摘要
摘要
在步入21世纪后，我国医药行业迎来了新的发展机遇。医药市场的显著增
长，逐渐显露出行业并购的趋势。海思科在我国化工医药行业中起着主导引领
的作用，也通过不断的并购实现了企业快速扩张，带来了企业价值的提升。本
文以海思科在2015-2018年间的连续并购事件为案例，使用多种方法分析连续
并购对企业价值的影响，发现海思科在进行连续并购活动时实际面临的问题，
并为其提供有价值的建议，最后得出启示。
本文通过案例研究发现：（1）海思科的连续并购主要以纵向并购为主，通
过医疗器械和医学诊断、药物制作和药物研发、生物技术和生物材料三方面业
务为主。（2）海思科呈现出以海外收购为主、支付方式以现金为主、并购多班
队技术引进的并购特点。（3）连续并购给海思科的净资产收益率带来了先降低
后提升的影响；连续并购行为对海思科短期市场反馈明显，但长期市场表现不
佳；海思科的并购事件促进了EVA值的增长，产生了价值创造效应。
即使综合评价的结果提示海思科的并购行为能够给企业价值带来显著的正
向影响，但仍有部分指标表现不佳，究其原因，海思科目前还存在着支付方式
单一、整合深度不够、并购频率过快等问题。随后，本文针对性的提出了使用
多元化支付方式、合理控制并购间隔、重视并购后的技术整合、合理选择并购
目标的改进建议。通过这些方面的改进，能够使海思科连续并购的价值提升表
现更为显著且持久。文章的结尾总结出了三条案例启示：一、慎重选择并购目
标，顺应企业战略选择；二、注重财务风险，正视并购对企业价值提升带来的
影响；三、选择合理并购时点，注重后期整合。这些启示能够为医药行业的其
他企业在开展并购时提供一定的借鉴和启发。
关键词：海思科；连续并购；战略整合
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Abstract
Abstract
After entering the 21st century, Chinese medicine industry ushered in new
opportunities for development. The significant growth of the pharmaceutical market
has gradually revealed the trend of industry mergers and acquisitions. Haisco plays a
leading role in China's chemical and pharmaceutical industry, and has also achieved
rapid expansion of enterprises through continuous mergers and acquisitions, which
has brought about the improvement of enterprise value. Taking the successive M&A
events of Haisco from 2015 to 2018 as a case, this paper uses a variety of methods to
analyze the impact of continuous M&A on enterprise value, finds the actual
problems faced by Haisco in the continuous M&A activities, provides valuable
suggestions for them, and finally draws enlightenment.
Through case studies, this paper finds that: (1) Haisco's continuous M&A is
mainly vertical M&A, mainly through medical devices and medical diagnosis, drug
manufacturing and drug research and development, biotechnology and biomaterials.
(2) Haisco presents the characteristics of mergers and acquisitions that are mainly
overseas acquisitions, mainly cash payment methods, and mergers and acquisitions
of multi-shift technology introduction. (3) Successive mergers and acquisitions have
had the impact of first reducing and then increasing Haisco's return on net assets;
Continuous mergers and acquisitions have obvious feedback on the short-term
market of Haisco, but the long-term market performance is not good; The merger
and acquisition of Haisco promoted the growth of EVA value and generated a value
creation effect.
Even if the comprehensive evaluation results suggest that Haisco's M&A
behavior can have a significant positive impact on enterprise value, there are still
some indicators that perform poorly, and the reason is that Haisco still has problems
such as single payment methods, insufficient integration depth, and too fast M&A
frequency. Subsequently, this paper puts forward suggestions for improving the use
of diversified payment methods, reasonable control of M&A interval, emphasis on
post-M&A technology integration,and reasonable selection ofM&A targets.
Through these improvements, the value enhancement performance of Haisco's
continuous mergers and acquisitions can be more significant and lasting. At the end
II
Abstract
of the article, three case enlightenments are summarized: first, carefully select M&A
targets and comply with the strategic choices of enterprises; Second, pay attention to
financial risks and face up to the impact of mergers and acquisitions on the
enhancement of enterprise value; Third, choose a reasonable time for mergers and
acquisitions, and pay attention to later integration. These enlightenments can provide
some reference and inspiration for other companies in the pharmaceutical industry
when carrying out mergers and acquisitions.
Keywords: Haisco; Continuous Mergers and Acquisitions; Strategic Integration
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