū)間漲幅是最重要的正相關(guān)因素,而收購(gòu)金額/市值這一指標(biāo)是主要的負(fù)相關(guān)因素。綜上,本文采用事件分析法、財(cái)務(wù)指標(biāo)分析法、多元回歸法,對(duì)2000-2012年間發(fā)生并購(gòu)事件的35家醫(yī)藥行業(yè)上市公司并購(gòu)協(xié)同效應(yīng)進(jìn)行了全面探討,為行業(yè)內(nèi)上市公司的并購(gòu)實(shí)踐提供了理論參考。
[Abstract]:The pharmaceutical industry is one of the most frequent areas of M & A transactions in recent years. The empirical analysis of the synergetic effect after M & A of listed pharmaceutical companies is not only theoretical, but also in line with the requirements of the development of the background of the current era. This paper first describes the theoretical basis of writing the article, including mergers and acquisitions, synergy, event analysis, Then introduced the domestic and foreign experts and scholars in merger and acquisition synergy research results. Then from the industry point of view to analyze the status quo of the merger and acquisition of listed pharmaceutical companies in China, from the macro, policy, This paper analyzes the driving factors of the merger and acquisition of pharmaceutical listed companies from four aspects of industry and valuation. The core empirical part of this paper is selected from 2000 to 2012. There are 35 cases of pharmaceutical mergers and acquisitions that disclose transactions of more than 100 million yuan. On this basis, first of all, from a short-term point of view, By using event analysis method, the cumulative average abnormal return rate of 10 days before and after the date of announcement of merger and acquisition of the sample company is calculated, and the conclusion shows that the event of merger and acquisition improves the performance of the company in the short term, and then, in the long run, the financial index analysis method is used. By studying a series of financial index system, using factor analysis method to analyze and compare the comprehensive scores of long-term performance before and after the date of announcement of M & A, the conclusion shows that M & A events play a positive role in the long-term performance of the company. In the long run, it creates positive returns for shareholders of listed companies, that is, synergistic effect. Finally, this paper analyzes the reasons for the change of comprehensive scores of M & A performance by using the method of multiple regression, and the regression results show the proportion of institutional shareholdings. The increase of Shanghai and Shenzhen 300 index range is the most important positive correlation factor, while the purchase amount / market value is the main negative correlation factor. In this paper, the synergetic effect of M & A of 35 listed companies in pharmaceutical industry from 2000 to 2012 is discussed, which provides a theoretical reference for the M & A practice of listed companies in the industry.
【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】：2015
【分類號(hào)】：F426.72;F271

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本文編號(hào)：1633052