企业横向并购动因及绩效分析——以华润三九为例

Analysis on the Motivations and Performance of Horizontal M&A of Enterprises—A Case Study of China Resources Sanjiu

摘要: 在中医药产业高质量发展，行业集约化整合加快以及资本市场并购政策持续不断放宽的情况下，横向并购变成中药龙头企业弥补业务方面短板，拓展市场规模，提升核心竞争力的关键途径。本文将华润三九横向并购天士力控股权这件事作为研究案例，从宏观政策，行业竞争，企业布局内外这三个方面的视角来系统解析这次横向并购的核心动因，而且选取2021到2025年的财务数据，从盈利能力，营运能力，偿债能力，发展能力这四个维度去对本次并购绩效开展分析。并依据研究所得结果，从资源整合方面，成本把控方面，业务协作方面，政策助力方面这四个层面给出优化的建议，期望能为中药行业上市公司横向并购的决策，资源整合以及长效的发展提供理论方面的参考和实践方面的借鉴。

Abstract: Under the background of the high-quality development of the traditional Chinese medicine industry, the industry is accelerating intensive integration and the capital market M&A policies are continuously relaxing and horizontal M&A has become an important strategic approach for leading traditional Chinese medicine enterprises to fill business gaps, expand market scales and enhance core competitiveness. This paper takes the horizontal acquisition of the controlling equity of TASLY by China Resources Sanjiu as a research case. It systematically analyzes the core motives behind this horizontal merger from the external perspective which includes macro policies and industry competition as well as the internal enterprise strategic perspective. The financial data from 2021 to 2025 is employed to assess the performance subsequent to the merger from four dimensions namely profitability, operation ability, solvency and growth ability. On the basis of the research findings, optimization suggestions are put forward from four aspects such as resource integration, cost control, business synergy and policy empowerment. This research aims at offering theoretical references and practical experiences for the listed traditional Chinese medicine companies regarding horizontal merger and acquisition decisions, resource integration and long-term sustainable development.