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论文编号：	12988
作者编号：	2320190642
上传时间：	2021/12/16 17:34:27
中文题目：	连锁药房并购动因、估值、绩效评价研究 ——以益丰药房并购新兴药房为例
英文题目：	A Case Study of M&A Motivation, Valuation, and Performance evaluation of Pharmacy Chains ——Take Yifeng Pharmacy''''''''s M&A of Xinxing Pharmacy as an example
指导老师：	李亚
中文关键字：	上市公司并购，连锁药房，并购动因，并购估值，绩效评价
英文关键字：	M&A of listed companies；Pharmaceutical retail；M&A motivation； M&A valuation；Performance evaluation
中文摘要：	在商业活动中，企业并购是最复杂也最重要的交易之一。2020年中国并购交易金额超7千亿美元，占全球并购市场的15%左右，在全球并购市场中扮演着越来越重要的角色。 近年来，医药行业的政策频出，医改不断深入，行业机会和挑战共存。另一方面，公立医院改革、医药分离的加速和处方的外流，为连锁药房行业带来了市场增加；同时，行业监管加强。中国药店的连锁率远远低于美日两国，行业连锁化及提高集中度成了行业大势。 益丰药房（603939）是国内连锁药房的龙头上市公司之一，2018年以发行股份及支付现金方式购买新兴药房86.31%的股权，交易作价约13.84亿元，成为近几年完成交割的、连锁药房行业上市公司并购的第一大单。 本文以益丰药房并购新兴药房案例作为研究对象。采用案例研究法为主，定性与定量相研究法、文 献研究、实证分析、统计 分析、实地调查法（询问法）、访谈法相结合的研究方法，结合医药行业政策更迭、连锁药房行业背景及并购双方现状，对此次收购的动因、并购战略类型、被收购企业的价值评估、并购过程、并购整合及效果进行了逐步阐述，重点研究并购中的动因、估值、绩效评价等关键因素，并对日后行业同类并购提出具有参考意义的建议、策略及执行方案。 本文研究的主要结论如下：一是并购是上市连锁药房企业做强做大的必然战略选择；二是连锁药房行业同类型并购案例众多，本案例适用收益法和市场法两种估值，最终采用市场法的评估结论；三是并购整合及绩效评估是并购完成后的关键环节，整合能力及商誉等财务风险应对能力是考验企业的重要因素。 本文包括图2幅，表10个，参考文献68篇。
英文摘要：	Corporate mergers and acquisitions (M&A) are one of the most complex and important transactions in business activities. In 2020, the value of China's M&A transactions exceeds 700 billion U.S. dollars, accounting for about 15% of the global M&A market, and playing an increasingly important role in the global M&A market. In recent years, a number of policies have been issued in the pharmaceutical industry, medical reform has been continuously deepened, the opportunities and challenges are coexisting in the industry. On the other hand, the reform of public hospitals, the acceleration of the separation of medicine and the outflow of prescriptions have brought market growth to the pharmaceutical retail industry. Meanwhile, industry regulation has been strengthened. The chain rate of Chinese pharmacies is much lower than that of the US and Japan, the industry has become more chain-oriented and concentrated. Yifeng Pharmacy (603939) is one of the leading listed companies in the domestic pharmaceutical retail chain. In 2018, 86.31% of Xinxing Pharmacy's equity was purchased by issuing shares and paying cash. The transaction price was about 1.384 billion yuan, making it the largest M&A order in the pharmaceutical retail chain industry in recent years. This paper takes the case of Yifeng Pharmacy's M&A of Xinxing Pharmacy as the research object. The case study method is the main research method, combining qualitative and quantitative research methods, literature research, empirical analysis, statistical analysis, field survey method (enquiry method) and interview method. The study focuses on the key factors of motivation, valuation and performance evaluation in M&A, and proposes recommendations, strategies and implementation plans for similar M&A in the industry in the future. The main conclusions of this paper are as follows: Firstly, M&A is an inevitable strategic choice for listed pharmaceutical retail chain companies to become stronger and larger. Secondly, there are many cases of the same type of M&A in the pharmaceutical retail industry, and both the income approach and the market approach valuation are applied in this case, and the assessment conclusion of the market approach is finally adopted. Thirdly, merger integration and performance evaluation are the key links after the completion of mergers and acquisitions, and the ability to cope with financial risks such as integration capabilities and goodwill are important factors that test companies. This paper includes 2 figures, 10 tables, and 68 references.
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