会计学院知识库

摘  要

  随着经济的发展和社会进步，人们的生活水平不断提高，医疗保健条件不断改善，这使得人民对医疗健康的需求也日益增长。同时，社会对于公共卫生的重视和投资也在不断增加，为人们提供更好的医疗条件和服务，基于此，人们对相关医疗器械产品的需求也逐步攀升。在带量采购政策、医疗新基建等多项政策的大力推动下，不仅为医疗器械行业带来了更广阔的市场空间，但也迎来了新的发展机遇和挑战。然而，当前我国医疗器械行业面临着规模偏小、数量众多、整体经营水平不高的现状，市场竞争日益加剧。在此背景下，并购整合正日益成为医疗器械企业实现迅速扩张和持续发展的核心策略。于企业而言，连续并购是在一系列企业战略目标的指引下展开。然则，连续并购行为是否能够真正为企业增值，核心在于并购完成后资源整合是否符合既定目标和达成预期的结果，即整合资源有效性与可行性。资源编排理论为此提供了新思路。通过资源编排，可以深入分析连续并购价值创造的演进机制，挖掘出连续并购与价值创造之间的内在联系。

  本文运用资源编排理论作为分析的出发点，选择乐普医疗作为研究对象，对2010年-2019年的并购行为进行了深入的探讨，研究企业如何通过连续的并购活动实现价值创造，明确创造价值的路径与机理。在细致的整合文献综述与理论基础后，建立文章的研究框架。接着详尽地回顾了乐普医疗的连续并购过程，根据公司战略的发展以及业务变化的特点，将并购活动划分为两个阶段：初步探索阶段和多元化并购阶段。在此基础上，运用资源编排框架，从资源识别、资源结构化、资源捆绑及资源利用四大步骤，逐步分析乐普医疗连续并购实现价值创造的具体路径。接着，通过事件研究法、EVA分析法和非财务分析法，对乐普医疗在不同发展阶段并购活动的价值创造效果进行定量与定性分析。最后，文章对乐普医疗连续并购后的价值创造效果进行评价，以此得出研究结论。

  本文得出了如下结论，在乐普医疗连续并购过程中，企业连续并购的成功依赖于良好的资源编排和整合能力，如何动员、调动和部署资源在这过程中起着决定性作用。此外，资源编排能有效提升企业连续并购的价值创造，通过资源编排的四大关键步骤，优化了并购过程中的资源配置，以期为同行业带来参考与借鉴。

  This paper applies the resource orchestration theory as the starting point of analysis, chooses Lepu Medical as the research object, and conducts an in-depth discussion on the M&A behaviors from 2010 to 2019, to study how enterprises realize value creation through successive merger and acquisition activities, and to identify pathways and mechanisms for value creation. After meticulously integrating the literature review and theoretical foundation, the research framework of the article is established. Then the successive M&A process of LPMC is exhaustively reviewed, and the M&A activities are divided into two phases according to the development of the company's strategy as well as the characteristics of the business changes: the initial exploration phase and the diversified M&A phase. On this basis, the resource orchestration framework is applied to gradually analyze the specific paths of LPMC's successive M&A to achieve value creation from the four major steps of resource identification, resource structuring, resource bundling and resource utilization. Then, through the event study method, EVA analysis method and non-financial analysis method, the value creation effect of LPMC's M&A activities at different stages of development is quantitatively and qualitatively analyzed. Finally, the article evaluates the value creation effect of LPMC after successive M&A, so as to draw research conclusions.

  This paper draws the following conclusions, in the continuous M&A process of LPMC, the success of continuous M&A relies on good resource orchestration and integration capabilities, and how to mobilize, redeploy and deploy resources plays a decisive role in this process. In addition, resource orchestration can effectively enhance the value creation of successive corporate M&A. Through the four key steps of resource orchestration, it optimizes the resource allocation in the process of M&A, in order to bring references and lessons for the same industry.