【作者】 毕立林；

【导师】 陈纪南；

【作者基本信息】 江苏大学 ， 会计学， 2005， 硕士

【摘要】 近年来,世界医药产业正以远远高于其它传统行业的发展速度增长。入世后,随着关税的逐渐降低,专利药品知识产权的严格保护,国外流通企业进入国内的限制逐渐放开。尤其,随着2003年我国医药分销服务全面放开,外国医药企业以资本实力上的绝对竞争优势对我国医药业展开攻势,争取市场份额,我国医药行业正遭受着强烈的冲击。另外,我国的医药业科技含量低、仿制药品多、生产成本高、医药企业数量多、规模效应差、产量供过于求、低水平的重复建设等现状促使我国医药行业急需进行大规模的整合。在双重压力下,我国医药行业的大规模的并购蓄势待发,横向并购正成为主导的并购模式。横向并购固然能带来可观的效益和规模效应,但横向并购蕴藏着巨大的风险。鉴于此,研究医药行业上市公司横向并购风险控制有着非常重要的理论和现实意义。 本文首先对该课题的国内外研究现状做了分析与总结,继而结合并购理论与风险管理理论对并购风险控制理论进行探讨,形成了一整套并购风险控制流程。然后对我国医药行业上市公司并购的现状进行了深入的分析,尔后,以1999-2003年期间深市、沪市医药行业上市公司发生的48起横向并购案例作为样本,采用会计收益法,选取主营业务利润率、净资产收益率、每股收益、每股经营性现金流量四个财务指标为评价因子对横向并购风险进行了实证分析,并深入研究了该行业上市公司横向并购的几个典型案例。在以上分析研究的基础上,结合相关学者的研究成果,对我国医药行业上市公司横向并购风险的主要影响因素进行了分析,并提出了相应的风险对策。本文的最后,总结了文章的研究结论及创新之处,并提出了展望。 本文旨在通过对我国医药行业上市公司横向并构风险控制的深入研究,为我国医药行业上市公司横向并购的实务操作提供借鉴。更多还原

【Abstract】 The world pharmaceutical industry is growing faster than other traditional industry. Meanwhile, Chinese pharmaceutical industry is facing big challenge along with tariff tax’s reduction, strictly protection of patented drug’s property, gradually opening restriction foreign circulation enterprise into domestic market. To scramble for market share in China, foreign capital is launching offensive on domestic pharmaceutical business by right of abundant capital. Some studies show that some districts’ pharmaceutical business will surge a tidal wave of M&A when it suffers from pressure from the exterior. In addition, domestic pharmaceutical enterprises need recombining in a large-scale way due to the business actuality of low added-value, low-level scientific technology, lacking innovation capability, small scale of enterprises, low degree of industry concentration and non-standard operation of medicine market. Facing the dual pressure, M&A of Chinese pharmaceutical enterprises will welcome in an unprecedented tidal wave, and what’s more, horizontal M&A will become the mainstream. Although horizontal M&A can bring considerable income and scale effect, it contains great venture. So it is very important to research on risk-controlling of horizontal M&A of list company in the pharmaceutical industry in either theory or practice.First, the thesis analyzes and summarizes the researches on the topic at home and abroad. And then, the thesis discusses the theory of risk-controlling of M&A by combining the theory of M&A with the theory of risk management. Second, the thesis analyzes profoundly the pharmaceutical industry actuality of M&A. Thereafter, the thesis selects 48 list companies of pharmaceutical industry from the list companies in Shanghai and Shenzhen stock exchanges, which occurred horizontal M&A, and selects four financial indexes which are CROA, ROE, EPS and OCFPS for evaluating indicators and makes the empirical research on them by accounting income approach. Afterward, the thesis researches thoroughly several typical cases of Chinese pharmaceutical businesses’ horizontal M&A of list company. By the analysis, it opens out the primary characteristic and any serious matter of Chinese pharmaceutical businesses’ horizontal M&A of list company. Then, the thesis gives some advices on primary risks of horizontal M&A of Chinese pharmaceutical industry. At last, the thesis summarizes the conclusion drawing from the research and some novelties, and what’s more, advances prospect.The purpose of research of the thesis is to use for reference to the actual practice of horizontal M&A of Chinese pharmaceutical industry.更多还原