I 摘要 近几年，随着经济全球化发展及我国经济环境日新月异的变化，并购活动成 为国内很多企业拓宽快速发展的重要渠道。在供给侧改革和各项政策的推动下， 越来越多的企业选择通过跨行业并购实现战略转型及多元化发展需求，减少进入 新领域的壁垒。因此，医药、传媒、计算机等成为跨行业并购热点，也成为高溢 价、高估值、高业绩承诺聚集的产业。然而，并购活动优劣利弊共存，很多企业 对跨行业并购风险的识别和控制能力偏低，无法采取有效措施规避或降低风险， 不仅可能阻碍并购进程，甚至会因为产生的风险导致并购失败。 百花村作为新疆生产建设兵团第一家上市公司，在资本市场的二十余年里经 历了几次“退市风险警示”，使得企业为寻求发展多次变更主业。2016年，百花 村通过重大资产重组，一方面整体置出当时发展前景不明朗的业务，另一方面完 成对华威医药的收购，使主营业务由煤化工和煤炭采选转变为生物医药研发。但 并购交易结束后，公司出现了如“业绩下滑”“业绩承诺未完成引仲裁”“商誉 大幅减值”“收入确认之争”“背信弃义立案”等问题和风险。因此，本文重点 采用案例研究法和文献研究法，以“提出问题—分析问题—解决问题”为思路， 对百花村跨行业收购华威医药中的风险识别及控制进行研究。首先，充分列示百 花村已暴露的焦点问题和风险点。其次，选择并购过程中最易出现的战略风险、 定价风险、融资支付风险、并购整合风险进行详细分析，发现百花村存在如并购 活动准备不充分、忽视了对宏观政策的尽调、盲目乐观估计预期业绩、未考虑到 业绩承诺和收益法的弊端、未及时开展并购整合等问题。最后，本文结合案例和 风险成因分析结果，对百花村提出如加强核心竞争力、及时开展整合工作、重视 人才和激励措施、改进整合和沟通方式方法等后续经营中的风险控制建议。 在本文的最后部分，浅谈该案例对市场环境的影响和监管中的难点，同时结 合文献和案例研究内容，介绍对拟开展跨行业并购企业的借鉴，并对政府监管部 门和投资者提出相关建议。 关键词：跨行业并购;风险识别;风险控制 Abstract II Abstract Inrecentyears,withtheincreasingpaceofeconomicglobalizationandtherapid changesofChina’seconomicenvironment,mergerandacquisitionhavebecomean importantchannelformanydomesticenterprisestoexpandtheirfastgrowth.Drivenby supply-sidereformandvariouspolicies,moreandmoreenterpriseshaverealizedtheir strategictransitionanddiversificationbyadoptingcross-industryM&Astoreduce barrierstoenternewfields.Therefore,medicine,media,computerandsoonhave becomehotfieldsincross-industryM&As,andalsotheindustriescommittinghigh premium,highvaluationandhighperformance.However,likeeverycoinhavingtwo sides,therewillberisksincross-industryM&Aactivities.Manyenterpriseshavealow abilitytoidentifyandcontrolrisksincross-industryM&As,andfailtotakeeffective measurestoavoidorreducerisks,whichmayhindertheprocessofM&As,orevenlead tothefailureofM&Asduetotherisks. AsthefirstlistedcompanyoftheXinjiangProductionandConstructionCorps, Baihuacunhasexperiencedseveral“delistingriskwarnings”inthecapitalmarketfor morethan20years,whichforcesenterprisetochangetheirmainbusinessesmanytimes. In2016,throughmajorassetrestructuring,Baihuacun,ontheonehand,soldbusinesses withuncertaindevelopmentprospectsatthattime,ontheotherhand,completedthe acquisitionofHuawepharmaceutical,makingitsownmainbusinessfromcoal chemicalindustryandcoalminingandwashingtobiomedicalresearchand development(R&D).However,aftertheM&A,thecompanyhasbeendealingwith problemsandriskssuchas“performancedecline”,and“arbitrationforunfulfilled performancepromises”,“goodwilldevaluation”,“revenuerecognitiondispute”, “perfidiousnesscase”.Therefore,thispaperfocusingontheuseofcasestudyand research,withtheideaof“raisingproblems-analyzingproblems-solvingproblems”, studiestheriskidentificationandcontrolinthecross-industryacquisitionofHuawe medicinebyBaihuacun.First,thispaperisfullylistingtheexposedfocalissuesandrisk pointsofBaihuacuncompany.Secondly,bymakingadetailedanalysisonthe.risks whichwillbemostlikelytooccurintheprocessofM&A,suchasstrategicrisks, pricingrisks,financialpaymentrisksandM&Aintegrationrisks,thispaperrevealsthe existingproblemsofBaihuacun:insufficientpreparationsforM&Aactivities,ignorance Abstract III ofmacropolicyregulation,blindoptimismforexpectinggoals,performance commitmentandincomeapproachleavingoutofconsideration,M&Aintegrationnotin time.Finally,basedontheanalysisresultsofcasesandriskcauses,thispaperputs forwardsuggestionsonriskcontrolinthesubsequentoperationofBaihuacun,like strengtheningcorecompetitiveness,carryingoutintegrationworkintime,attaching importancetoelitesandincentivemeasures,andimprovingintegrationand communicationmethods. Inthelastpartofthispaper,theinfluenceofthiscaseonthemarketenvironment andthedifficultiesinsupervisionwillbediscussed.Meanwhile,combiningtheresearch onreferenceswiththecasestudy,thispaperintroducesremarkstotheenterprisesto carryoutcross-industryM&As,andgivesrelevantsuggestionstothegovernment regulatorydepartmentsandinvestors. Keywords:Cross-industryM&A;Riskidentification;Riskcontrol 目录 IV 目录 摘要...............................................................................................................................I Abstract.........................................................................................................................II 第1章绪论...................................................................................................................1 1.1研究背景和意义.................................................................................................1 1.1.1研究背景.....................................................................................................1 1.1.2研究意义.....................................................................................................2 1.2国内外文献综述.................................................................................................3 1.2.1国外文献综述.........................................................................................3 1.2.2国内文献综述.............................................................................................4 1.2.3现有文献述评.............................................................................................6 1.3研究内容及方法.................................................................................................7 1.3.1研究内容.....................................................................................................7 1.3.2研究方法.....................................................................................................7 1.3.3本文写作结构安排.....................................................................................8 1.4研究的创新与不足.............................................................................................9 1.4.1创新之处.....................................................................................................9 1.4.2不足之处.....................................................................................................9 第2章相关概念及理论基础.....................................................................................10 2.1相关概念界定...................................................................................................10 2.1.1企业并购概念及分类...............................................................................10 2.1.2并购风险概念及特点...............................................................................10 2.1.3跨行业并购概念及特点...........................................................................11 2.1.4医药相关术语概述...................................................................................11 2.2相关理论基础...................................................................................................12 2.2.1并购动因理论...........................................................................................12 2.2.2并购风险成因理论...................................................................................13 2.2.3并购风险管理理论...................................................................................13 2.3并购风险识别和控制管理框架.......................................................................14 目录 V 第3章百花村跨行业收购华威医药的动因分析.....................................................16 3.1并购双方