复星医药股份有限公司并购战略分析-工商管理专业论文.docx

摘要 并购是产业整合的有效途径。近几年随着国家各项医改政策及健康产业政策 的出台，国内医药行业掀起了新一轮的并购浪潮。但是由于我国医药企业研发投 入较低，缺少专利药，因此并购更多体现为规模上的扩大，对于并购双方而言很 难产生较大的效益。复星医药自上市以来就不断进行并购，其坚持专业化的并购 方向，有效延伸了其产业链，同时在并购过程中充分体现了其整合的能力。本文 试图分析复星医药的并购策略，为国内其他医药企业的并购起到一定的借鉴作 用。 本论文在研究中采用了案例分析法、对比分析法和过程分析法等分析方法。 全文共分为 7 章，第一章为绪论，简略介绍论文的研究背景、研究目的和意义、 并购相关理论综述及采用的主要研究方法，确定本文所使用的理论依据；第二章 主要从宏观环境和行业环境两个方面对企业的外部环境进行分析，明确企业实施 并购战略的条件；第三章主要对企业进行 SWOT 分析，说明企业采用并购战略的 背景；第四章主要通过对复星医药近几年的重大并购案例进行叙述，重点从协同 效应、技术决定论及全球化战略等方面分析企业的并购动因；第五章对企业的并 购策略进行分析，重点分析企业对于目标公司的选择、并购定价的确定及并购的 支付方式等；第六章从财务、人力资源管理、产业链整合等角度对企业的并购整 合效果进行评价，分析复星医药并购战略的特点；第七章归纳本文的研究结论， 并指出本文存在的不足之处。 关键词：复星医药，并购，动因，整合 Abstarct Merger and acquisition （MA） is one of the most effective ways of realizing integration at an industrial level. In recent years a new turn of wave of MA started in the domestic pharmaceuticals industry along with promulgation of the health care reform and health industry policy. However, due to low input in RD and lack of patent medicine, those MA has fallen into an plain expansion of scale among Chinese pharmaceutical enterprises, most of which produce little benefits. Fosun Pharmaceutical Co., Ltd. has been continuous MA since its going public in 1998. The company adheres to the professional direction of MA and extends its industrial chain effectively. Its integration capacity is fully embodied throw the process of MA. This paper tries to analyze MA strategy of Fosun Pharm to play a reference role for MA of the other Chinese pharmaceutical enterprises. This paper is a combination of case study, comparative and process analysis, which is mainly composed of seven chapters. The first chapter is a brief introduction of research background, purpose and significance, methods literature review about MA. In this chapter the author has made cleartheory basis of the paper. The second chapter analyzes the external environment of the enterprise mainly from the two aspects of the macro environment and the industry environment. In this chapter the author ha