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1、摘 要 外资药企进入中国市场的并购策略及并购对国内药企的影响赛诺菲并购太阳石为例摘 要从本质上来说,通过并购,企业能够吸收另一个企业中的资源,来促使本企业所拥有的资源得到增加,其竞争力得到提升以及日常运行效率得到提高。对整个世界的并购活动加以分析可以发现,在十九世纪九十年代后期的美国,大量的企业便开始先后进行并购活动,在经济发展全球化的今天,跨国企业之间的并购活动先后发生,资源配置在领域上被拓宽,资源的流动速度得到成倍的提升,并购活动的开展下,我国资本市场的发展更加接近于国际发展态势。很多人都知道,制药行业有着国际化和集约化的特征,在经济全球化发展的当下,开展并购活动,实现业务上的充足,提升企
2、业竞争实力已经成为医药行业发展过程中的一个必然选择。尤其随着近些年我国医药市场兴起,吸引大批外资企业进入中国市场,外资并购已成为我国资本市场的热点。鉴于此,本文希望通过外资药企进入中国市场的并购策略的分析以及对于跨国并购对国内药企发展影响的研究,提出对并购公司实现双赢的策略建议。本文以并购的概念、分类、意义等理论着手,对国内外医药行业的发展及现状进行阐述,通过比较分析及定性定量相结合的方法,以赛诺菲并购太阳石为例,阐明并购的成功关键在于并购目标的选择正确;尽职调查详尽准确;关注细节因素,本文着重介绍了清单在并购中的使用方法、创新点,及其对企业成功并购的重要意义;重视并购后的整合与评估。对外资并
3、购对国内药企的利弊加以分析,指出我国药企在面临外资并购可能会遇到权利受限、国际意图难实现,及受到外资药企竞争威胁的风险;但同时指出并购带来的机遇,包括资金的注入,尤其鼓励了民营医药企业的发展和自主创新;为我国医药企业融入全球价值链体系提供了前提与途径;并帮助我国医药企业由低端价值链体系迈向高端价值链体系作出相当大的贡献。最后从市场、技术、政策三方面分别提出帮助企业实现双赢并购的策略建议,市场角度主要包括坚持以战略决策为出发点的并购,充分利用国际资源及注重新技术的开发与企业的自主创新;技术角度包括尽可能多的掌握目标企业信息,充分发挥中介作用与细节优势,最后以及最重要的是关注并购后整合及评估;政策
4、角度包括对不同国家地区法律的熟悉,以及充分利用政府政策优势服务于企业。本论文前两章主要阐明并购的理论综述,文章的研究背景、目的、意义等,第三章就国内外医药企业并购与重组现实状况加以分析,四到五章主要针对赛诺菲收购太阳石药业的并购案例加以分析,最后,据分析理解提出并购企业实现双赢的策略建议。关键词:医药企业,外资并购,清单,企业双赢IFOREIGN DRUG COMPANIES THROUGH M&A TO ENTER THE CHINESE MARKET AND THE IMPACT OF M&A OF DOMESTIC MEDICINE COMPANIESSANOFIC COMPANIES
5、MERGER SUN STONESABSTRACTIn essence, through Mergers and Acquisitions, companies can absorb the other resources in an enterprise, to make the resources of the enterprise have increased, its competitiveness for promotion and daily operation efficiency was improved. M&A activity analysis of the whole
6、world can be found that the United States in the late 1890s, a large number of enterprises started successively, M&A activity in the global economy, transnational M&A activity has occurred between enterprises, the allocation of resources in the field was broadened, the flow of resources get double s
7、peed improvement, under the conduct of the development of capital market in China M&A activity is more close to the international development trend. A lot of people know that the pharmaceutical industry has the internationalization and the characteristics of the intensive, at present, with the devel
8、opment of economic globalization, to achieve business by M&A is adequate. It can improve enterprises competitive power ,so M&A has become an inevitable choice in the development of pharmaceutical industry. Especially , in recent years , the rise of pharmaceutical market in China attracting a large n
9、umber of foreign companies to enter the Chinese market, foreign Mergers and Acquisitions have become a hot point of Chinas capital market. In view of this, this paper hopes that by foreign companies enter the Chinese market for transnational M&A strategy analysis and research on the effects of merge
10、rs and acquisitions of domestic drug firms development, put forward suggestion to achieve a win-win strategy of M&A.In this paper, the concept of M&A, classification, theory of meaning, the development of the pharmaceutical industry at home and abroad, and elaborates the present situation, through t
11、he comparative analysis and the quantitative method of combining the qualitative, the company of Sanofi M&A the company of sun stones, for example, to clarify is the key of the success of M&A targets choice correct; Due diligence on detailed and accurate; Attention to detail, this paper introduces t
12、he method of use, innovation point in the list in M&A, and the significance of the success of the enterprise M&A; Attaches great importance to the integration and evaluation after the merger.Analyzes the advantages and disadvantages of domestic pharmaceutical companies under the foreign M&A ,pointed
13、 out our country medicine enterprise may have limited rights, in the face of the foreign capital merger ,international intent difficult to achieve, and threatened by foreign drug companies competition risk; But at the same time, the paper points out the opportunities brought by M&A, including inject
14、ion of funds, especially to encourage the development of private medical enterprise and independent innovation; For our country medicine enterprise integration into the global value chain system provides premise and way; To help our country medicine enterprise by the low-end value chain system towar
15、ds a considerable contribution to the high-end value chain system. Finally, respectively from the aspects of market, technology and policy advice, to help enterprises to achieve a win-win situation of mergers and acquisitions strategy is proposed in this market perspective including adhere to strate
16、gy as the starting point of mergers and acquisitions, make full use of international resources and pay attention to the development of new technology and independent innovation of enterprises; Technical point of view including mastery goal enterprise information as much as possible, give full play to the intermediary role and details advantage, the last and most important is to focus on integration after the M&A; Including laws of different countries