本文關(guān)鍵詞： 并購績效 華潤三九 桂林天和　出處：《河北經(jīng)貿(mào)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,并購活動成為許多企業(yè)實現(xiàn)跳躍式發(fā)展的一條重要路徑,在全球幾次并購浪潮的沖擊下,中國企業(yè)并購的數(shù)量每年都在增加,規(guī)模也在不斷升級。醫(yī)藥行業(yè)較高的需求彈性和風(fēng)險,使得企業(yè)僅僅依靠自身發(fā)展無法抵御包括外國藥企在內(nèi)的多方面夾擊,因此,醫(yī)藥企業(yè)越來越傾向于選擇并購作為擴張模式。但是對于醫(yī)藥行業(yè)的并購效果究竟如何,業(yè)界一直沒有形成統(tǒng)一的觀點。本文運用案例分析法,以華潤三九醫(yī)藥控股有限公司并購桂林天和為例,基于并購和并購績效的相關(guān)理論,分析了中國醫(yī)藥行業(yè)的發(fā)展狀態(tài),又從并購動因等方面分析了這次的并購活動。然后,從經(jīng)營業(yè)績方面對并購進行了具體績效評價,根據(jù)傳統(tǒng)財務(wù)指標、EVA和非財務(wù)指標相結(jié)合的分析結(jié)果綜合評判此次并購的效果,最后提出自己的建議。本文的主要工作和結(jié)論是:(1)從華潤三九并購桂林天和的并購動因、并購過程、整合過程等方面分析了這次并購活動,可以初步判斷華潤的此次并購符合企業(yè)的戰(zhàn)略目標,整合狀況良好。(2)通過傳統(tǒng)財務(wù)指標的分析,從盈利能力、成長能力、償債能力和營運能力四個方面分別橫向、縱向視角分析了華潤三九并購前后的業(yè)績,可以發(fā)現(xiàn)并購后各項指標存在波動。(3)通過引入價值指標EVA,結(jié)合行業(yè)和企業(yè)自身特點,確定EVA調(diào)整項目和資本成本,從企業(yè)價值視角分析華潤三九并購前后的業(yè)績,可以發(fā)現(xiàn)EVA指標在并購當年顯著上升又在之后一年經(jīng)歷了下跌,原因是醫(yī)藥行業(yè)供給側(cè)改革的進一步深入所致行業(yè)轉(zhuǎn)型升級的陣痛�？傮w而言,華潤三九并購桂林天和從績效評價視角是成功的。
[Abstract]:In recent years, many enterprises mergers and acquisitions become an important path to realize the leaping development, in several of the world's wave of mergers and acquisitions under the impact of the number of China MampA increases every year, the scale is constantly upgrading. The pharmaceutical industry demand elasticity and high risk, so that enterprises rely solely on their own development cannot resist many aspects including foreign pharmaceutical companies, pharmaceutical companies attack, therefore, more and more inclined to choose M & A as the expansion mode. But for the pharmaceutical industry mergers and acquisitions effect how the industry has not formed a unified view. This paper uses the method of case analysis, based on Huarun 39 Pharmaceutical Holdings Limited merger and Guilin as an example, the related theory of merger and acquisition based on performance, analyzes the development state of China pharmaceutical industry, and from the merger are analyzed in terms of the merger and acquisition activities. Then, from the operating performance of Party In the face of the M & A of specific performance evaluation, according to the traditional financial indicators, the effect of the results of EVA analysis and non-financial indicators combined with the comprehensive evaluation of the merger, finally put forward their own proposals. The main work and conclusions are: (1) merger and acquisition motivation, and from the 39 day of Guilin Huarun merger integration process, etc. Analysis of the merger and acquisition activity, you can determine the initial Huarun merger is in line with the strategic objectives of the enterprise integration, in good condition. (2) through the analysis of the traditional financial indicators, from the profitability, growth, four aspects of solvency and operation ability are horizontal, longitudinal analyses before and after Huarun 39 acquisition of the performance, can found in the index after the merger volatility. (3) through the introduction of value index EVA, combined with the industry and their own characteristics, determine the EVA adjustment project and the cost of capital, from the perspective of corporate value Huarun 39 performance analysis before and after the merger, EVA index can be found after the acquisition of the year increased significantly in one year experienced a fall, the reason is the pharmaceutical industry supply side reform caused by industry upgrade pains. Overall, 39 days from Guilin and Huarun M & a performance evaluation perspective is successful.

【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.72;F406.7;F271

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本文編號：1556161