本文選題：并購(gòu)　切入點(diǎn)：協(xié)同效應(yīng)　出處：《湘潭大學(xué)》2015年碩士論文

【摘要】：伴隨著我國(guó)資本市場(chǎng)的進(jìn)一步發(fā)展與壯大,經(jīng)濟(jì)一體化進(jìn)程逐步加快,并購(gòu)已經(jīng)成為企業(yè)尋求快速發(fā)展的主要途徑,企業(yè)借此以實(shí)現(xiàn)生產(chǎn)和資本的集中。與國(guó)外并購(gòu)比起來(lái),我國(guó)并購(gòu)起步較晚、發(fā)展較快。并購(gòu)在給我國(guó)企業(yè)帶來(lái)機(jī)遇的同時(shí),也帶來(lái)了一定的風(fēng)險(xiǎn)。在我國(guó),并購(gòu)失敗的例子也不在少數(shù)。并購(gòu)成敗的關(guān)鍵往往在于并購(gòu)協(xié)同效應(yīng)實(shí)現(xiàn)情況,如何理解協(xié)同效應(yīng)、識(shí)別協(xié)同要素,提高協(xié)同效應(yīng),這些問(wèn)題對(duì)全面深入研究我國(guó)企業(yè)并購(gòu)活動(dòng)具有十分重要的理論意義和實(shí)踐意義。醫(yī)藥行業(yè)關(guān)系到民生的各個(gè)方面,是我國(guó)經(jīng)濟(jì)發(fā)展中成長(zhǎng)較快的行業(yè),在我國(guó)整體經(jīng)濟(jì)中一直扮演著相當(dāng)重要的角色。近年來(lái),醫(yī)藥公司并購(gòu)次數(shù)增幅明顯,醫(yī)藥行業(yè)新政的出臺(tái)迫使企業(yè)強(qiáng)強(qiáng)聯(lián)手來(lái)進(jìn)行資源整合。利用彼此的優(yōu)勢(shì),擴(kuò)大經(jīng)營(yíng)規(guī)模,追求并購(gòu)協(xié)同效應(yīng)。正是在這樣的情形下,本文采用理論與案例研究相結(jié)合的方法,選擇醫(yī)藥行業(yè)中的龍頭企業(yè)HD醫(yī)藥企業(yè)作為案例研究對(duì)象。本文首先對(duì)文章選題背景及意義進(jìn)行了闡述,系統(tǒng)回顧和總結(jié)了國(guó)內(nèi)外并購(gòu)協(xié)同效應(yīng)有關(guān)的研究成果,緊接著闡述了并購(gòu)理論、并購(gòu)協(xié)同效應(yīng)的定義及分類(lèi)。以HD醫(yī)藥并購(gòu)案例作為本文的研究對(duì)象,對(duì)并購(gòu)情況進(jìn)行簡(jiǎn)介,從管理協(xié)同效應(yīng)、經(jīng)營(yíng)協(xié)同效應(yīng)、財(cái)務(wù)協(xié)同效應(yīng)三個(gè)方面對(duì)并購(gòu)協(xié)同效應(yīng)實(shí)現(xiàn)情況進(jìn)行具體分析。在深入分析的基礎(chǔ)上,總結(jié)出此次并購(gòu)協(xié)同效應(yīng)低下原因,在最后指出提高并購(gòu)協(xié)同效應(yīng)的建議:并購(gòu)前評(píng)估協(xié)同效應(yīng),合理確定并購(gòu)溢價(jià);慎重選擇支付方式,并購(gòu)后積極優(yōu)化資本結(jié)構(gòu);并購(gòu)后加強(qiáng)資源整合。這些改進(jìn)措施旨在為企業(yè)以后的并購(gòu)提供一定的思路,從而能夠起到一定的啟示作用。本文的創(chuàng)新點(diǎn)主要在于:其一,在對(duì)進(jìn)行協(xié)同效應(yīng)實(shí)現(xiàn)情況進(jìn)行分析時(shí),并不是直接下結(jié)論是否獲得了并購(gòu)協(xié)同效應(yīng),而是詳細(xì)從管理協(xié)同效應(yīng)、經(jīng)營(yíng)協(xié)同效應(yīng)、財(cái)務(wù)協(xié)同效應(yīng)三個(gè)方面分析,哪些方面獲得了正協(xié)同效應(yīng),哪些方面沒(méi)有獲得協(xié)同效應(yīng),能夠更針對(duì)性獲得某方面協(xié)同效應(yīng)而采取措施。其二,在提高并購(gòu)協(xié)同效應(yīng)的對(duì)策上,提倡遞延支付方式,并詳細(xì)針對(duì)該案例提出遞延支付注意事項(xiàng)。
[Abstract]:With the further development and expansion of China's capital market and the gradual acceleration of economic integration process, M & A has become the main way for enterprises to seek for rapid development, so that enterprises can realize the concentration of production and capital.Compared with foreign M & A, China's M & A started late and developed faster.M & A brings both opportunities and risks to Chinese enterprises.In our country, M & A failure is not a few examples.The key to success or failure of M & A often lies in the realization of synergy effect of M & A, how to understand the synergy effect, identify the elements of synergy, and improve the synergy effect.These problems are of great theoretical and practical significance to the comprehensive and in-depth study of M & A activities in China.The pharmaceutical industry, which is related to all aspects of people's livelihood, is a fast growing industry in the economic development of our country, and has been playing a very important role in the whole economy of our country.In recent years, the number of mergers and acquisitions of pharmaceutical companies has increased significantly, and the introduction of the new deal in the pharmaceutical industry has forced strong companies to join forces to integrate resources.Make use of each other's advantage, expand management scale, pursue merger and acquisition synergy effect.It is in this case that this paper adopts the method of combining theory with case study and chooses the leading enterprise HD pharmaceutical enterprise in the pharmaceutical industry as the case study object.In this paper, firstly, the background and significance of the selected topic of the article are expounded, and the research results related to the synergy effect of mergers and acquisitions at home and abroad are systematically reviewed and summarized. Then, the theory of M & A, the definition and classification of synergy effect of M & A are expounded.Taking the case of HD medical M & A as the research object, this paper briefly introduces the situation of M & A, and analyzes the realization of M & A synergy from three aspects: management synergy effect, management synergy effect and financial synergy effect.On the basis of in-depth analysis, this paper summarizes the reasons for the low synergistic effect of M & A, and finally points out some suggestions for improving the synergistic effect of M & A: evaluating the synergy effect before M & A, rationally determining the M & A premium; choosing the payment method carefully.Actively optimize the capital structure after M & A; strengthen the integration of resources after M & A.These improvement measures are intended to provide some ideas for the future M & A of enterprises, so as to play a certain role in inspiration.The innovation of this paper mainly lies in: first, in the analysis of the realization of synergy, it is not a direct conclusion whether the merger and acquisition synergy effect, but from the management synergy effect, management synergy effect in detail.This paper analyzes the three aspects of financial synergy, which have achieved positive synergetic effect, which have not got synergy effect, and which can get some synergistic effect more pertinently and take measures.Secondly, in order to improve the synergetic effect of M & A, the deferred payment method is advocated, and the matters needing attention for deferred payment are put forward in detail.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：F426.72;F271

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相關(guān)期刊論文 前1條

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本文編號(hào)：1709615