联系我们

论文查询结果	返回搜索

论文编号：	10390
作者编号：	2120163250
上传时间：	2018/12/6 11:30:08
中文题目：	美年大健康对爱康国宾并购风险管理问题研究
英文题目：	Research on Risk Management in M&A between Meinian Onehealth and IKang
指导老师：	陆宇建
中文关键字：	并购风险；并购动机；风险管理；美年大健康
英文关键字：	merger risk; merger motivation; risk management; meinian onehealth
中文摘要：	随着我国资本市场不断成熟发展，公司之间的并购活动不断发生，既有行业内、产业链上的横向、纵向并购，也有跨行业的综合型并购。基于市场、企业等具体情况的不同，公司并购的战略和目标也呈现多元化。在企业并购活动实务操作中，会面临很多不可避免的并购风险，包括政策风险、政治风险、合规风险等宏观风险，和战略风险、融资风险等微观层面的并购风险。 本论文首先介绍了与并购和风险管理相关的经济理论与概念，然后以美年大健康产业控股股份有限公司（以下简称“美年大健康”）2015至2016年期间对同行业龙头公司爱康国宾健康管理（集团）有限公司（以下简称“爱康国宾”）开展的横向并购为例，并对此次并购的动机从主观目的和客观优势两方面进行了简要分析，总结了美年大健康的并购风险管理状况，并指出美年大健康在并购中存在的风险管理的问题与不足。最后，论文主要从财务角度提出加强并购风险管理、提高并购成功率的措施建议。 文中为了分析美年大健康发起并购的原因，利用EVA估值模型对爱康国宾在并购发生前的市场价值进行了估计，结合并购双方的主要经营、盈利、偿债财务指标。其中使用了爱康国宾2010年至2017年的财务、经营数据，印证了爱康国宾作为一家市场前景良好的上市公司价值在美国股市受到低估这一结论。 本论文通过分析美年大健康在并购中存在的风险管理问题及成因，认为并购中主要风险包括与目标公司利益最大化要求不符导致的定价风险，目标公司对抗行为拉高并购成本导致的战略风险，涉嫌违反反垄断规定的法律合规风险，以及美年大健康资深经营实力不足且财务负担沉重导致的资金风险。针对以上并购风险管理不足的情形，提出加强全流程中法律风险、政治风险、战略风险、定价风险和资金风险等并购风险的措施建议。
英文摘要：	As China's capital market continues to mature, M & A between companies continue to occur, which contain both horizontal and vertical mergers and comprehensive mergers. Based on the specific conditions of the market and enterprises, the strategy and objectives of the company's mergers and acquisitions are also diversified. In the practice of M&A activities, there will be many unavoidable M&A risks, including macro risks such as policy risks, political risks, and compliance risks, and micro risks such as strategic risks and financing risks. This dissertation introduces the economic theories and concepts related to M&A and risk management, and then to the M&A case between Meinian Onehealth and IKang, which are two leaders in the health market. Then this dissertation briefly analyzed the motives of this merger from the subjective and objective advantages. Finally, the dissertation mainly proposes measures to strengthen the risk management of mergers and acquisitions and improve the success rate of mergers and acquisitions from a financial perspective. In order to analyze the reasons for the merger and acquisition of Meinian Onehealth, this dissertation uses EVA valuation model to estimate the market value of IKang before the merger, and combines the main business, profit and debt repayment financial indicators of both parties. The use of the financial and operational data of IKang confirms the conclusion that IKang is undervalued in the US stock market as a well-received listed company. This dissertation analyzes the risk management problems and causes of Meinian Onehealth in M & A. It believes that the main risks in M&A include pricing risks caused by the inconsistent requirements of the target company's maximization of interests, and the target company's confrontation behavior raises the strategic risks caused by M&A costs. And, as well as the financial risks caused by the lack of financial strength and serious financial burden. In view of the above-mentioned situation of insufficient risk management of M&A, it proposes measures to strengthen the risk of mergers and acquisitions such as legal risk, political risk, strategic risk, pricing risk, capital risk and integration risk in the whole process.
查看全文：	预览  下载(下载需要进行登录)