本文選題：企業(yè)并購(gòu) + 并購(gòu)績(jī)效　； 參考：《蘭州財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：電影行業(yè)的迅猛發(fā)展離不開(kāi)資本市場(chǎng)的鼎力支持,近些年來(lái)眾多影視傳媒行業(yè)公司通過(guò)兼并重組發(fā)展迅猛,在此本人通過(guò)研究2013年6月4日,華誼兄弟并購(gòu)銀漢科技,對(duì)華誼兄弟、銀漢科技兩家公司的并購(gòu)動(dòng)因、并購(gòu)估值、并購(gòu)績(jī)效進(jìn)行分析,并試圖總結(jié)規(guī)律得出啟發(fā)。通過(guò)構(gòu)建影視行業(yè)并購(gòu)理論的分析可以得出影視行業(yè)并購(gòu)的動(dòng)因,一方面通過(guò)并購(gòu)優(yōu)秀的游戲公司來(lái)實(shí)現(xiàn)更多資金流的進(jìn)入,另一方面通過(guò)將外部交易成本轉(zhuǎn)變成為內(nèi)部管理成本來(lái)吸納更多的影視從業(yè)人員來(lái)為企業(yè)更好的發(fā)展來(lái)服務(wù)。本文從并購(gòu)的估值分析出發(fā),用資產(chǎn)評(píng)估機(jī)構(gòu)使用方法與市場(chǎng)常用方法對(duì)此次并購(gòu)的估值加以分析,衡量收購(gòu)價(jià)格的準(zhǔn)確性,并以此為基準(zhǔn)更好的測(cè)算并購(gòu)雙方的創(chuàng)富效應(yīng),華誼兄弟本次并購(gòu)交易活動(dòng)產(chǎn)生了很好的市場(chǎng)反應(yīng),無(wú)論短期還是長(zhǎng)期創(chuàng)富效應(yīng)均十分顯著,投資者對(duì)華誼兄弟并購(gòu)后的發(fā)展都報(bào)以良好的期望,華誼兄弟以并購(gòu)作為通道,不斷延伸產(chǎn)業(yè)鏈,完善發(fā)展體系,為未來(lái)公司發(fā)展打下夯實(shí)的基礎(chǔ),今后還有望借助移動(dòng)互聯(lián)游戲作為影視行業(yè)的衍生品市場(chǎng)來(lái)發(fā)展。銀漢科技做為被并購(gòu)的公司提升價(jià)格的同事獲得豐富的資源,而此次并購(gòu)也為股東創(chuàng)作了大筆財(cái)富,股東收益頗豐,使股東和公司共同創(chuàng)富。
[Abstract]:The rapid development of the film industry can not be separated from the strong support of the capital market. In recent years, many film and television media companies have developed rapidly through mergers and reorganization. In this paper, by studying June 4, 2013, Huayi Brothers acquired Yinhan Technology. This paper analyzes the M & A motivation, M & A valuation and M & A performance of Huayi Brothers and Yinhan Technology, and tries to summarize the rules to draw inspiration. Through the analysis of the theory of M & A in the film and television industry, we can get the motive of M & A in the film and television industry. On the one hand, we can realize more capital flow through the merger and acquisition of excellent game companies. On the other hand, by transforming external transaction costs into internal management costs, more film and television practitioners are absorbed to serve for the better development of enterprises. Starting from the valuation analysis of M & A, this paper analyzes the valuation of M & A by using the methods used by asset appraisal institutions and market methods, and measures the accuracy of the acquisition price, and takes this as a benchmark to better measure the wealth creation effect of both parties. Huayi Brothers' merger and acquisition activities have produced a very good market response. Both the short-term and long-term effects of creating wealth are very significant. Investors have good expectations for the development of Huayi Brothers after the merger and acquisition. Huayi Brothers takes M & A as a channel. Extending the industry chain, perfecting the development system, laying a solid foundation for the future development of the company, it is also expected to rely on mobile Internet games as a derivative market of the film and television industry to develop in the future. Yinhan Technology, a colleague of the acquired company that raised prices, has been given plenty of resources, and the acquisition has created a lot of wealth for shareholders, making them rich together with the company.
【學(xué)位授予單位】：蘭州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：J943;F271;F832.51

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