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1、湖南大学 博士学位论文 爱尔眼科医院集团融资策略研究 姓名：陈邦 申请学位级别：博士 专业：高级管理人员工商管理 指导教师：张玲 20070508 高级管理人员工商管理硕士学位论文 II 摘 要 当前，中国医疗产业的政策环境和市场环境正在发生趋势性的重大变化。如 何在新形势下把握机遇、规避风险，借助正确的融资策略实现又好又快地发展， 是爱尔眼科医院集团面临的重要课题。本文通过理论联系实际，从宏观、中观和 微观三个层面进行考察分析，确定了爱尔眼科 2008-2010 三年的新型融资策略。 在内容上，本文首先介绍了研究的背景、目的和意义，重点介绍了爱尔眼科 的发展沿革、基本情况和竞争优势，以及眼科
2、产业的发展概况与市场格局。其次， 由于产业政策对医疗行业、特别是民营医院的特殊影响力，笔者深入分析了新一 轮医疗体制改革的政策趋势、财政补贴的方向，进而对爱尔眼科带来的机遇和挑 战。然后，通过建立医疗市场供求变动模型，刻画了由于医保体系完善引致有效 需求增加，需求曲线外移导致的市场增量将在不同所有制的医院之间如何分配， 这在很大程度上决定了民营医院的发展空间。同时，基于服务差异化的垄断竞争 模型，文章探究了国有和民营眼科医院的发展轨迹和市场竞争的变化趋势。根据 这些条件，笔者制定了爱尔眼科未来三年的战略目标和战略举措。 通过系统地回顾企业资本结构理论和爱尔眼科融资的实践，对比公司未来三 年的资
3、本支出计划和融资渠道的可及性，笔者发现传统的优序融资理论已经不适 合新阶段发展的要求，此前的融资策略已难以承载连锁经营的商业模式，必须进 行根本性地、革命性地创新。本文研究的结论是：今后的融资模式必须兼顾发展 的快速性和财务的稳健性，从债务融资为主及时转变为股权融资为主，这将为爱 尔眼科带来战略性资本溢价。据此，爱尔眼科融资策略的历史轨迹可归结为“三级 火箭”模式：第一级为目前的融资工具，第二级为私募融资，第三级为首次公开上 市（IPO） 。之后，对股权融资的必要性和可行性进行了详细论证。 为提高融资策略的可操作性，本文最后分别就私募融资和 IPO 实施过程中的 关键环节进行了深入分析。在私募
4、融资方面，主要研究了私募对象的功能定位、 交易结构的确定和相关的准备工作，明确了当前现实的私募对象应以财务投资者 为主，以及公司如何在私募过程中占据主导地位，整合社会资源、强化竞争优势。 在发行上市方面，详细阐述了改制重组的主要原则和架构设计，分析了商业模式 如何改造与完善、募集资金投向的确定以及怎样加强外部公关协调等核心问题， 并提出重点在八个方面进行全过程的风险控制，确保这项系统工程顺利实施。 关键词：爱尔眼科；医疗体制改革；融资策略；私募融资；首次公开上市 爱尔眼科医院集团融资策略研究 III Abstract The current policy and market environm
5、ents in China medical industry are changing on trend pattern significantly. Under the new situation, the major issue of Aier Eye Hospital Group(“Aier Group”) is how to grasp the opportunity and to evade the risk, so as to achieve the fast development with the aid of the correct financing stratagem.
6、This paper determines the new financing stratagem of Aier Group in the future three years, analyzing from macrocosmic, middle-cosmic and microcosmic views based on the combination of theory and practices. Firstly, the background, objective and significance of the study are introduced, which the basi
7、c information, competitive advantages of Aier Group and the developmental general situation and marketing situation of eye industry are emphasized. Secondly, because of the special impact of policy on the medical industry, we thoroughly analyze the directions of policy and financial subsidy in the n
8、ew medical reform, as well as the following opportunity and challenge on Aier Group. Finally, by the construction of fluctuation model of supply and demand in the medical market, we observe that the distribution of market increment induced by out-shifted demand curve in the hospitals with different
9、properties determines the developmental space of private hospitals, since the improvement of medical insurance system results in the increased effective demand. Meanwhile, based on the monopoly competition model with different services, this paper describes the developmental history of state-owned a
10、nd private eye hospitals, as well as the variety trend of market competition. According to the above conditions, we determine the strategic objective and measures of Aier Group in the future three years. By the systemic retrospection of business capital structure theory, comparing the accessibility
11、of capital expenditure and financing channel, we observe that the traditional optimal financing theory is not suitable for the requirements of strategic planning of Aier Group, and the previous financing stratagem can not bear the chain management pattern. The later financing pattern should be focus
12、ed on equity financing being changed from liability financing, which will bring the strategic premium for Aier Group. Hereby, the financing stratagem can be included into the pattern of “Third-class Rocket”: the first-class is the current financing facility, the second-class is the private 高级管理人员工商管
13、理硕士学位论文 IV placement, and the third-class is the IPO. Then, the necessity and availability of equity financing are demonstrated particularly. In order to promote the maneuverability of financing stratagem, the key steps in the process of private placement and IPO are analyzed deeply in this paper. A
14、s for the private placement, the functional localization of private object, the determination of business structure, and the related preparation issues are studied; it is also determined that the private object should be focused on financial investors, and the company how to hold the leading positio
15、n in the private financing process. As for the IPO, the main principle and structure design of recombination are elaborated, as well as the analysis of the improvement of commercial pattern, the determination of recruiting fund, and the strengthening of external public coordination; it is presented that the risk control in the whole process should be emphasized on eight facets to guarantee the successful implement of this project. Key Words: Aier Eye Hospital Group; Medical System Reform; Financing Stratagem; Private Placement; IPO 爱尔眼科医院集团融资策略研究 VII 插图索引 图 1.1 爱尔集团发展历程 .2 图 1.2 爱尔眼科三级连锁发展模式.
