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本文在实际调研 P 医药公司的基础上开展论文研究。研究目
的主要体现在两个方面：一方面为 P 医药公司设计一套顺应其战
略转型需求的资产重组方案；另一方面通过该方案的设计研究，
以期为我国医药企业资产重组方案设计提供借鉴和帮助。摘要
III
本文共分六个部分，首先在绪论部分对该课题的研究背景和意
义做了分析与总结。第二、三部分从企业战略转型和资产重组的
基本理论入手，通过研究战略转型的类型和资产重组的动因、运
作模式、影响因素分析，深入理解相关理论内涵。同时，根据资
产重组方案设计中涉及到的三个难点问题进行深入分析，即资产
评估方法的选择、重组主体的选择和支付方式的选择，为 P 医药
公司资产重组方案设计提供了理论依据。第四部分从宏观和微观
环境分析出发，揭示 P 医药公司战略管理现状及其发展战略中存
在的问题，通过比较战略转型中内生式、外延式和内生式与外延
式相结合三种方法的优劣，确定最适合 P 医药公司采取的发展战
略：即以并购重组或战略联盟为主的外延式发展战略。第五部分，
结合 P 医药公司实际，从资产重组促进公司战略重组的角度出发，
提出解决问题的路径，确定先分立后吸收合并的资产重组方案，
即：首先完成对 P 医药公司和 Y 连锁零售药店的分立，将从两公
司分离出来的房地产资产组建新公司；然后选择合适的重组主体，
对两公司的剩余资产进行股权转让；其次对新组建的公司分两次摘要
IV
进行吸收合并，将其资产并入 S 公司股份直接管理。同时，根据
资产重组的影响因素研究，对 P 医药公司资产重组中的三个难点
问题，即资产剥离、重组主体选择和股权转让策略，逐步进行方
案设计。方案设计过程中，还针对剥离范围的选择、股权转让交
易支付模式的确定进行优劣比较，从而建立了一套适应 P 医药公
司战略转型发展的资产重组方案。第六部分在第五部分资产重组
方案设计的基础上，进一步讨论设计方案在资源互补，企业能力、
文化与战略，重组后整合方法三个层面的作用，对方案的可行性
进行定性检验
【关键词】医药企业 战略转型 资产重组 资产剥离 股权转让ABSTRACT
V
PROJECT DESIGN FOR ASSET
REORGANIZATION OF P PHARMA
COMPANY’S STRATEGY TRANSITION
ABSTRACT
Under the background of new policy implemented on medicine industry, the
national guides on future development of medicine industry will further push the asset
reorganization in its industry. General review the development trend of pharmacy industry,’
expand fast to take market shares’, acquisition and reorganization bloom one after another,
the new round of reorganization of up and down business chain in pharmacy industry has
spread all over the country. At present, there are more and more pharmacy companies by
selecting reorganization to solve puzzles, like how to confront competition, study and judge
situation, confirm strategy and matched measurement etc. Asset reorganization become the
major path for pharmacy companies’ strategy transition. How to make a asset reorganizationABSTRACT
VI
project from view of strategy transition, will become a valuable study subject.
The article carried out thesis research based on the actual investigation on P
pharmacy company. The purpose of study mainly bodied at two aspects: the first is to design
a asset reorganization plan to help P pharmacy company to finish strategy transition
smoothly; another side is providing reference and help for our national pharmacy companies’
asset reorganization by studying and designing the project.
The article consists of six parts, first part is introduction which analyzed and
summarized the study background and meaning of the subject. The second and third part is
starting with basic theory of company strategy transition and asset reorganization, by
studying the type of strategic transition, motivation, operation mode and infected elements
analysis of asset reorganization, thoroughly understanding deep meaning of relative theory.
At the same time, analyzing in depth three difficult problems involved in asset
reorganization plan, including method selection of asset evaluation, option of reorganization
object and payment mode, which provided theoretical foundation for asset reorganization
plan. The fourth part is starting with analyzing macro and micro environment, revealing the
current situation of strategy management and existing problems in development strategy of P
pharmacy company, by comparing pro and con of three methods in strategy transition
including endogenouse, extensional, combination of endogenouse and extensional,
determine the optimum development strategy for P pharmacy company: extensional
development strategy with taking acquisition reorganization or strategy union as the
principle. The fifth part, combining actual situation of P pharmacy company, starting with
view that asset reorganization would urge company’s strategy development, providing the
solution to solve problems and the asset reorganization plan to absorb and merge after
splitting, that is: firstly to split P pharmacy company and Y chain drugstore, establish a new
company with real estate assets isolated from two companies; then select appropriateABSTRACT
VII
reorganization object which shares of the residual assets in two companies would be
transferred into; secondly, to absorb and merge two new companies in two times, the assets
of which would be consolidated into the shares of S company for direct management.
Meanwhile, according to the research of influencing elements on asset reorganization, to
gradually make a plan for three hard problems of asset reorganization in P pharmacy
company including asset stripping, selection of reorganized object and strategy of stock
rights transferring. During the plan designing, advantage and disadvantage should be taken
into consideration in determining the range of asset stripping and transaction mode of stock
rights transferring, thereby an asset reorganization plan suitable for P pharmacy company’s
strategy transition development was set up. The sixth part, based on the asset reorganization
plan designed according to fifth part, further to discuss the plan’s function in resource
complementarity, company’s competence, culture and strategy, integration after
reorganization, to carry on decisive verification on its profitability.
Xu Ying (MBA)
Supervised by Wang Lixin
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【KEY WORDS】 pharmacy company, strategy transition, asset reorganization,
asset stripping, stock rights transferring目录
VIII
目录
摘要........II
ABSTRACT ........V
第一章 绪论.........1
1.1 研究的背景 .....1
1.2 研究的意义 ....2
1.3 研究的思路与内容 .....2
第二章 企业战略转型和资产重组理论综述......4
2.1 战略转型与资产重组的概念..4
2.1.1 战略转型的理论 ..........4
2.1.2 资产重组的概念和类型..........5
2.2 资产重组的动因分析 .8
2.2.1 西方企业资产重组的动因理论 ...........8
2.2.2 我国企业资产重组的动因分析 ...........9
2.3 医药企业资产重组运作模式11
2.3.1 医药上市公司资产重组运作模式 .....11
2.3.2 非医药上市公司资产重组运作模式 .12
2.4 本章小结 ......13
第三章 资产重组的影响因素分析........1
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