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摘要
随着我国经济逐步迈入高质量发展的新时代，人民生活水平日渐提升，国民
健康意识明显增强，“十四五”规划提出要全面推进健康中国建设，要集中优势
资源攻关医疗器械领域的关键核心技术，发展高端医疗机械，但是国内医疗器械
企业存在难以弥补的技术短板，无论是产品研发创新还是科技成果的转化，都与
国外先进技术有一定的差距，产品的附加值也无法得到提升，我国医疗行业中的
医疗器械领域在市场中处于薄弱地位，跨国并购成为企业转型升级的重要途径，
通过并购海外优质公司快速获取高端技术和世界知名品牌，整合标的公司的优质
资源推动企业未来发展的战略落地，其中蓝帆医疗并购柏盛国际便是其中的典型
案例之一。
蓝帆医疗于 2002年成立，经过近 10年的拼搏奋斗，不断扩大企业规模，实
现快速发展，成为了全球范围内规模最大的 PVC手套生产商。蓝帆医疗在技术、
生产和市场营销方面具备一定优势，然而营业收入跟净利润总额却增长乏力，手
套业务的市场容量有限，产品结构单一，未来发展受限，其原有业务达到了瓶颈，
于是蓝帆医疗便通过跨国并购来实现转型升级从而进一步提升盈利和发展空间。
柏盛国际是国际知名的心脏支架生产制造销售商，具备较强的自主研发能力，在
全球心脏支架等医疗器械领域中占据了一定的市场份额，符合蓝帆医疗的发展需
求，2018年 10月蓝帆医疗成功并购柏盛国际进入心脏支架等高端医疗器械产品
的领域，实现了从低值低耗向高值高耗的产业延伸，拓展了公司的战略布局。从
财务绩效出发分析蓝帆医疗的营运能力、偿债能力、盈利能力和成长能力，发现
并购后蓝帆医疗除了偿债能力在风险可控范围内有所降低，其余三个方面的能力
均有所提高；从非财务绩效的角度来看，此次并购之后，蓝帆医疗的企业治理能
力和产品的市场份额均得到了很大的提高；从市场绩效出发分析蓝帆医疗并购后
的市场反应，股东可以从中获得超额收益，进而发现此次并购是成功的，提升了
企业的绩效水平。
蓝帆医疗跨国并购的成功，为其他同类企业进行跨国并购提供了经验和启
示：第一，企业需要紧跟我国发展战略，积极向外开拓市场；第二，企业应科学
选择合适的并购对象，采取适宜的对价支付方式；第三，企业应当在并购后及时
进行资源整合，促进并购双方协同发展。
关键词：蓝帆医疗；柏盛国际；跨国并购；并购绩效
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Abstract
Along with our country economy is gradually entering a new era of high quality
development, people's living standards rising, the national health consciousness
distinct enhancement,the country's 14
th
Five-Year Plan is put forward to
comprehensively promote health, to concentrate advantage resources research key
core technology in the field of medical apparatus and instruments, the high-end
medical machines, but the domestic medical instrument enterprise is difficult to make
up the technology of short board, Both research and development of product
innovation and transformation of scientific and technological achievements, have
certain gap with foreign advanced technology, the added value of products can get
promoted, so in the domestic field of medical devices in the healthcare industry in a
weak position in the market, in order to meet the domestic market demand, must raise
their technical level for medical devices industry, Acquiring core technologies
through mergers and acquisitions to increase market share will be the inevitable trend
of the future development of enterprises. Cross-border mergers and acquisitions have
become an important way for enterprises to transform and upgrade. By acquiring
high-quality overseas companies, enterprises can quickly acquire high-end
technologies and world-famous brands, and integrate high-quality resources of target
companies to promote the realization of their future development strategies. Among
them, Blue Sail Medical Group's acquisition of Biosensors International is one of the
typical cases.
Blue Sail Medical was founded in 2002. After nearly 10 years of hard work, Blue
Sail Medical continues to expand its scale and achieve rapid development, and has
become the largest PVC glove manufacturer in the world. Blue Sail Medical in
technology, production and marketing have a certain advantage, but the total
operating income and net profit growth, gloves business market capacity is limited,
the single product structure, the future development limited, its business has reached
the bottleneck, then Blue Sail Medical through cross-border mergers and acquisitions
to achieve transformation and upgrading so as to further enhance the profit and
development space.Biosensors International is an international well-known heart
stents manufacturing vendors, have strong ability of independent research and
development, in the global heart stents in the field of medical apparatus and
instruments, such as occupy a certain market share, meet Blue Sail Medical
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