药品创新研发投资巨大，技术失败风险也大，因此新药研发成为Y制药公司
和其他众多企业面临的难题，技术并购成为解决这一问题的高效选择。然而技术
并购失败风险高，在各个方面难以做到深度的匹配吸收，没有能够达到良好的并
购衡量绩效，从而导致并购不能取得实质的成功。以往的技术并购效果的阶段性
评估也缺乏机理分析，对技术并购的协同效应也缺乏深入分析

本文深入分析Y制药公司并购后在技术并购资源与技术并购能力方面所采
取的协同策略，在如何提高技术并购成功率的关键因素上展开探讨，研究购买
新技术后结合自身企业优势发挥出良好经济效益和市场前景的发生机制，得出
协同效应策略在确保技术并购成功中发挥关键作用。从协同效应形成机制模型
确定出在不同环节产生协同效应的关键把控因素，对实际应用协同效应的具体
策略进行了探讨

并以Y制药公司为例进行案例分析，以其并购H公司5年来在围绕技术协同
的各个方面协同应用策略情况进行讨论分析，经过内外环境对比分析、营销数
据研究、第三方市场数据研究，看到Y制药企业经过应用多重协同策略，使销
售额与市场占有率逐年提升，充分说明实施协同效应能够保证良好的并购绩
效。所以得出结论：技术互补创新是协同效应的基础性成果，知识整合共享能
够提高专业水平和管理水平，文化融合再建能够提高品牌影响力和团队驱动
力，研发整合创新是提高并购执行能力的关键，营销整合创新促进新技术转化
为产品的综合竞争力，财务服务创新能够提高资源的最大化利用；总而言之，
协同效应策略在各个环节的有效达成是技术并购成功的主要作用，协同效应的
阶段性盈利绩效衡量是技术并购成果的评价标准，资源整合管理的把控落实确
保了技术协同效应的发挥

关键词：技术并购；协同效应；并购资源；并购能力；协同策略浙江理工大学硕士专业学位论文
III
Abstract
Technology mergers and acquisitions cases occur every year, but the proportion of
the final technology landing is very low, and the key to the performance of technology
M & Ais to play a synergistic effect.
Drug R & D investment is huge, technical risk of failure is also large, so drug
development becomes a difficult problem for the Y pharmaceutical companies and
other enterprises, technology acquisition has become a highly effective choice to
solve this problem. However, the failure of mergers and acquisitions technology risk
is high, difficult to achieve in all aspects, absorption depth, have not been able to
achieve good performance of mergers and acquisitions, leading to mergers and
acquisitions were not able to make substantial success. Lack of mechanism analysis of
periodic evaluation of past technology effects of mergers and acquisitions, lack of
in-depth analysis of the synergy of Technology Mergers and acquisitions.
In this paper, in-depth analysis of the Y pharmaceutical company synergy strategy
in technology acquisition of resources and technology acquisition ability taken,
discusses key factors in how to improve the technical success rate of mergers and
acquisitions on the purchase of new technology research with its own enterprise
advantage play mechanism and good economic benefit and market prospect, the
strategy in ensuring synergy play a key role in a successful merger. The formation
mechanism of synergy model is determined in different aspects have synergistic effect
to control the key factors, specific strategies for practical application of synergistic
effect was discussed.
Taking the Y pharmaceutical company as case study, with its acquisition of H
company for 5 years in the collaborative application strategies discussed around all
aspects of technical cooperation, through the internal and external environment
analysis, marketing research data, the data of the third market, see Y pharmaceutical
industry after using multiple collaborative strategy, to make sales and market share
increased year by year, the full implementation of synergy to ensure good
performance of mergers and acquisitions. It comes to the conclusion that
technological innovation is the basis of the results of complementary synergy,浙江理工大学硕士专业学位论文
IV
knowledge integration and sharing can improve the professional level and
management level, build cultural integration can enhance the brand influence and
driving force of the integration and innovation of R & D team, is the key to improve
the acquisition executive ability, integration and innovation of marketing to promote
the new technology into the competitiveness of products, financial service innovation
can maximize resources In a word, use; synergistic effect of effective strategy reached
in each link is the main role of successful technology mergers and acquisitions,
synergy stage profit performance measure is technology M & A results evaluation
standard, the resource integration management to control the implementation to
ensure that the technology to play a synergistic effect.
Key Words: Technology acquisitions; synergy; merger and acquisition; merger and
acquisition ability; synergy strategy浙江理工大学硕士专业学位论文
V
目 录
摘要....III
Abstract........... III
1 绪 论...1
1.1 研究背景........1
1.2 研究目的及意义.......3
1.3 研究内容.......5
1.4 研究方法与技术路线...........5
1.4.1 主要研究方法5
1.4.2 技术路线........6
1.5 主要创新点...7
2 基础理论与文献综述.9
2.1 并购效率和技术协同基础理论........9
2.1.1 并购效率理论9
2.1.2 协同效应理论9
2.2 制药技术并购及协同效应的已有研究......10
2.2.1 关于制药技术并购与技术评价的研究综述......... 10
2.2.2 制药技术并购与动因的已有理论研究......11
2.2.3 技术并购与协同效应分析方法综述..........11
2.3 技术并购分析的方法..........12
2.3.1 PEST 分析法.12
2.3.2 SWOT 分析法...........12
2.3.3 波士顿矩阵分析法..12
2.3.4 多维度协同效应分析法......13
2.4 技术并购一般评价的弊端.13
2.5 技术并购协同效应形成机制模型与关联因素....
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