会计学院知识库

  近年来，得益于我国宏观经济整体平稳运行，我国国民越来越重视医疗健康，相应的医疗需求不断增加，亦对医疗行业的发展提出了新要求。但长期以来，我国医药行业一直处于药企多、规模小、集中度低、管理混乱的情况中，整体发展缓慢，缺乏整合规划。为解决此困境，促进医疗行业发展，我国政府部门近年来不断出台相关政策，推动行业兼并与整合，以此来培养富有竞争力的大型医药企业。随着医药行业集中度的提高，医药企业成本及盈利优势不断凸显，大型医药企业通过纵向并购的方式，将产业环节中欠缺的部分纳入麾下，也就是构建了全产业链布局。而医药企业通过打造全产业链模式，能够有效拓宽企业发展边界，增强企业竞争力，响应国家提高行业集中度的政策，为医药行业发展带来新的发展模式。

  在此背景下，海王生物为构建医药健康全产业链，实施了连续并购的发展战略，从2014年开始持续收购近百家医药企业，在众多医药企业连续并购案例中极具典型性。因此，本文为了解海王生物连续并购实施效果，对海王生物连续并购活动进行了深度剖析。从短期来看，海王生物股价上涨，短期绩效效果显著，增强了投资者信心，为以后引资建立良好基础；长期来看，海王生物的偿债能力和盈利能力方面的绩效表现不佳，主要是由于后期并购速度过快，未能及时进行整合，以及存在多次高额溢价收购，计提了大额商誉减值。但在非财务绩效方面来看，海王生物在技术创新、市场竞争力、品牌价值方面都有所提升，可以看出海王生物在连续并购后一定程度上发挥了协同效应，说明全产业链并购对海王生物绩效产生了积极作用。最后，根据海王生物的实践经验和绩效表现，本文提出：全产业链并购计划中要评价并购标的的合理性，并购数量要在企业资源整合的能力范围之内，不可盲目扩张；在并购之后要及时进行资源整合，包括核心技术、销售体系、人力资源和管理经验等方面，及时实现协同效应；可通过创新全产业链布局模式，减少各环节成本，以提高竞争力。

     In recent years, thanks to the overall stables operation of China's macro economy, Chinese people pay more and more attention to medical health, and the corresponding medically demand is increasing, which also puts forward new requirements for the development of the medical industry. For a long time, China's pharmaceutical industry has been in the situation of many pharmaceutical companies, small scale, low concentration, chaotic management, slow overall development, and lack of integratedly planning. In order to solve this dilemma and promote the development of the medical industry, relevant departments of the Chinese government have continuously introduced medical reforms policies since 2009, invested a lot of money to promote the implementation of medical reform, accelerate the overall reform of the pharmaceutical industry, promote industry merger and integration, and improve industry concentration, so as to cultivate competitive large pharmaceutical enterprises. With the improvement of the concentration of the pharmaceutical industry, the cost and profit advantages of pharmaceutical enterprises are becoming more and more obvious. Large pharmaceutical enterprises try to expand their business territory by taking the raw material production, drug research and development, pharmaceutical manufacturing, medical equipment and pharmaceutical retail business into their pockets, that is, the implementation of the whole industry chain mode. By building the whole industry chain mode, pharmaceutical enterprises can effectively broaden the boundary of enterprise development, enhance the competitiveness of enterprises, respond to the national policy of improving the concentration of the industry, and brings new development mode for the development of the pharmaceutical industry.

    In this context, in order to build the whole industry chain of medical health, the developments strategy of continuous mergers and acquisitions has been implemented by Neptune Biotech. Since 2014, it has been acquiring nearly 100 pharmaceutical companies, which is very typical in the continuous mergers and acquisitions of many pharmaceutical companies. Therefore, in order to understand the implementation effect of continuous mergers and acquisitions of Neptune Biotech, this paper conducts an in-depth analysis of the continuous mergers of Neptune Biotech. In the short term, the stock price of Neptune Biotech rises, and the short-term performance effect is significant, which enhances the confidence of investors. In the long term, the solvency and profitability of Neptune Biotech are affected to some extent, mainly due to the rapid pace of late mergers and acquisitions, failure to integrate in time, and the existence of many high premium acquisitions, and the provision of large goodwill impairment. But in terms of non-financial performance, Neptune Biotech has been improved in technological innovation, market competitiveness and brand value. It can be seen that Neptune Biotech has played a synergistic effect to some extent after continuous mergers and acquisitions, indicating that the whole industry chain mergers and acquisitions have a positive effect on the performance of Neptune Biotech. Finally, according to the practical experience and performance of Neptune Biotech, this paper proposes that the whole industry chain mergers and acquisitions should be carried out on demand, the rationality of mergers and acquisitions targets should be evaluated in the mergers and acquisitions plan, and the number of mergers and acquisitions should be within the scope of the enterprise's resource integration ability, not blind expansion. After M&A, timely resource integration should be carried out, including core technology, sales system, human resources and management experience, so as to realize synergistic effects in a timely manner; the layout mode of the whole industrial chain can be innovated to reduce the cost of each link, so as to improve competitiveness.