本文關(guān)鍵詞： 連續(xù)并購 并購評價 并購協(xié)同效應(yīng)　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國資本市場的迅速發(fā)展與完善,企業(yè)也逐漸認(rèn)識到單純依靠內(nèi)生增長很難緊跟市場發(fā)展的腳步,由于并購重組對企業(yè)的發(fā)展具有突出的推動作用,所以各類企業(yè)都積極參與并購活動,國內(nèi)并購市場交易的數(shù)量和金額也屢創(chuàng)新高。在這種形勢下,我國上市公司的并購行為也發(fā)生了些許的變化,開始呈現(xiàn)出許多新的特征,發(fā)起并購活動的頻率顯著提升便是其中一個較為突出的變化。這種連續(xù)并購現(xiàn)象是并購在當(dāng)前市場環(huán)境下表現(xiàn)出的新趨勢,開始逐漸成為國內(nèi)學(xué)者研究并購時的熱點問題。在并購重組交易的行業(yè)分類研究中,廣告行業(yè)可謂是異軍突起。根據(jù)Wind數(shù)據(jù)庫的廣告業(yè)并購數(shù)量統(tǒng)計,2014年起我國廣告業(yè)并購動作頻繁且高效,交易數(shù)量及交易金額均快速增長,在2015年達(dá)到了頂峰。我國廣告公司的并購活動具有以下幾個鮮明的特征:第一,互聯(lián)網(wǎng)大勢推動了傳統(tǒng)廣告行業(yè)的戰(zhàn)略變革;第二,選擇跨行業(yè)并購的廣告企業(yè)越來越多。本文選取A廣告公司為案例研究對象,分析其連續(xù)并購的動因并根據(jù)建立的連續(xù)并購評價方法對A公司的連續(xù)并購進(jìn)行評價。本文首先將簡要回顧關(guān)于連續(xù)并購的動因、并購評價方法的已有研究。接下來將以廣告行業(yè)龍頭企業(yè)A公司為案例研究對象,對A公司的系列并購案進(jìn)行分類描述,從交易開始至完成所需時間、支付方式、標(biāo)的注冊地等維度對A公司的系列并購案進(jìn)行整理,并據(jù)此分析A公司連續(xù)并購的特點,結(jié)合A公司的發(fā)展戰(zhàn)略分析其連續(xù)并購的動因。然后在傳統(tǒng)并購評價方法的基礎(chǔ)上,選取市場表現(xiàn)評價和協(xié)同效應(yīng)評價兩個角度對企業(yè)的連續(xù)并購進(jìn)行評價。最后根據(jù)建立的連續(xù)并購評價方法對A公司的連續(xù)并購進(jìn)行評價。本文在研究角度上,主要從并購協(xié)同效應(yīng)獲得程度以及并購前后市場表現(xiàn)變化的角度對企業(yè)的連續(xù)并購進(jìn)行評價研究,與大部分根據(jù)事件研究法進(jìn)行短期績效評價及財務(wù)指標(biāo)法進(jìn)行長期績效評價的研究方法相比,具有一定的創(chuàng)新性。同時在研究方法上,本文采用案例研究方法,以A廣告公司為案例,深入分析其連續(xù)并購評價問題,為實證研究提供補(bǔ)充和借鑒。
[Abstract]:With the rapid development and perfection of our country's capital market, enterprises have come to realize that it is difficult to keep up with the pace of market development by relying solely on endogenous growth, because mergers and acquisitions play an important role in promoting the development of enterprises. Therefore, all kinds of enterprises are actively involved in M & A activities, and the number and amount of transactions in the domestic M & A market have also reached new highs. Under this situation, the M & A behavior of listed companies in China has also undergone some changes, beginning to show many new characteristics. The remarkable increase in the frequency of M & A activities is one of the more prominent changes. This continuous M & A phenomenon is a new trend shown by M & A in the current market environment. It has gradually become a hot issue when domestic scholars study mergers and acquisitions. In the research of industry classification of M & A transactions, According to the statistics of the number of M & A in advertising industry based on Wind database, the number of M & A in advertising industry in China has been frequent and efficient since 2014, and the number of transactions and the amount of transactions have increased rapidly. In 2015, the M & A activities of advertising companies in China had the following distinct characteristics: first, the trend of the Internet promoted the strategic transformation of the traditional advertising industry; second, More and more advertising enterprises choose cross-industry mergers and acquisitions. This paper chooses A advertising company as the case study object, This paper analyzes the motivation of continuous merger and acquisition and evaluates the continuous merger and acquisition of company A according to the established evaluation method. Firstly, this paper will briefly review the motivation of continuous merger and acquisition. The existing research on M & A evaluation methods. Next, we will take A Company, the leading company in the advertising industry, as the case study object. We will classify and describe the series of mergers and acquisitions of Company A, from the beginning of the transaction to the completion of the transaction, the time required, the way of payment, Based on the analysis of the characteristics of successive mergers and acquisitions of company A, the causes of continuous mergers and acquisitions of company A are analyzed in combination with the development strategy of company A. then, on the basis of traditional M & A evaluation methods, a series of mergers and acquisitions of Company A are sorted out from the place of registration. The market performance evaluation and synergistic effect evaluation are selected to evaluate the continuous mergers and acquisitions. Finally, the continuous mergers and acquisitions of company A are evaluated according to the established evaluation methods. From the angle of the degree of acquisition of synergy effect and the change of market performance before and after M & A, the evaluation of continuous M & A of enterprises is carried out. Compared with most research methods of short-term performance evaluation based on event research and long-term performance evaluation by financial index method, it has some innovation. At the same time, case study method is adopted in this paper. Taking A Advertising Company as a case, this paper analyzes the evaluation of successive mergers and acquisitions in depth, and provides a supplement and reference for the empirical research.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F713.8

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