A股上市公司并购案例-分析——以上海莱仕并购邦和药业为例.pdf

A 股上市公司并购案例分析 --以上海莱士并购邦和药业为例 摘 要 随着中国股市的蓬勃发展，我国上市公司完成上市交易后，通过许多金 融操作方式扩大经营范围，提升企业价值与竞争力，从而使其股价上升， 为企业带来更多的机会与收益。其中并购这一方式被越来越多的企业所使 用。特别是近两年，市场上涌现出许多成功的并购案例，在交易的过程中 显现出了一些值得让人思考的问题。 本文基于中国上市公司并购交易的背景、发展与展望，通过对目前并购 理论的梳理与分析，探讨影响医药行业并购交易的外部市场因素，双方并 购意愿，内部财务状况、股东决策因素等。同时也针对医药板块企业如何 进行估值与交易的情况进行深层次的分析与研究。 全文以案例——上海莱士以发行A股与定向增发的股权方式合计18亿 元收购邦和药业100%股权，从上述角度进行了详细分析，使用收益法和市 场法评估了企业价值。 关键词：医药板块上市公司，换股并购，定向增发，决策因素，估值模型 万方数据 AN ANALYSYS OF STOCK -FOR - STOCK MA ON GEM : THE CASE OF LSW- HEYSLSXMT ACQUISITION ABSTRACT With the rapid development of the stock market of our country China, listing Corporation completed the listing after the transaction, to expand the scope of business through a number of financial operation mode, to enhance corporate value and competitiveness, so that its share price rise, will bring more opportunities for business and revenue. The MA has been used by more and more enterprises. Especially in the past two years, the market emerged in a number of successful mergers and acquisitions in the transaction process exposed some problems worth thinking about. Based on the background, development and Prospect of Chinas listing Corporation mergers and acquisitions, based on the theory of MA research and analysis, to explore the influence of the pharmaceutical industry mergers and acquisitions in the external market factors, the will of MA, internal financial status, the decision-making factors of shareholders. At the same time make a deep research and analysis on the evaluation of enterprises on the pharmaceutical sector. 万方数