本文選題：縱向并購　切入點：產(chǎn)業(yè)融合　出處：《南京大學》2017年碩士論文　論文類型：學位論文

【摘要】：新媒體的沖擊、行業(yè)政策的開放、產(chǎn)業(yè)融合的理論設想,促使美國的媒體集團和通信公司紛紛走上并購之路,通過并購推動電信業(yè)和電視業(yè)的產(chǎn)業(yè)融合。但是隨著并購交易的發(fā)生,產(chǎn)業(yè)融合的進行,有人開始質疑媒體的縱向并購——電信業(yè)與電視業(yè)融合的有效性。電信業(yè)與傳媒業(yè)的并購究竟效果如何?本文基于并購協(xié)同理論和交易費率論,通過案例分析法、文獻研究法和財務指標分析法,選擇美國康卡斯特集團并購NBC環(huán)球一案進行分析,探討其并購有效性,以及并購后產(chǎn)業(yè)融合和運營的效果。研究發(fā)現(xiàn),康卡斯特集團在并購后延伸了產(chǎn)業(yè)鏈,優(yōu)化了產(chǎn)業(yè)結構,彌補了自身內容短板,分散了運營風險。并購交易結束至今,借助并購協(xié)同效應,集團的整體績效有輕微上揚,初步達到了并購目的�？悼ㄋ固夭①彴覆粌H證明并購能夠成為電信業(yè)和電視業(yè)融合的推動手段,更在其并購后的經(jīng)營活動中展現(xiàn)出使兩者融合的關鍵因素。本文希望對康卡斯特集團的并購案分析能夠對我國電視媒體融合發(fā)展提供一些經(jīng)驗性的借鑒。
[Abstract]:The impact of new media, the opening up of industry policies, and the theoretical assumption of industrial convergence have prompted media groups and communications companies in the United States to embark on the road of mergers and acquisitions one after another. Promote the convergence of telecommunications and television industries through mergers and acquisitions. But with the occurrence of M & A transactions, industrial convergence is going on. Some people begin to question the vertical merger of the media-the effectiveness of the convergence of telecommunications and television. What is the effect of mergers and acquisitions between telecommunications and media? Based on M & A synergy theory and transaction rate theory, this paper chooses Comcast Group M & A case of NBC Global to analyze the effectiveness of M & A through case analysis, literature research and financial index analysis. As well as the effect of industrial integration and operation after M & A. the study found that Comcast Group has extended the industrial chain, optimized the industrial structure, made up for its own short board of contents, and dispersed the operational risks after the merger and acquisition. Since the end of the M & A transaction, With the help of the synergistic effect of mergers and acquisitions, the overall performance of the group has slightly increased, which has initially achieved the purpose of mergers and acquisitions. The Comcast merger not only proves that the merger and acquisition can become a driving force for the convergence of the telecommunications and television industries, This paper hopes that the analysis of Comcast Group's merger case can provide some empirical reference for the development of TV media convergence in China.
【學位授予單位】：南京大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F627;G229.712
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本文編號：1581625