本文關(guān)鍵詞：游族網(wǎng)絡(luò)借殼上市動(dòng)因及績(jī)效分析　出處：《深圳大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：在當(dāng)前產(chǎn)業(yè)結(jié)構(gòu)調(diào)整的背景下,國(guó)家推出的“互聯(lián)網(wǎng)+”、“大眾創(chuàng)業(yè)、萬(wàn)眾創(chuàng)新”等戰(zhàn)略為游戲產(chǎn)業(yè)提供了良好的宏觀發(fā)展環(huán)境。隨著新的網(wǎng)絡(luò)技術(shù)的推廣(如4G)以及移動(dòng)電子設(shè)備的快速發(fā)展,游戲行業(yè)發(fā)展出現(xiàn)了新趨勢(shì),客戶端游戲不再是網(wǎng)游行業(yè)的龍頭老大,移動(dòng)端的頁(yè)面游戲和手機(jī)游戲盛行,使得網(wǎng)游行業(yè)發(fā)展出現(xiàn)多元化。游戲行業(yè)具有研發(fā)投入大,風(fēng)險(xiǎn)高,運(yùn)維成本大等特點(diǎn),隨著企業(yè)的發(fā)展,想要在激烈的競(jìng)爭(zhēng)中留存下來(lái)需要大量資金支持。而進(jìn)入資本市場(chǎng)能夠有效的解決企業(yè)的融資問(wèn)題。在我國(guó),進(jìn)入資本市場(chǎng)的方式主要是IPO和借殼上市。對(duì)于我國(guó)游戲企業(yè)來(lái)說(shuō),借殼上市已成為上市融資的一種有效途徑和方式。本文選取了游戲企業(yè)在該背景下發(fā)生的具有代表性的借殼上市案例——游族信息借殼梅花傘作為研究對(duì)象,期望通過(guò)對(duì)這一交易行為的動(dòng)因及績(jī)效分析,得出具有意義的結(jié)論,為同行業(yè)的其他企業(yè)提供有意義的建議和啟示。本文分為理論綜述和案例分析兩大部分。在第一部分,主要是總結(jié)分析前人學(xué)者對(duì)于借殼上市的理論研究,進(jìn)行概括綜述。主要包括借殼上市的理論基礎(chǔ)和借殼上市有關(guān)概念描述,在理論上分析企業(yè)借殼上市的過(guò)程以及動(dòng)因、對(duì)借殼上市的績(jī)效評(píng)價(jià)方法等。案例分析部分則是選取游族信息借殼梅花傘上市。首先,通過(guò)對(duì)交易雙方以及交易過(guò)程的介紹,厘清此次交易的背景、方式,從而結(jié)合理論從交易雙方不同角度進(jìn)行具體的動(dòng)因分析。其次,通過(guò)采用事件分析法、財(cái)務(wù)指標(biāo)分析法和EVA分析法對(duì)借殼上市進(jìn)行財(cái)務(wù)績(jī)效評(píng)價(jià)。最后通過(guò)案例分析得出,游族信息借殼梅花傘上市使交易雙方都獲得了各自的戰(zhàn)略發(fā)展,尤其對(duì)于借殼方游族信息,借殼上市不僅使其獲得高額的溢價(jià)收益,而且對(duì)于其公司經(jīng)營(yíng)、戰(zhàn)略發(fā)展都意義重大,在短期和長(zhǎng)期財(cái)務(wù)績(jī)效方面帶來(lái)正的效應(yīng)。本文的創(chuàng)新點(diǎn)在于,學(xué)者們目前對(duì)借殼上市的研究主要在建筑業(yè)、證券業(yè)、文化傳媒業(yè)等行業(yè),對(duì)于游戲企業(yè)這樣的新興行業(yè)的借殼上市動(dòng)因和績(jī)效研究尚未涉及。因此期望,本文的案例分析能夠稍微豐富一下借殼上市的研究范圍。
[Abstract]:In the context of the current industrial restructuring, the state launched the "Internet", "popular entrepreneurship." Such strategies as "innovation" provide a good macro environment for the game industry. With the promotion of new network technology (such as 4G) and the rapid development of mobile electronic equipment, the game industry has a new trend. Client games are no longer the leading leader of the online gaming industry, mobile side of the page games and mobile games are prevalent, making the development of online games industry diversification. The game industry has a large investment in R & D, high risk. With the development of enterprises, it needs a lot of capital support to survive in the fierce competition. However, entering the capital market can effectively solve the financing problem of enterprises. The main way to enter the capital market is IPO and backdoor listing. Backdoor listing has become an effective way and way to raise funds. This paper selects the representative case of backdoor listing of game enterprises-the information of Yujia family to borrow the shell plum umbrellas as the research object. Through the analysis of the motivation and performance of this transaction, we can draw a meaningful conclusion. This paper is divided into two parts: theoretical review and case analysis. In the first part, it mainly summarizes and analyzes the previous scholars' theoretical research on backdoor listing. It mainly includes the theoretical basis of backdoor listing and the related concept description of backdoor listing, and theoretically analyzes the process and motivation of backdoor listing. The case analysis part is to select the information of Yujia family to borrow the shell plum flower umbrella listing. First of all, through the introduction of both sides of the transaction and the transaction process, clarify the background and the way of the transaction. Thus combining with the theory from different perspectives of the parties to the transaction to carry out specific motivation analysis. Secondly, through the use of event analysis. Financial index analysis and EVA analysis of the financial performance evaluation of backdoor listing. Finally, through the case study, the information of Yujia family to borrow the shell of the Meihua umbrellas listed, both sides of the transaction to obtain their own strategic development. Especially for the backside travel information, backdoor listing not only makes it gain high premium income, but also has great significance for its company management, strategic development. The innovation of this paper is that the current research on backdoor listing is mainly in the construction industry, the securities industry, the cultural media industry and so on. The research on the motivation and performance of backdoor listing in the emerging industry such as game enterprises is not yet involved. Therefore, it is expected that the case study in this paper can enrich the scope of research on backdoor listing.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F49;F275

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本文編號(hào)：1438910