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论文编号：	12828
作者编号：	2320190355
上传时间：	2021/12/9 16:16:35
中文题目：	默沙东公司分拆动因及效果分析
英文题目：	Analysis of Motivation and Effect of the Spin off for MSD Pharmaceutical Co.Ltd.
指导老师：	牛建波教授
中文关键字：	跨国药企，分拆动因分析，效果分析，优化建议
英文关键字：	Merck''s multinational pharmaceutical company, motivation analysis, splitting listing effect analysis, optimization suggestion
中文摘要：	自2020年来，随着新型冠状病毒疫情的爆发，全球各个行业受到冲击。国内外医药行业及医药公司急需变革和创新来应对市场进入模式变化。跨国药企分拆相较于并购是一种新的思路。对于一些大公司，产品线多和成熟产品增长乏力，分拆上市新公司成为原公司发展的动力因素，尤其是在面对中国市场把成熟产品剥离出来，单独运营，是一件很有前瞻性的举动。新产品和成熟产品由于推广模式差距很大，分拆之后，一定程度上可以更好地实现全产品的各自增长。本次研究针对默沙东分拆新公司比较新颖的发展思路进行研究，对其分拆动因和效果进行梳理，做系统性分析，对药企未来发展提供宝贵经验并且本次研究具有创新性。默沙东分拆新公司这一案例，公司分拆发展模式新颖，其动因及效果分析思考角度值得研究，这方面的经验总结值得药企借鉴。因此，本文提出的优化建议有针对性，这些分析角度和经验总结以及优化建议值得药企借鉴与参考。 以默沙东公司为例，研究从公司早期并购再到现在的分拆上市新公司的模式转变，通过分析其分拆上市的动因及在华分拆前后利弊，预测在中国市场的发展，并提出优化建议。本文研究了默沙东公司的分拆也是基于对于两家公司的重新定位，全球的竞争环境，中国市场对于其吸引，销售平台创新的需求，资本市场的考虑和企业运营成本的考虑做出的决定。默沙东作为主公司依然致力于创新药的研发，而新公司欧加隆则致力于成熟产品女性健康的治疗领域及其服务，更多面向于中国市场，为分析其根本动因做基础。因此，站在在华业务的特殊性角度，分析了默沙东优劣势，针对运营瓶颈，战略思考，独立法人，人员培育，风险管理和竞争优势等角度进行讨论作为效果分析。最后，本文对企业分拆上市后提出优化建议并对动因及效果分析总结。 希望通过分拆上市新公司的新发展模式进行梳理，总结经验包括分拆动因思考角度，效果分析需要考虑的因素以及针对效果分析提出的优化建议，思路清晰，分析角度新颖，为药企分拆提供经验与借鉴，为我国药企未来转型提供新思路和借鉴。
英文摘要：	Since 2020, with novel coronavirus outbreaks, various sectors of the world have been hit. The pharmaceutical industry and pharmaceutical companies at home and abroad urgently need reform and innovation to deal with the changes of market entry mode. The separation of multinational pharmaceutical enterprises is a new idea compared with M & A. For some large companies, there are many product lines and the growth of mature products is weak. Splitting and listing new companies has become the driving factor for the development of the original company. In particular, it is a very forward-looking move to spin off mature products and operate alone in the Chinese market. Due to the large gap between the promotion mode of new products and mature products, the split can better realize the respective growth of the whole product to a certain extent. This study focuses on the relatively novel development ideas of MSD's split of the new company, combs its split motivation and effect, makes a systematic analysis, and provides valuable experience for the future development of pharmaceutical enterprises. At the same time, the case of MSD splitting the new company, the company's split development model is novel, and its motivation and effect analysis perspective is worth studying. The summary in this regard is worthy of reference for pharmaceutical enterprises. Therefore, the optimization suggestions put forward in this paper are targeted, and its experience is worthy of reference. Taking MSD company as an example, this paper studies the mode transformation from the company's early M & A to the current split listing of new companies, analyzes the motivation of its split listing and the advantages and disadvantages before and after the split in China, forecasts its development in the Chinese market, and puts forward optimization suggestions. This paper studies that the split of MSD is also based on the repositioning of the two companies, the global competitive environment, the demand of the Chinese market for its attraction, sales places, the consideration of the capital market and the consideration of the enterprise's operating cost. As the main company, MSD is still committed to the research and development of innovative drugs, while the new company Organon is committed to the treatment field of women's health and its services, more oriented to the Chinese market. Therefore, from the perspective of the particularity of its business in China, this paper analyzes the advantages and disadvantages of MSD before and after the split, including discussion on operation bottleneck, strategic thinking, independent legal person, personnel cultivation, risk management and competitive advantage, and risk prediction that MSD may face compliance and brand conflict after the split. Finally, this paper gives the effect analysis and puts forward optimization suggestions after the enterprise is split and listed. It is hoped that through the new development model of splitting new listed companies, these experience summaries include the perspective of splitting motivation, the factors to be considered in the effect summary and the optimization suggestions put forward for the effect analysis, so as to provide experience and reference for the future development of pharmaceutical enterprises and new ideas and reference for the future transformation of pharmaceutical enterprises in China.
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