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研究生: 郭逸立
Yi-Li Kuo
論文名稱: 盛弘醫藥組織改造暨上櫃決策之個案研究
A Case Study of Initial Public Offering
指導教授: 張光第
Guang-di Chang
口試委員: 陳聖賢
none
張順教
Shun-Chiao Chang
學位類別: 碩士
Master
系所名稱: 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年: 2012
畢業學年度: 100
語文別: 中文
論文頁數: 40
中文關鍵詞: 初次公開發行上櫃醫療產業
外文關鍵詞: Initial Public Offering, Over the Counter; medical industry
相關次數: 點閱:182下載:4
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  • 敏盛醫院成立在1975年7月,逐漸的發展成桃園擁有五家分院的中型醫院。隨著時空背景的轉換,社會福利的提升,原各項綜合性社會保險整併全數移入全民健康保險,但也因醫療資源取得容易,造成了資源的浪費,讓健保局經營日益艱困,讓醫療產業間競爭日益,更是直接影響中小型醫療院所的經營。
    在台灣,醫療法人是非營利事業的機構,不能營利,那麼該敏盛醫院如何企業化經營呢?創辦人楊敏盛之長子楊弘仁董事長從美歸國,面對敏盛醫院的財務狀況、以及經營越來越困難的醫療環境,敏盛即便有良好的醫療基礎、有大片的不動產資源,若繼續隨著全民健保、二代健保相關社會政策往下發展,不做任何轉型,未來將面臨更大的危機。擁有思緒敏銳、判斷力強、勇於創新特質的楊董事長明白改革是一定要的。因此,楊弘仁董事長決定讓集團內之盛弘醫藥進入資本市場,讓敏盛集團與資本市場接軌。
    盛弘醫藥為敏盛醫控股份有限公司於2003年11月以1000萬元轉投資設立。初期以建構藥品聯合採購系統、開發桃竹苗地區自費藥品市場為主要業務範疇。盛弘醫藥已於2011年1月10日由證期局核准上櫃。依規定需在證期局核准上櫃後三個月內掛牌,若遇股市不佳,可延後三個月,若仍未掛牌,則需重新申請。
    現在是2011年的2月10日,盛弘醫藥之興櫃價格約在每股52.06元,承銷商建議盛弘醫藥以32~40元,進行詢價圈購,詢價圈購成功,則盛弘醫藥依詢價圈購決定之價格上櫃掛牌,這樣的價格遠低於興櫃價,楊弘仁董事長該如何對股東交代?若詢價圈購不成功,最差的狀況是盛弘醫藥將錯失這次的上櫃時機,下次有機會掛牌至少是一年以後的事情,屆時的市況會比現在好嗎?考驗著楊弘仁董事長的領導能力與管理智慧。


    The Min-Sheng General Hospital was established in July, 1975. It gradually expanded its business into a five-branch of medium-sized hospitals in Taoyuan. With the enhancement of social welfare, the original comprehensive social insurance was fully moved into the National Health Insurance. However, easy access to the medical services leads to waste of medical resources, which increases difficulty for the operation of the Bureau of National Health Insurance and competition for health care industry. The vicious cycle has a direct impact on the survival of the small and medium-sized hospitals.
    In Taiwan, medical corporations are nonprofit institutions. It will be a question for the Min-Sheng Hospital to become an enterprise and make profits. Minsheng Yang, the president and Fred Yang, his eldest son, CEO, who returned from America, were confronted by the difficulties of health care environment in Taiwan. Although the Min-Sheng group had fully medical foundation and plenty of real estate, Min-Sheng group still needed to reform its business model to meet future changes. Therefore, Fred Yang decided to change his medical operation to tap the capital market.
    ShareHope Medicine Co., Ltd was found in November, 2003 with NTD 10 million invested by Min-Sheng group. In the early stage, ShareHope’s business constructed the joint procurement systems of pharmaceuticals and self-paying pharmaceutical market in Taoyuan, Hsinchu and Miaoli areas. ShareHope has been approved to go Initial Public Offerings (IPO) in the Over the Ccounter (OTC) by the Securities and Futures Bureau on January 10, 2011. According to the rules of the Securities and Futures Bureau, ShareHope needs to list within three months but could be postponed for another three months in a sluggish stock market. Otherwise, ShareHope needs to apply for IPO again.
    Today is February 10, 2011. ShareHope’s stock price is about NTD 52.06 per share in Emerging Stock Market. Underwriter suggests the price for book building is in a range between NTD 32 to NTD 40, which is much lower than NTD 52 in Emerging Stock Market. If the book building is not successful as ShareHope expected, the worst situation is that ShareHope will loss the opportunity to list on the OTC and they also need to wait at least one year to approve for a new IPO. What if that happened, would the stock price be better than now?

    摘要…………………………………………………………….………………. Ⅰ Abstract……………………………………………………….……………….. Ⅱ 誌謝…………………………………………………………………………….. Ⅲ 目錄…………………………………………………………………………….. Ⅳ 圖表索引……………………………………………………………….………. Ⅴ 第一章 緣起………………………………………..…………………………. 1 第二章 關於楊敏盛、楊弘仁父子……………………………………..…… 3 第三章 關於盛弘醫藥………………………….……………………………. 5 第四章 醫藥產業概況…………………………..…………….……………… 7 第五章 關鍵時刻……………………………………………………………… 12 第六章 後續發展………………………………………………..……………. 14 參考文獻………………………………………………………………………… 34

    邱昰芳,台灣經濟研究院產經資料庫,2010.1,2010年我國西藥及生技製藥業產業分析。
    2、鄭晴文,產業焦點 - IEK產業情報網,2010.7,ECFA對我國醫療器材產業的影響及因應策略。
    3、邱昰芳,台經院產經資料庫,2009.6,生技製藥及醫療器材業現況與展望。
    4、鄭晴文,產業焦點 - IEK產業情報網,2010.3,全球、我國醫療器材產業發展現況及趨勢。
    5、趙慧珍,產業焦點 - IEK產業情報網,2010.6,全球生技藥品市場現況與發展趨勢。
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    7、Industrial Econocics & Knowledge Center,2010/07,由美國、日本生技大展,看全球生技產業發展動向與趨勢。
    8、盛弘醫藥,2008~2010年上半年度,財務報告書、年報、公開說明書。公開資訊觀測站,http://newmopsov.twse.com.tw/。
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    15、杏林,(http://library.taiwanschoolnet.org/cyberfair2005/ty228/main_2.htm), accessed in 2012。

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