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

【摘要】：伴隨著我國資本市場的進一步發(fā)展與壯大,經濟一體化進程逐步加快,并購已經成為企業(yè)尋求快速發(fā)展的主要途徑,企業(yè)借此以實現生產和資本的集中。與國外并購比起來,我國并購起步較晚、發(fā)展較快。并購在給我國企業(yè)帶來機遇的同時,也帶來了一定的風險。在我國,并購失敗的例子也不在少數。并購成敗的關鍵往往在于并購協(xié)同效應實現情況,如何理解協(xié)同效應、識別協(xié)同要素,提高協(xié)同效應,這些問題對全面深入研究我國企業(yè)并購活動具有十分重要的理論意義和實踐意義。醫(yī)藥行業(yè)關系到民生的各個方面,是我國經濟發(fā)展中成長較快的行業(yè),在我國整體經濟中一直扮演著相當重要的角色。近年來,醫(yī)藥公司并購次數增幅明顯,醫(yī)藥行業(yè)新政的出臺迫使企業(yè)強強聯手來進行資源整合。利用彼此的優(yōu)勢,擴大經營規(guī)模,追求并購協(xié)同效應。正是在這樣的情形下,本文采用理論與案例研究相結合的方法,選擇醫(yī)藥行業(yè)中的龍頭企業(yè)HD醫(yī)藥企業(yè)作為案例研究對象。本文首先對文章選題背景及意義進行了闡述,系統(tǒng)回顧和總結了國內外并購協(xié)同效應有關的研究成果,緊接著闡述了并購理論、并購協(xié)同效應的定義及分類。以HD醫(yī)藥并購案例作為本文的研究對象,對并購情況進行簡介,從管理協(xié)同效應、經營協(xié)同效應、財務協(xié)同效應三個方面對并購協(xié)同效應實現情況進行具體分析。在深入分析的基礎上,總結出此次并購協(xié)同效應低下原因,在最后指出提高并購協(xié)同效應的建議:并購前評估協(xié)同效應,合理確定并購溢價;慎重選擇支付方式,并購后積極優(yōu)化資本結構;并購后加強資源整合。這些改進措施旨在為企業(yè)以后的并購提供一定的思路,從而能夠起到一定的啟示作用。本文的創(chuàng)新點主要在于:其一,在對進行協(xié)同效應實現情況進行分析時,并不是直接下結論是否獲得了并購協(xié)同效應,而是詳細從管理協(xié)同效應、經營協(xié)同效應、財務協(xié)同效應三個方面分析,哪些方面獲得了正協(xié)同效應,哪些方面沒有獲得協(xié)同效應,能夠更針對性獲得某方面協(xié)同效應而采取措施。其二,在提高并購協(xié)同效應的對策上,提倡遞延支付方式,并詳細針對該案例提出遞延支付注意事項。
[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.
【學位授予單位】：湘潭大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F426.72;F271

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相關期刊論文 前1條

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本文編號：1709615