【作者】 卢娟；

【导师】 郝颖；

【作者基本信息】 重庆大学 ， 会计硕士（专业学位）， 2018， 硕士

【副题名】以复星医药为例

【摘要】 放眼全球市场,医疗行业一直都是并购热门,并购总数量正不断增加,单个企业进行并购的数量与频率也有明显的增加,使得一些公司的并购活动显现出连续并购之势,如人福医药、新华医疗等知名企业。再加上近年政府针对医药行业不断出台严格政策,医药企业自主扩张变得愈发困难,可以预见在未来几年内,连续并购将会是医药企业实现快速扩张的重要手段。本文以案例研究法为基础,选取了医药行业中典型的连续并购企业复星医药为案例进行研究。本文先介绍了国内外相关文献。继而,介绍了本文写作的相关理论基础。然后,对复星医药目前存在的财务风险从分别从整体与具体角度进行识别。最后,根据对财务风险的分析提出相应的控制措施,以期帮助复星医药降低财务风险,并希望能够为类似企业提供一定的借鉴作用。本文通过定性与定量相结合的方法进行研究,最终认为复星医药在长期以来的债务融资与现金支付方式的连续并购下积累了较大的融资支付风险,导致其偿债能力较弱,对现金的维持主要依靠于筹资活动。此外,复星医药对业务的整合能力较强,对资产的整合能力则相对偏弱。更多还原

【Abstract】 Over much of the globe merger market,the pharmaceutical industry has always been a hot area.As the mergers and acquisitions volume increases,the number and frequency of the enterprise mergers and acquisitions also increased significantly,which makes part of companies acquisitions behavior showing a continuous trend of mergers and acquisitions,such as Humanwell Healthcare Co.,Ltd,Shinva Medical Instrument and some other enterprises.Coupled with the recent government policies continuously in pharmaceutical industry continuously,pharmaceutical enterprise independent expansion is difficulty.It can be foresee that in the next few years,successive mergers and acquisitions will become an important means for pharmaceutical enterprises to realize their purpose of rapidly expansion.Based on case study method,this paper choose fosunpharma as an example,which is an typical mergers and acquisitions enterprise in the pharmaceutical industry.In the first,this paper have an introduces about the research background and purpose of this thesis,and have an summarizes about relevant research results domestic and overseas.Then,the paper introduces the theory of merger and acquisition and financial risk.Next,the existing financial risks of fosunpharma are identified from the whole and the specific angles,and it is found that there have problems in excessive liability,low asset utilization and others.Finally,based on the analysis of financial risks,the author puts forward control measures to help fosunpharma reduce financial risks and hopes to provide some references for similar enterprises.In this article,the combination of qualitative and quantitative method is used.This paper draw the following conclusions: the method of debt financing and cash payment brings heavy capital risk,which lead to the existence of a greater insolvency risk,The maintenance of cash mainly relies on financing activities.In addition,pharmaceutical has a strong integration capability in business,but the integration capability in assets is weak.更多还原