医药企业并购的财务效应分析与对策

Financial Effect Analysis and Countermeasure of Medical Enterprises Merger and Acquisition

随着市场经济的持续发展和资源组合优化进程的明显加快，医药企业的重组、兼并和收购正在国内资本市场如火如荼地进行着。本文在简要介绍企业并购的3类典型模式和2种实现方式基础上，分析了医药企业并购的4个方面的动因，分析了不同并购模式下的企业财务协同效应，特别是企业并购的正效应和负效应，讨论了医药企业并购财务效应评价的3个方面的技术指标，提出了基于财务正效应分析的医药企业并购4点建议。通过本文研究，可以得到以下的结论：并购企业不仅仅是为了扩大市场占有率，更应着眼于自身的发展状况，但是必须采取合适、高效的方式进行，力求实现并购财务效应中的正效应最大化，达到推动自身企业的发展，这是医药企业并购的终极目的。

Along with continuous development of market economy and optimizing combination course of resources, it is a very important recomposing mode for medical enterprises to purchase and annex others. In this paper, three typical merger modes and two realization approaches are introduced, four kinds of reasons are analyzed for medical enterprises merger and acquisition, three technological indices are set up to judge the fmance cooperating effect including positive as well as negative effect of merger and acquisition, and four advices are given for medical enterprise merger, which is based on finance positive effect analysis Conclusion of this paper： it is more important for an enterprise to maximize the positive effect than to enlarge scope as well as seizing ratio during enterprise merger and acquisition. So, much more attention must be paid to durative development and to seeking businesslike appropriate modes. Effective use of the fmancial effect is helpful for an enterprise to achieve the optimal capital structure, realization and the long-term development of the medical enterprise after merger as soon as acquisition is finished.