生物制药上市公司并购的协同效应分析

论文总字数：35411字

摘 要

企业并购是企业迅速实现规模扩张、增强竞争力的一种成长战略，也是实现经济结构调整和资源重新配置的重要机制。到目前为止，世界范围内已发生五次大规模的并购浪潮，最后一次浪潮一直持续到现在。

本文首先铺垫了企业并购概念和协同效应的概念；在并购和协同效应概念的基础上，就我国生物制药上市公司发展及并购现状、特征和动因展开论述，并针对我国生物制药上市公司上市并购特殊情况，提出了基于因子分析法来分析并购的协同效应。最后详细探讨了影响我国生物制药上市公司并购协同效应实现的因素，并且通过这些因素，给出相应的研究建议，为以后并购的协同效应提供理论基础。 并购是企业实现多元化战略发展和产业结构创新的重要方式之一，对企业可持续发展有着至关重要的意义。并购之后产生的协同效应有正负之分，正的协同效应才能给公司带来好的收益。

但是在实际的并购活动中，许多生物制药上市企业的并购并没有实现协同效应。企业并购的主要动因是为了获得协同效应，协同效应同时也是衡量企业并购成功与否的重要标准。因此研究并购中的协同效应对于现实经济运行中并购双方有着极为重要的指导意义，对于有效促进全国范围内的生物制药资源整合、整体提升我国生物制药企业在国际医药市场中的竞争力具有深远影响。

关键词：生物制药上市公司；协同效应；并购；因子分析法

Synergy effect analysis of the merger and acquisition of bio pharmaceutical listing Corporation

Abstract

Mergers and acquisitions is a growth strategy for enterprises to achieve scale expansion and enhance competitiveness, and it is also an important mechanism to realize the adjustment of economic structure and the re allocation of resources. Up to now, there have been five large-scale mergers and acquisitions in the world, and the last one has been continued until now.

This paper briefly introduces the concept of corporate mergers and acquisitions and the synergistic effect of concept; on this basis, China"s listed companies and the status quo, characteristics and reasons of exposition and for the special case of M amp; A in China listed proposed based on financial data to analyze the synergy effect. At last, it is one of the important ways for enterprises to realize the diversification strategy development and the industrial structure innovation, which is very important to the sustainable development of enterprises. The synergy effect produced by M amp; A is positive and negative, and the positive synergy effect can bring the company a good profit.

But in the actual M amp; A activities, many M amp; A enterprises do not have a positive synergy effect. The main motivation of enterprise merger is to obtain synergy effect, and it is also the key to measure the success of M amp; A. So the study on the synergistic effect of mergers and acquisitions for the operation of the real economy two sides of M amp; A has a very important significance in promoting the nationwide integration of resources, enhancing the overall competitiveness of China"s enterprises in the international market has a far-reaching influence.

Keywords: Bio Pharmaceutical Listing Corporation; Synergistic Effect; Merger;Factor Analysis

目 录

摘 要 I

Abstract II

第一章 绪 论 4

1.1 研究背景 4

1.2 研究意义 4

1.3 研究思路与方法 4

第二章 并购相关概念及分类 5

2.1 并购的概念和类别 5

2.1.1 并购的基本概念 5

2.1.2 并购的分类 5

2.2 协同效应的分类 6

2.2.1 协同效应的基本概念 6

2.2.2 协同效应的分类 6

2.3 文献综述 7

第三章 生物制药上市公司发展及并购特点 10

3.1行业特点 10

3.2 生物制药行业发展现状 10

3.3 并购特点 11

第四章 基于因子分析模型的生物制药上市公司并购协同效应的分析 12

4.1 模型原理 12

4.2因子分析模型的构建 12

4.3 样本选择与数据来源 13

4.4 计算并购协同效应价值模型的综合得分 13

4.4.1 检验数据是否合适因子分析原 14

4.4.2 提取共因子 14

4.4.3构造因子综合得分 15

4.4.4 数据分析 17

第五章 生物制药上市公司并购存在的问题 19

5.1我国政府的不恰当的介入行为 19

5.2目标企业的选择不合理 19

5.3并购整合效果不佳 20

5.4企业制度不完善 20

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