医药企业连续并购财务风险及控制分析----—以复星医药为例.docxVIP

PAGE 21 目录 TOC \o 1-3 \h \z \u 内容摘要： I Abstract: II 1导言 1 1.1 研究背景与意义 1 1.2 相关研究现状 4 1.3 研究方法 6 1.4 预期结果 7 2 企业并购财务风险的基本理论 7 2.1 并购基本理论 7 2.2 财务风险理论 9 3复星医药案例介绍 11 3.1 基本情况介绍 11 3.2 并购历程及动因 12 4复星医药财务风险分析 14 4.1 估值定价风险 17 4.2 融资支付风险 18 4.3 整合并购后财务风险 20 5财务风险控制措施 21 5.1 加强财务风险防范 21 5.2 合理控制企业债务规模及比例 22 5.3 合理并购注重整合 23 6结论及展望 25 6.1 结论 25 6.2 展望 25 参考文献 26 致谢 28 II 内容摘要： 在全球化不断深入的当今，企业为了在激烈的市场竞争中占取优势地位，纷纷想各种办法以扩大市场份额、提高市场占有率，连续并购成为行业重要的发展方式。然而风险与收益并存，笔者将对连续并购带来的财务风险进行分析，并进一步研究财务风险的防范与控制。据此，本文以案例研究法为基础，选取医药行业中典型的连续并购企业——复星医药为案例进行研究。首先对企业并购现状及财务风险的相关理论进行阐释，其次介绍了复星医药连续并购的动因、过程等。同时识别与分析了连续并购存在的财务风险，并综合评价了总体财务风险。最后得出案例启示，为分析不同的财务风险提出了相应的防控措施，以期对未来复星医药进一步国际化拓展以及我国其他医药企业的并购活动起到参考和借鉴作用。希望通过对此案例的研究分析，结合我国医药行业的特点，为医药行业的并购财务风险提供一定的指导，帮助企业采取有效的并购财务风险控制措施，降低并购带来的失败风险。 关键词：复星医药；连续并购；财务风险；财务风险控制  Abstract: With the deepening of the globalization process, industry competition has become more and more fierce. In order to better seize the opportunities in the fierce market competition, companies have tried various methods to expand market share and increase market share. Continuous mergers and acquisitions have become important developments in the industry. the way. However, continuous mergers and acquisitions produce high returns and are always accompanied by high risks. Among them, financial risk is particularly important and is the key to the success or failure of mergers and acquisitions. If an enterprise only pays attention to the income and does not pay attention to the prevention and control of financial risks in the process of mergers and acquisitions, it may not only hinder the process of mergers and acquisitions, but may even have an adverse effect on the future development of the company. For this reason, based on the case study method, this article selects Fosun Pharma, a typical continuous merger and acquisition company in the pharmaceutical industry, as a case study. Firstly, it explains the cu