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论文编号：	11170
作者编号：	2320170734
上传时间：	2019/12/8 14:52:44
中文题目：	F医药并购与价值创造研究
英文题目：	Research on F Pharmaceutical Enterprises M&A and Value Creation
指导老师：	李维安
中文关键字：	医药制造;公司治理;并购估值;价值创造
英文关键字：	Pharmaceutical Manufacturing; Corporate Governance; M&A valuation; Value Creation
中文摘要：	自20世纪70年代末期开始，中国掀起了经济改革的大潮，推动了资本市场在中国境内的萌生与发展，进而推动了中国经济体制和社会资源配置方式的变革。并购重组是我国促进经济转型升级、服务实体经济的一大重要方式，中国正处于经济由投资拉动向消费驱动的转型关键时期，产业结构优化升级必须伴随着并购重组来调整，这是经济发展的内在要求。中国的并购重组在全球第五次并购浪潮后开始起步，发展周期较短，市场不确定性大。企业并购是一种过程复杂、影响重大且风险系数高的企业行为，成功的并购，可以实现最初的并购动因，并快速实现企业价值创造，但如果并购失败，不仅企业的预期目标没有达成，企业的财务、人力和竞争等方面的资源都会受到战略性损耗。因此，确保并购行为的顺利开展，保障企业通过并购提升企业市场价值，是组织管理者、监管机构和研究者关心的重要问题。 当前学者对企业并购的研究主要集中在对企业并购原因的分析，对并购方式的选择，以及对并购绩效的评价这三方面，而对并购估值以及公司治理行为对企业创造多少价值的研究较少。合理的并购估价是企业获得有效并购的前提，完善的公司治理结构和规范的决策机制是企业价值创造的保障，这些会直接或间接影响到买卖双方的价格谈判、协议签署以及投后协同效应的发挥。因此，本研究针对此问题，以F医药为标的分析公司，详细分析了该企业在2011年对A药业进行并购的行为，探讨了F医药通过并购行为提升企业价值的所依赖的路径，总结出该企业在并购估值与价值创造方面的优势经验与不足，进而揭示出医药行业并购活动的行业特点与路径。 本研究在并购估值和价值创造的领域的动因理论和已有研究的指导下，首先对中国企业并购的现状做了背景分析，其次，聚焦到本案例所在的医药行业，梳理了制药行业的行业特征和并购现状。在此背景下，本研究介绍了被并购方A药业的发展情况，并购方F医药的公司治理、并购原因、并购方案和就并购方案实施进行了分析。在并购完成后，本研究主要通过收益法和市场法对其价值进行了评价估量。本研究发现，F医药是成长性高和收益性好的制药企业典型代表，并购后的市场价值证明了收益法更适合此类企业。收益法在使用的过程中充分考虑了并购后的未来经营中可能遇到的机遇与风险，使估值结果更具合理性与严谨性。通过对F医药并购全过程的分析与研究，还原其并购价值创造机制路径，尤其是公司治理在并购整合中的作用，为制药行业中的其他类似企业的并购估值与价值创造提出借鉴。
英文摘要：	Since the late 1970s, the trend toward China’s economic reform has fostered the emergence and development of capital market in China, and further promoted the reform of China’s economic system and social resources allocation. M&A is an important way to promote economic transformation and upgrading, providing service for the entity economy. China is in an era that characterized by economic transformation from investment-driven to consumption-driven. The optimization and upgrading of industrial structure must be adjusted with M&A, which is the inherent requirement of economic development. M&A of China started after the fifth wave of M&A in the world, and its development cycle is relatively short. As a complex, influential and high-risk enterprise behavior, whether the M&A business can bring expected value to enterprises still remains uncertain. Successful M&A can realize the initial motivation of M&A and quickly create value for the enterprise. However, if the M&A fail, not only the expected target of the enterprise is not achieved, but also the financial, human and competitive resources of the enterprise will suffer strategic losses. Therefore, it is an important issue concerned by managers, regulators and researchers to ensure the smooth development of M&A and to ensure that enterprises enhance their market value through such activities. At present, scholars mainly focus on the analysis of the causes of M&A, the choice of M&A methods and the evaluation of M&A performance. However, there are few studies on M&A valuation and the value created by corporate governance. Reasonable M&A valuation is the premise for an enterprise to acquire effective M&A. Optimized corporate governance structure and standard decision-making system are the guarantee of enterprise value creation. These will directly or indirectly affect the price negotiation, agreement signing and post-investment synergy between buyers and sellers. Therefore, in view of this problem, this study, taking F Pharmaceutical as the target, analyzed in detail the M&A behavior of the company in A Pharmaceutical Industry in 2011, discussed the path F Pharmaceutical relied on to enhance its value through M&A, summarized the advantages and disadvantages of the company in M&A valuation and value creation, and then revealed the industry characteristics of M&A activities in the pharmaceutical industryand path. Under the guidance of motivation theory and existing studies in the field of M&A valuation and value creation, this study firstly analyzes the current situation of M&A of Chinese enterprises. Secondly, it focuses on the pharmaceutical industry where this case is located, and sorts out the industry characteristics and current situation of M&A of the pharmaceutical industry. In this case, this study introduces the development of the acquired party A pharmaceutical, and analyzes the corporate governance, merger reasons, merger plans and implementation of the merger plan of the acquired party F pharmaceutical. After the completion of M&A, this study mainly evaluates its value through the profit method and the market method. This study found that F medicine is a typical representative of pharmaceutical enterprises with high growth and profitability, and the market value after merger proves that Income Approach is more suitable for such kind of enterprises. During the process, the possible opportunities and risks in the future operation after M&A are fully considered to make the valuation results more reasonable and precise. Through the analysis and research of the whole process of F pharmaceutical M&A, restoring the Value Creation Mechanism. especially the role of corporate governance in merger, acquisition and integration，this provides reference for similar enterprises during their M&A valuation and value creation.
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