摘要：作为我国主板市场的一个重要补充领域，创业板市场面向的服务对象大多都为正处于初创期或成长期的中小型企业，由于这些企业大多是由家族类企业或民营企业发展而来的，并采取家族或类家族式的运营模式，具有与其他企业不同的治理结构特征，成长性和发展潜力比较大，但往往存在着业绩不够稳定，治理结构不完善及成长性压力。所以，考虑到并购的重大作用，目前许多创业板上市公司便开始通过以并购的形式来摆脱经营困境，实现提高企业价值的目的。本文通过对创业板康芝药业（HONZ）的并购案例进行分析，运用案例分析法、定量分析法和文献研究法，研究其并购动因和并购绩效。最后，根据分析结论，对创业板上市公司的并购活动进行客观评价并提出合理建议,这对上市公司提高并购绩效、加快公司长期的发展和进步起到相当重要的作用。62706

毕业论文关键词：创业板，上市公司，并购动因，并购绩效，康芝药业

Abstract：As the vital supplement of the main board in China, GEM serves the SMEs in set-up stage or growth stage. Because most of these enterprises are family enterprises or private enterprises using family operating mode or similar mode, they have different governance structural characteristics compared with other enterprises, and have larger potential growth and development. However, they also face the risks of unstable performance, imperfect governance structure and growth pressures. Therefore taking the significant role of mergers and acquisitions (M&A) into consideration, many companies listed on GEM get rid of financial difficulties through M&A to achieve the purpose of improving enterprise value. In this article, based on the M&A case analysis of the HONZ, acquisition motives and performance are proposed to study with case study ,qualitative research and literature research methodology. According to the conclusion analysis, it objectively evaluates the M&A activities of GEM listed companies, and reasonable suggestions are proposed finally.This has vital important significance as it could improve the M&A efficiency of the listed companies, and accelerate the long-term development and progress of the companies.

Keywords: the Growth Enterprise Market(GEM), listed company, acquisition motives, acquisition performance，Honz Pharmaceutical Co.,Ltd.（HONZ）

目  录

1  引言 3

2   创业板上市公司并购动因与绩效研究的研究背景 3

2.1  研究背景 3

2.2  并购的含义 4

2.3  创业板市场的含义 4

2.4  研究方法与创新点 4

2.4.1  研究方法 4

2.4.2  创新观点 5

3  康芝药业并购案例分析 5

3.1  康芝药业介绍 5

3.2  康芝药业问题与并购过程 5

4  创业板上市公司并购动因与绩效分析 6

4.1并购动因分析 6

4.1.1  超募资金富余助推康芝药业并购 6

4.1.2  临危脱困迫使康芝药业大规模并购 7

4.1.3  多元化协同效应促使康芝药业并购 7

4.2  并购绩效分析 8

4.2.1  并购前后基本财务数据比较