發(fā)布時(shí)間：2018-01-07 19:05

  本文關(guān)鍵詞：復(fù)星醫(yī)藥現(xiàn)金并購(gòu)方式及績(jī)效研究　出處：《云南財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 現(xiàn)金并購(gòu) 支付方式 并購(gòu)績(jī)效 復(fù)星醫(yī)藥

【摘要】：并購(gòu)作為企業(yè)外部發(fā)展戰(zhàn)略的一種重要手段,發(fā)揮著優(yōu)化資源配置、促進(jìn)經(jīng)濟(jì)結(jié)構(gòu)調(diào)整、提高企業(yè)生產(chǎn)力和強(qiáng)化競(jìng)爭(zhēng)地位的作用。但是我國(guó)在對(duì)并購(gòu)的有關(guān)問(wèn)題上,很多都沒有得到很好地解決,因此限制了并購(gòu)理論的發(fā)展和導(dǎo)致很多失敗并購(gòu)事件的出現(xiàn)。2005年以前我國(guó)企業(yè)間多為現(xiàn)金并購(gòu),之后隨著股權(quán)分置改革的推進(jìn)以及并購(gòu)法律法規(guī)的逐步完善,并購(gòu)交易中雖然采用股票支付、混合支付等方式漸漸增多,但仍然未能撼動(dòng)現(xiàn)金并購(gòu)在我國(guó)資本市場(chǎng)的地位。北京交通大學(xué)博士(宋希亮,2010)【1】提出“當(dāng)收購(gòu)方?jīng)Q定并購(gòu)目標(biāo)公司時(shí),要解決三個(gè)基本問(wèn)題:一是支付問(wèn)題;二是融資安排與控制權(quán)結(jié)構(gòu)問(wèn)題;三是由此帶來(lái)的并購(gòu)績(jī)效�！备鶕�(jù)本文對(duì)中國(guó)上市公司近幾年并購(gòu)支付方式的統(tǒng)計(jì),雖然股票支付等其他形式逐漸增多,但是傳統(tǒng)的現(xiàn)金支付仍然是一個(gè)重要而又快捷的支付方式,幾乎占比80%以上。為何我國(guó)上市公司并購(gòu)時(shí)仍然青睞于現(xiàn)金支付?并購(gòu)支付的巨額現(xiàn)金是通過(guò)什么渠道籌集而來(lái)?企業(yè)并購(gòu)績(jī)效如何?解決上述幾個(gè)問(wèn)題,理論上有助于我們更深入地掌握并購(gòu)支付規(guī)律,有助于加深對(duì)并購(gòu)績(jī)效的把握,而在實(shí)務(wù)方面,并購(gòu)企業(yè)根據(jù)自身和外部情況選擇恰當(dāng)?shù)闹Ц斗绞?提高企業(yè)并購(gòu)成功率,提升公司價(jià)值同時(shí)對(duì)促進(jìn)我國(guó)并購(gòu)支付方式多元化具有重要意義。本文采用規(guī)范研究和案例研究相結(jié)合的方法,案例中以“并購(gòu)動(dòng)因——支付方式選擇——融資方式——并購(gòu)績(jī)效”的邏輯線條對(duì)復(fù)星醫(yī)藥2010年-2014年發(fā)生的6起并購(gòu)事件為案例研究對(duì)象,研究公司現(xiàn)金并購(gòu)動(dòng)機(jī)、并購(gòu)長(zhǎng)短期績(jī)效。案例研究表明,復(fù)星醫(yī)藥基于為避免控股股東控制權(quán)稀釋、股票價(jià)值被低估、融資能力強(qiáng)和現(xiàn)金流充沛四個(gè)原因?qū)е鹿�司支付方式單�?基本為現(xiàn)金并購(gòu)。短期績(jī)效計(jì)算超額累計(jì)收益率CAR值,同時(shí)構(gòu)建了以專利申請(qǐng)數(shù)量、新藥數(shù)量、凈資產(chǎn)收益率和境外營(yíng)業(yè)收入增長(zhǎng)率等12個(gè)財(cái)務(wù)及非財(cái)務(wù)指標(biāo)體系評(píng)價(jià)公司的長(zhǎng)期并購(gòu)績(jī)效。最后得出結(jié)論雖然現(xiàn)金并購(gòu)方式為復(fù)星醫(yī)藥帶來(lái)了績(jī)效的提升,但仍然應(yīng)當(dāng)采取有關(guān)措施促進(jìn)我國(guó)并購(gòu)支付多元化,措施包括(1)完善資本市場(chǎng),減少信息不對(duì)稱;(2)減少發(fā)行股票的程序;(3)發(fā)揮中介機(jī)構(gòu)作用;(4)拓寬并購(gòu)融資渠道、鼓勵(lì)混合支付方式。
[Abstract]:As an important means of external development strategy, M & A plays an important role in optimizing the allocation of resources and promoting the adjustment of economic structure. The role of improving the productivity of enterprises and strengthening the competitive position, but in our country in the M & A related issues, many of them have not been well solved. Therefore, the development of M & A theory and the emergence of many failed M & A events have been restricted. Before 2005, most enterprises in China were cash mergers and acquisitions. After that, with the promotion of the reform of the split share structure and the gradual improvement of the laws and regulations of M & A, the use of stock payment and mixed payment in M & A transactions is gradually increasing. However, cash mergers and acquisitions in China's capital market status has not been shaken. Beijing Jiaotong University Ph.D. (Song Xiliang 2010) [1] put forward "when the acquirer decides to merge the target company." Three basic problems should be solved: first, payment; Second, financing arrangement and control structure; According to the statistics of M & A payment methods of Chinese listed companies in recent years, although other forms such as stock payment are gradually increasing. But the traditional cash payment is still an important and fast way of payment, accounting for almost more than 80%. Why do Chinese listed companies still prefer cash payment when M & A? Through what channels are the huge amounts of cash paid for M & A raised? How about M & A performance? To solve the above problems, it is helpful for us to grasp the rules of M & A payment in theory, to deepen the performance of M & A, and in practice. M & A enterprises choose appropriate payment methods according to their own and external conditions to improve the success rate of M & A. At the same time, the promotion of corporate value is of great significance to promote the diversification of M & A payment methods in China. This paper adopts the method of combining normative research and case study. In the case, the logical lines of "the motivation of M & A-payment mode-financing mode-M & A performance" are taken as the case study object to the six M & A events that occurred in Fosun Medicine from 2010 to 2014. The case study shows that Fosun Medicine is based on the undervaluation of shares in order to avoid dilution of controlling rights of controlling shareholders. The four reasons of strong financing ability and abundant cash flow lead to a single way of payment, basically cash merger. Short-term performance calculation excess cumulative yield CAR value, at the same time build the number of patent applications, the number of new drugs. There are 12 financial and non-financial index systems to evaluate the long-term M & A performance of the company, such as the rate of return on net assets and the growth rate of overseas operating income. Finally, the conclusion is drawn that although cash M & A brings performance improvement to Fosun Medicine. However, some measures should be taken to promote the diversification of M & A payment in China, including the improvement of the capital market and the reduction of information asymmetry. (2) procedures for reducing the issuance of shares; (3) play the role of intermediary; 4) broaden the financing channels of M & A and encourage mixed payment.
【學(xué)位授予單位】：云南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.72;F271;F406.7

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