本文關鍵詞：復星醫藥現金并購方式及績效研究　出處：《云南財經大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 現金并購 支付方式 并購績效 復星醫藥

【摘要】：并購作為企業外部發展戰略的一種重要手段,發揮著優化資源配置、促進經濟結構調整、提高企業生產力和強化競爭地位的作用。但是我國在對并購的有關問題上,很多都沒有得到很好地解決,因此限制了并購理論的發展和導致很多失敗并購事件的出現。2005年以前我國企業間多為現金并購,之后隨著股權分置改革的推進以及并購法律法規的逐步完善,并購交易中雖然采用股票支付、混合支付等方式漸漸增多,但仍然未能撼動現金并購在我國資本市場的地位。北京交通大學博士(宋希亮,2010)【1】提出“當收購方決定并購目標公司時,要解決三個基本問題:一是支付問題;二是融資安排與控制權結構問題;三是由此帶來的并購績效。”根據本文對中國上市公司近幾年并購支付方式的統計,雖然股票支付等其他形式逐漸增多,但是傳統的現金支付仍然是一個重要而又快捷的支付方式,幾乎占比80%以上。為何我國上市公司并購時仍然青睞于現金支付?并購支付的巨額現金是通過什么渠道籌集而來?企業并購績效如何?解決上述幾個問題,理論上有助于我們更深入地掌握并購支付規律,有助于加深對并購績效的把握,而在實務方面,并購企業根據自身和外部情況選擇恰當的支付方式,提高企業并購成功率,提升公司價值同時對促進我國并購支付方式多元化具有重要意義。本文采用規范研究和案例研究相結合的方法,案例中以“并購動因——支付方式選擇——融資方式——并購績效”的邏輯線條對復星醫藥2010年-2014年發生的6起并購事件為案例研究對象,研究公司現金并購動機、并購長短期績效。案例研究表明,復星醫藥基于為避免控股股東控制權稀釋、股票價值被低估、融資能力強和現金流充沛四個原因導致公司支付方式單一,基本為現金并購。短期績效計算超額累計收益率CAR值,同時構建了以專利申請數量、新藥數量、凈資產收益率和境外營業收入增長率等12個財務及非財務指標體系評價公司的長期并購績效。最后得出結論雖然現金并購方式為復星醫藥帶來了績效的提升,但仍然應當采取有關措施促進我國并購支付多元化,措施包括(1)完善資本市場,減少信息不對稱;(2)減少發行股票的程序;(3)發揮中介機構作用;(4)拓寬并購融資渠道、鼓勵混合支付方式。
[Abstract]:As an important means of external development strategy, M & A plays an important role in optimizing the allocation of resources and promoting the adjustment of economic structure. The role of improving the productivity of enterprises and strengthening the competitive position, but in our country in the M & A related issues, many of them have not been well solved. Therefore, the development of M & A theory and the emergence of many failed M & A events have been restricted. Before 2005, most enterprises in China were cash mergers and acquisitions. After that, with the promotion of the reform of the split share structure and the gradual improvement of the laws and regulations of M & A, the use of stock payment and mixed payment in M & A transactions is gradually increasing. However, cash mergers and acquisitions in China's capital market status has not been shaken. Beijing Jiaotong University Ph.D. (Song Xiliang 2010) [1] put forward "when the acquirer decides to merge the target company." Three basic problems should be solved: first, payment; Second, financing arrangement and control structure; According to the statistics of M & A payment methods of Chinese listed companies in recent years, although other forms such as stock payment are gradually increasing. But the traditional cash payment is still an important and fast way of payment, accounting for almost more than 80%. Why do Chinese listed companies still prefer cash payment when M & A? Through what channels are the huge amounts of cash paid for M & A raised? How about M & A performance? To solve the above problems, it is helpful for us to grasp the rules of M & A payment in theory, to deepen the performance of M & A, and in practice. M & A enterprises choose appropriate payment methods according to their own and external conditions to improve the success rate of M & A. At the same time, the promotion of corporate value is of great significance to promote the diversification of M & A payment methods in China. This paper adopts the method of combining normative research and case study. In the case, the logical lines of "the motivation of M & A-payment mode-financing mode-M & A performance" are taken as the case study object to the six M & A events that occurred in Fosun Medicine from 2010 to 2014. The case study shows that Fosun Medicine is based on the undervaluation of shares in order to avoid dilution of controlling rights of controlling shareholders. The four reasons of strong financing ability and abundant cash flow lead to a single way of payment, basically cash merger. Short-term performance calculation excess cumulative yield CAR value, at the same time build the number of patent applications, the number of new drugs. There are 12 financial and non-financial index systems to evaluate the long-term M & A performance of the company, such as the rate of return on net assets and the growth rate of overseas operating income. Finally, the conclusion is drawn that although cash M & A brings performance improvement to Fosun Medicine. However, some measures should be taken to promote the diversification of M & A payment in China, including the improvement of the capital market and the reduction of information asymmetry. (2) procedures for reducing the issuance of shares; (3) play the role of intermediary; 4) broaden the financing channels of M & A and encourage mixed payment.
【學位授予單位】：云南財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.72;F271;F406.7

【參考文獻】

相關期刊論文 前10條

1 葛結根;;并購支付方式與并購績效的實證研究——以滬深上市公司為收購目標的經驗證據[J];會計研究;2015年09期

2 趙息;孫世攀;;資本結構對并購支付方式的影響研究——基于我國資本市場背景的分析[J];管理評論;2015年08期

3 周紹妮;王惠瞳;;支付方式、公司治理與并購績效[J];北京交通大學學報(社會科學版);2015年02期

4 李井林;劉淑蓮;韓雪;;融資約束、支付方式與并購績效[J];山西財經大學學報;2014年08期

5 宋希亮;;支付方式影響并購績效的機理分析[J];經濟與管理評論;2014年03期

6 余鵬翼;王滿四;;國內上市公司跨國并購績效影響因素的實證研究[J];會計研究;2014年03期

7 趙息;劉佳音;;并購支付方式影響我國上市公司并購績效的實證研究——基于事件研究法與財務報表分析法的比較研究[J];電子科技大學學報(社科版);2014年01期

8 葛偉杰;張秋生;張自巧;;支付方式、融資約束與并購溢價研究[J];證券市場導報;2014年01期

9 陳仕華;姜廣省;盧昌崇;;董事聯結、目標公司選擇與并購績效——基于并購雙方之間信息不對稱的研究視角[J];管理世界;2013年12期

10 周紹妮;文海濤;;基于產業演進、并購動機的并購績效評價體系研究[J];會計研究;2013年10期

相關博士學位論文 前2條

1 孫世攀;資本特征、支付方式與價值效應[D];天津大學;2014年

2 宋希亮;支付方式與并購績效關系的研究[D];北京交通大學;2010年

相關碩士學位論文 前4條

1 李森;復星醫藥連續并購績效研究[D];北京交通大學;2015年

2 林靜;支付方式對企業并購績效影響的實證研究[D];浙江大學;2015年

3 杜雨薇;公司財務狀況類型與并購支付方式選擇的研究[D];西南財經大學;2014年

4 應霄鵬;醫藥企業并購整合風險管理研究[D];浙江工商大學;2014年

，

本文編號：1393839