發(fā)布時間：2018-04-05 11:15

  本文選題：橫向合并　切入點：互聯(lián)網(wǎng)企業(yè)　出處：《南京理工大學(xué)》2017年碩士論文

【摘要】：2005年,中國在線視頻行業(yè)開始起步,之后經(jīng)歷了快速發(fā)展到穩(wěn)定的階段,但行業(yè)競爭仍然相當激烈。2012年,當時在行業(yè)排名第一、第二的兩家公司——優(yōu)酷網(wǎng)和土豆網(wǎng)進行了合并,經(jīng)過幾年的發(fā)展,研究優(yōu)酷網(wǎng)和土豆網(wǎng)合并后的發(fā)展狀況可以展示其合并的經(jīng)濟后果。本文通過近年發(fā)生橫向合并的互聯(lián)網(wǎng)企業(yè)引出研究的主題,繼而回顧了目前國內(nèi)外對合并經(jīng)濟后果的研究方法,基于協(xié)同效應(yīng)介紹了互聯(lián)網(wǎng)企業(yè)橫向合并的理論分析。本文以優(yōu)酷土豆為研究對象,介紹了其合并歷程,并概述了其合并前后在外部環(huán)境和內(nèi)部環(huán)境上發(fā)生的變化及影響,為后文經(jīng)濟后果研究分析提供依據(jù)。在優(yōu)酷土豆合并的經(jīng)濟后果評價方面,本文選擇了兩種評價方法,分別為事件法和財務(wù)指標法。首先,在短期經(jīng)濟后果上,通過事件法估算優(yōu)酷網(wǎng)和土豆網(wǎng)在合并窗口期內(nèi)的超額收益率,從而分析合并對其資本市場表現(xiàn)的影響,其中窗口期又分為合并前后四天及二十天兩種。其次,在長期績效方面,本文從經(jīng)營協(xié)同、管理協(xié)同和財務(wù)協(xié)同三個角度將財務(wù)指標進行分類研究,以協(xié)同效應(yīng)為切入點對優(yōu)酷土豆合并前后的表現(xiàn)進行對比及分析。此外,考慮到財務(wù)指標的片面性,本文還結(jié)合了非財務(wù)指標,如市場占有率、用戶活躍度、員工人數(shù)變化,以求多維度展示優(yōu)酷土豆的合并效果。經(jīng)過研究發(fā)現(xiàn)優(yōu)酷和土豆合并后,在短期土豆網(wǎng)獲益較多,但在長期優(yōu)土集團的改變好壞參半。通過事件法的研究,發(fā)現(xiàn)土豆網(wǎng)受益于合并事件的程度大于優(yōu)酷網(wǎng),在合并正式宣布20天后,優(yōu)酷網(wǎng)的累計超額收益已幾乎回歸為零,而土豆網(wǎng)持續(xù)了較長時間。通過對各項指標的縱向比較,發(fā)現(xiàn)其合并后管理協(xié)同和財務(wù)協(xié)同的大部分指標產(chǎn)生了較好的轉(zhuǎn)變,銷售費用率雖有所改善,但經(jīng)營協(xié)同的總體效果很差。非財務(wù)指標中市場占有率、用戶活躍度表現(xiàn)不佳,與預(yù)期的效果有一定差距。
[Abstract]:In 2005, China's online video industry began to start, and then went through a period of rapid development to a stable stage, but the competition in the industry is still fierce. In 2012, at that time, the industry ranked number one.The second two companies, Youku and Tudou, have merged. After several years of development, the study of the development of Youku and Tudou shows the economic consequences of the merger.This paper introduces the topic of the research on the horizontal merger of Internet enterprises in recent years, then reviews the research methods of the economic consequences of merger at home and abroad at present, and introduces the theoretical analysis of horizontal merger of Internet enterprises based on the synergistic effect.Taking Youku Tudou as the research object, this paper introduces the course of the merger, and summarizes the changes and effects of the external and internal environment before and after the merger, which provides the basis for the later study and analysis of the economic consequences.In the aspect of economic consequence evaluation of Youku Tudou merger, this paper chooses two evaluation methods, event method and financial index method.First, in terms of short-term economic consequences, the excess returns of Youku and Tudou during the merger window period are estimated by the event method, so as to analyze the impact of the merger on their capital market performance.The window period is divided into four days and twenty days before and after the merger.Secondly, in the aspect of long-term performance, this paper classifies the financial indexes from three angles of management synergy, management synergy and financial synergy, and compares and analyzes the performance of Youku Tudou before and after the merger with synergy effect as the starting point.In addition, considering the one-sidedness of financial indicators, this paper also combines non-financial indicators, such as market share, user activity, and the number of employees, in order to show Youku Tudou's combined effect in many dimensions.The study found that Youku and Tudou merged to gain more in the short term, but the changes were mixed in the long run.Through the research of event method, it is found that Tudou net benefited from the merger to a greater extent than Youku. After the merger was officially announced 20 days later, the cumulative excess income of Youku has almost returned to zero, while Tudou net has lasted for a long time.Through the longitudinal comparison of each index, it is found that most of the indexes of management synergy and financial synergy have been changed well after the merger. Although the sales expense rate has been improved, the overall effect of management synergy is very poor.The market share and user activity of non-financial indicators are not good, and there is a certain gap with the expected effect.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F49;F271

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