会计学院知识库

  近年来，中国市场经济的快速增长使得资本市场变得更加开放、更加完善，许多企业通过并购来拓大其规模，增强竞争力，并且把并购视为行业准入的主要途径，从而打破行业壁垒，促进企业的长期稳定发展。随着市场环境的变化以及企业自身能力的提升，我国上市公司的并购交易数量和频率也在不断增加，许多企业为了实现跨越性发展而采取连续并购的方式，但是，这种做法对企业的资金流动和管理水平提出了极高的要求，一旦出现问题，将会给企业带来严重的财务风险。尤其2019 年末新冠疫情的爆发，医药零售企业因其行业的特殊性再次受到关注，相关政策也越来越严格。因此，连续并购可能会成为医药行业提升市场竞争力的必要手段。老百姓大药房近几年一直在进行并购活动，通过并购也扩大了市场规模，与其他几大医药零售行业的龙头企业如大参林、一心堂等形成并驾齐驱的势头，但持续不断地并购也给企业带来了一些不安定的因素。

  经过系统的梳理和归纳，本文汇集了当前国内外学术界对于连续并购财务风险的重要见解，从而为进一步深入探讨该课题奠定了坚实的理论基础。通过案例分析，选择了老百姓大药房作为研究对象，首先介绍了该行业的并购情况，并探讨了这家公司的并购历程及其背后的原因。接着，对整个并购过程中的财务风险进行了全面的分析，了解到老百姓大药房自连续并购后大大增加了企业的营业收入，提升了企业的管理水平。但是，连续并购也给企业带来了诸多问题，比如，企业偿债能力降低、资金流动性较弱以及盈利水平下降等，如不能采取有效的措施，可能会使企业的经营逐渐走向下坡路。最后，通过分析得到相应的防范建议，希望能帮助医药零售行业的其他企业尽量规避并购的财务风险，实现企业对开展连续并购活动的预期目标。

      In recent years, the rapid growth of China's market economy has made the capital market more open and perfect. Many enterprises expand their scale and enhance their competitiveness through mergers and acquisitions, and regard mergers and acquisitions as the main way of industry access, so as to break the industry barriers and promote the long-term and stable development of enterprises. With the change of market environment and the improvement of enterprises' own ability, the number and frequency of mergers and acquisitions of listed companies in China is also increasing. Many enterprises adopt continuous mergers and acquisitions in order to achieve leapfrog development. However, this practice puts forward extremely high requirements for the capital flow and management level of enterprises, and will bring serious financial risks to enterprises if problems occur. In particular, with the outbreak of COVID-19 in late 2019, pharmaceutical retail companies are attracting attention again due to the particularity of their industry, and related policies are becoming stricter. Therefore, the continuous mergers and acquisitions may become the pharmaceutical industry to enhance the market competitiveness of the necessary means. In recent years, LBX Pharmacy Chain Joint Stock Company has been carrying out merger and acquisition activities, through which it has also expanded the market scale, and formed a momentum of keeping pace with other leading pharmaceutical retail enterprises such as DaShenLin, Yixintang,  but the continuous merger and acquisition has also brought some unstable factors to the enterprise.

       Through systematic sorting and summarizing, this paper brings together the important opinions of the current domestic and foreign academic circles on the financial risk of continuous mergers and acquisitions, thus laying a solid theoretical foundation for further exploring this topic. Through case analysis, the LBX is selected as the research object. Firstly, the M&A situation of this industry is introduced, and the M&A process of this company and the reasons behind it are discussed. Then, it makes a comprehensive analysis of the financial risks in the whole process of merger and acquisition, and learns that the LBX has greatly increased the operating income of the enterprise and improved the management level of the enterprise since the continuous merger and acquisition. However, continuous mergers and acquisitions also bring many problems to enterprises, such as the reduction of debt paying ability, weak capital liquidity and declining profitability. If effective measures are not taken, the operation of enterprises may gradually decline. Finally, the corresponding preventive suggestions are obtained through the analysis, hoping to help other enterprises in the pharmaceutical retail industry avoid the financial risks of mergers and acquisitions as far as possible, and realize the expected goal of enterprises to carry out continuous mergers and acquisitions.