医药企业并购中目标企业的价值评估研究

发布时间：2018-02-22 20:57

本文关键词： 医药企业并购目标企业价值评估价值类型评估方法　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着"健康中国"战略的实施,为保障人民基本用药,国家启动了新的医疗改革,出台了新版的GMP、药品优先审评审批、仿制药一致性评价、临床实验数据自查核查、控制医疗保险费用支出、医保目录调整等一系列政策。针对医药工业目前存在的原始创新能力不强、基础研究和转化研究能力薄弱、产品质量急需升级、行业集中度低,企业多、小、散,产品同质化和重复建设突出、国际竞争力弱等问题,国家积极推进医药行业重组整合和引导产业集聚发展,优化产业组织结构。受相关政策以及医药企业对资源的战略整合、迅速发展、提高企业竞争力的需求等影响,医药行业的并购活跃,呈现数量增加、金额增大、标的资产多样化、资本跨界和海外并购增加等趋势。并购活动产生了对目标企业价值评估的需求,鉴于医药行业的并购活动与其他行业在并购动因、并购标的选择等方面存在差异,受政策影响较大、产品专业性强、企业可比性差,目前企业价值评估理论与方法已相对完善,如何选择适用的企业价值评估方法,合理评估目标企业的价值具有重要意义。本文采用理论与案例相结合的研究方法,结合医药企业并购的特点,将企业价值评估理论有效的运用到医药企业并购估值的实务中,构建目标企业价值评估体系。本文首先阐述了并购与企业价值评估相关理论,并介绍了主要的企业价值评估方法。其次分析了医药企业并购的现状、特点、未来趋势,以2011年-2015年医药制造业上市企业并购医药企业披露的评估报告为基础,统计分析目标企业价值评估现状,分析其价值影响因素,结合市场条件等因素,探讨评估方法的选择。最后,以医药企业Q并购企业P为例,从宏观和微观角度分析目标企业P,并评估其市场价值。根据合适的评估技术思路选取具体的评估模型,通过分析预测来确定模型涉及的参数,估算出目标企业P的价值,并分析其结果的合理性,对目标企业价值评估体系进行反馈、修正。最后得出本文的研究结论,说明未来可以深入讨论的问题。
[Abstract]:With the implementation of the "healthy China" strategy, in order to ensure the basic use of drugs for the people, the state has initiated a new medical reform, introduced a new version of GMPs, approved drugs in priority, evaluated the consistency of generic drugs, and checked the data of clinical trials. A series of policies such as controlling medical insurance expenditure, adjusting the medical insurance catalogue, etc., aiming at the pharmaceutical industry, the original innovation ability is not strong, the basic research and transformation research ability is weak, the product quality is in urgent need of upgrading, and the industry concentration is low. Many, small, scattered enterprises, outstanding product homogenization and repeated construction, weak international competitiveness, etc., the state has actively promoted the reorganization and integration of the pharmaceutical industry and guided the development of industrial agglomeration. Optimizing the industrial organization structure. Affected by the related policies and the strategic integration of the resources, the rapid development of the pharmaceutical enterprises, and the need to improve the competitiveness of the enterprises, the M & A of the pharmaceutical industry is active, the number of the pharmaceutical industry is increasing, and the amount of money is increasing. The diversification of underlying assets, the increase of cross-border capital and overseas mergers and acquisitions. M & A activities have created a demand for value assessment of target enterprises, in view of the M & A activities of the pharmaceutical industry and the motivation of M & A in other industries, There are differences in the selection of M & A target, which are influenced by the policy, the product is professional, and the enterprise is not comparable. At present, the theory and method of enterprise value evaluation have been relatively perfect, how to choose the suitable enterprise value evaluation method, It is of great significance to evaluate the value of the target enterprise reasonably. This paper adopts the research method of combining theory with case, combining the characteristics of M & A of pharmaceutical enterprise, and applies the theory of enterprise value evaluation to the practice of M & A valuation of pharmaceutical enterprise effectively. Firstly, this paper expounds the relevant theories of M & A and enterprise value evaluation, and introduces the main methods of enterprise value evaluation. Secondly, it analyzes the present situation, characteristics and future trend of M & A of pharmaceutical enterprises. Based on the evaluation report on the merger and acquisition of pharmaceutical enterprises by listed pharmaceutical manufacturing enterprises from 2011 to 2015, this paper analyzes the status quo of target enterprises' value evaluation, analyzes the influencing factors of their value, and combines the market conditions, and so on. Finally, taking the M & A P of pharmaceutical enterprise Q as an example, the paper analyzes the target enterprise P from macro and micro angles, and evaluates its market value. According to the appropriate evaluation technology, the specific evaluation model is selected. Through analysis and prediction to determine the parameters involved in the model, estimate the value of the target enterprise P, and analyze the rationality of the results, feedback to the target enterprise value evaluation system, correction. Finally, the conclusion of this paper is drawn. Describe issues that can be discussed in depth in the future.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F406.7;F426.72

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