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2022年 1月 27日
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医疗器械行业连续并购的战略动因和绩效研究——以蓝帆医疗为例
摘要
相较于西方国家，我国医疗器械产业发展时间较短，但发展却相当迅速，从2006
年到2018年这12年间中国医疗器械行业复合增长率超过了20%。医疗器械行业涉及
的领域较为广泛，市场规模较大，其市场规模可以达到几十亿，然而却在品种、技术
等方面上具有不可延伸的特点，医疗器械企业如果沿用内生式发展模式容易陷入发展
困境，对此，进行连续并购与平台整合是未来医疗器械企业发展的主要方向。由于涉
及多项并购、中间相隔时间短，企业在资金筹集与企业整合方面所面临的压力更大，
导致有关并购的大部分企业没有在并购活动中获得利益，且在行业内取得的业绩存在
参差不齐的情况。
本文的研究对象蓝帆医疗成立之初专注于PVC手套业务的生产，其PVC手套市场
份额在全球范围内的份额占到22%。2013年公司重新进行战略布局，将发展重点放在
医疗健康领域，并利用在资本市场中的平台优势，通过兼并、收购、重组的发展方
式，将资本与实业联系起来进行有效重组，发挥各方面的资源优势，加快推进良好发
展格局的建立。随着战略目标的开展，蓝帆医疗逐渐发展成为医疗器械行业的龙头企
业，然而其通过连续并购高速发展的同时，却也遭遇着企业整合的压力、偿债能力的
削弱、高溢价并购和商誉减值等风险，影响企业持续经营能力。
为探讨企业连续并购的战略动因以及连续并购对企业长短期绩效的影响。本文以
蓝帆医疗为切入点，探讨了医疗器械行业连续并购的现状及特点。剖析了蓝帆医疗连
续并购的战略动因，即“聚集医疗健康领域转型，实现战略布局；专注细分行业领域，
巩固竞争优势；实现协同效应，提升企业整体实力；前瞻性战略布局，稳定收入来源”。
基于事件研究法、财务指标法以及非财务绩效评价研究得出，蓝帆医疗在连续并购上
存在溢价过高增加商誉减值的风险，影响企业持续经营能力；并购对价多为现金支付，
支付方式单一影响企业偿债能力；连续频繁的并购使得企业承担更多经营、整合上的
压力。据此，本文建议是合理评估并购标的价值，规避支付过高的溢价；合理选择并
购支付方式，提高企业资金利用效率；注重并购后的资源整合，充分发挥协同效应；
响应国家政策号召，加强科研投入助推产业升级。
关键词：医疗器械；连续并购；战略动因；绩效研究
1

医疗器械行业连续并购的战略动因和绩效研究——以蓝帆医疗为例
ABSTRACT
Compared with western countries, China's medical device industry has been
developing for a short time, but it has developed rapidly. From 2006 to 2018, the
compound growth rate of China's medical device industry has exceeded 20%.The medical
device industry covers a wide range of fields and has a large market scale. Its market scale
can reach several billion. However, it has the characteristics of non extension in terms of
variety and technology. If medical device enterprises follow the endogenous development
mode, they are easy to fall into development difficulties. Therefore, continuous M&A and
platform integration are the main development direction of medical device enterprises in
the future.Due to the fact that many M&A activities are involved and the time between
them is short, enterprises are facing greater pressure in fund raising and enterprise
integration, which makes many enterprises involved in M&A not really benefit from M&A
activities, and the performance results of M&A activities are also uneven.
At the beginning of the establishment of Bluesail Medical, the research object of this
paper focused on the production of PVC gloves business, and its market share of PVC
gloves accounted for 22% in the world. In 2013, the company renewed its strategic layout,
focused its development on the field of medical and health care, and made use of its
platform advantages in the capital market to effectively restructure its capital and industry
by means of merger, acquisition and restructuring, giving full play to its resource
advantages in all aspects, and accelerating the establishment of a good development
pattern.With the development of strategic objectives, Bluesail Medical has gradually
developed into a leading enterprise in the medical device industry. However, with the rapid
development of continuous M&A, it has also encountered the pressure of enterprise
integration, the weakening of debt paying ability, high premium M&A and goodwill
impairment, which affect the sustainable operation ability of the enterprise.
In order to explore the strategic motivation of continuous M&A and the impact of
continuous M&A on the long-term and short-term performance of enterprises. This paper
discusses the current situation and characteristics of the continuous M&A of the medical
device industry from the perspective of Bluesail Medical. This paper analyzes the strategic
motivation of the continuous M&A of Bluesail Medical, that is, "gathering the
transformation of medical and health field to realize the strategic layout; Focus on industry
segmentation and consolidate competitive advantage; Realize the synergy effect and
I
。。。以下略