本文關(guān)鍵詞： 并購 動(dòng)因分析 風(fēng)險(xiǎn)分析 文化傳媒行業(yè)　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：自從改革開放以來,我國與整個(gè)世界的聯(lián)系日益緊密,經(jīng)濟(jì)也獲得了高速增長。良好的經(jīng)濟(jì)基底刺激了更多企業(yè)的發(fā)展訴求,使企業(yè)為了實(shí)現(xiàn)迅速做大做強(qiáng)而擴(kuò)大規(guī)模的并購活動(dòng)也開始在我國頻繁出現(xiàn)。各行各業(yè)的企業(yè)并購活動(dòng)以井噴式的速度在增加,尤其是主要以輕資產(chǎn)為主的文化傳媒行業(yè),國內(nèi)中小型的文化傳媒公司不勝枚舉,彼此之間的發(fā)展也都受到了不計(jì)其數(shù)的競爭對手的制約,依靠內(nèi)部增長的方式已經(jīng)不能滿足其追求成為行業(yè)領(lǐng)軍企業(yè)的要求,因此也開始通過并購整合的方式在減少競爭對手的同時(shí)實(shí)現(xiàn)自自身企業(yè)的高速增長。雖然通過"外延式"的增長方式助推企業(yè)發(fā)展存在風(fēng)險(xiǎn),但也在一定程度上實(shí)現(xiàn)了企業(yè)資源的優(yōu)化配置和產(chǎn)業(yè)結(jié)構(gòu)的優(yōu)化升級,也可以為企業(yè)的發(fā)展提供助力,同時(shí)為我國經(jīng)濟(jì)的發(fā)展起到了積極地助推作用。之所以選擇藍(lán)色光標(biāo)作為主要的分析對象,因?yàn)樵摴臼窃谝呀?jīng)上市的文化傳媒行業(yè)中比較有代表性的企業(yè),并且,公司在成立之初就已經(jīng)制定了這種以"外延式"的增長為主的發(fā)展戰(zhàn)略,而且迄今為止也已經(jīng)對多家企業(yè)實(shí)施了并購。因此,本文選擇以藍(lán)色光標(biāo)并購美廣互動(dòng)廣告為例,在分析了我國宏觀經(jīng)濟(jì)環(huán)境和文化傳媒行業(yè)在我國歷年的發(fā)展?fàn)顩r的基礎(chǔ)上,針對此次并購活動(dòng)進(jìn)行分析。同時(shí),本文比較詳細(xì)的介紹了整個(gè)并購的過程、并購雙方的基本情況、股權(quán)定價(jià)的過程、并購雙方的動(dòng)因、并購雙方存在的風(fēng)險(xiǎn)以及對賭協(xié)議的內(nèi)容和最終并購的結(jié)果,運(yùn)用圖表分析法、波特五力模型和財(cái)務(wù)分析等方法對此次并購存在的情況進(jìn)行分析,更多運(yùn)用并購雙方的財(cái)務(wù)數(shù)據(jù)、文化傳媒行業(yè)發(fā)展數(shù)據(jù)和我國宏觀經(jīng)濟(jì)數(shù)據(jù)相結(jié)合的方式來對此次并購過程進(jìn)行分析。最后,總結(jié)了此次并購案例帶來的經(jīng)驗(yàn)和教訓(xùn),并提出針對性建議,希望能為接下來打算實(shí)施并購的文化傳媒行業(yè)的公司提供有用的借鑒。
[Abstract]:Since the reform and opening up, our country and the whole world increasingly close ties, the economy has also achieved rapid growth. A good economic base has stimulated the development of more enterprises. M & A activities that make enterprises expand and expand in order to achieve rapid growth and strength have also begun to appear frequently in China. M & A activities in various industries are increasing at a blowout rate. In particular, the cultural media industry mainly focused on light assets, domestic small and medium-sized cultural media companies are too numerous, the development of each other is also subject to countless competitors constraints. Relying on internal growth has not been able to meet the requirements of its pursuit of becoming an industry leader. Therefore, it also began to reduce the competitors and realize the rapid growth of its own enterprises through M & A integration, although there are risks in promoting the development of enterprises through the "extension" growth mode. But to a certain extent, it also realizes the optimal allocation of enterprise resources and the optimization and upgrading of industrial structure, which can also provide assistance for the development of enterprises. At the same time for the economic development of China has played an active role. The reason for the blue cursor as the main analysis object, because the company is listed in the cultural media industry more representative enterprises. Moreover, at the beginning of its establishment, the company has already formulated this kind of "extension" growth mainly development strategy, and has also implemented the merger and acquisition to many enterprises up to now. This paper chooses the blue cursor M & A interactive advertising as an example, on the basis of the analysis of the macroeconomic environment and the development of the cultural media industry in China over the years, the M & A activity is analyzed. At the same time. This paper introduces in detail the whole process of M & A, the basic situation of both parties, the process of equity pricing, the motivation of both parties. The risk of both sides and the content of the gambling agreement and the final results of the merger and acquisition, the use of chart analysis, Porter five forces model and financial analysis methods to analyze the existence of the merger. More use of M & A financial data, cultural media industry development data and macroeconomic data combination of the way to analyze the M & A process. Finally. This paper summarizes the experiences and lessons of the merger and acquisition case, and puts forward targeted suggestions, hoping to provide useful reference for the companies in the cultural media industry that intend to implement M & A in the future.
【學(xué)位授予單位】：哈爾濱商業(yè)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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