本文關(guān)鍵詞： 橫向并購 動(dòng)因分析 杜邦分析法 績效分析　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】：在我國,文化產(chǎn)業(yè)得到國家越來越多的關(guān)注和青睞,同時(shí)也受到大量國內(nèi)資本和國際資源的期冀,文化領(lǐng)域的投融資也迅速興起。隨著行業(yè)的不斷成長,行業(yè)中的各個(gè)企業(yè)逐漸選擇并購重組的方式。而上市傳媒公司具備最豐富的資本操作運(yùn)行經(jīng)驗(yàn),收納了最優(yōu)質(zhì)的文化產(chǎn)業(yè)資源,走在行業(yè)的前沿,是名副其實(shí)的先驅(qū)者。橫向并購這一金融行為的價(jià)值并不只是對(duì)于企業(yè)的發(fā)展,更是對(duì)于企業(yè)所在行業(yè)的發(fā)展具有重要的積極推動(dòng)意義。我國文化產(chǎn)業(yè)的推動(dòng),促使企業(yè)展開橫向的并購,同時(shí)企業(yè)的聯(lián)合發(fā)展,也為行業(yè)的發(fā)展提供動(dòng)力。所以評(píng)說一個(gè)企業(yè)戰(zhàn)略性并購的選擇正確或否,可以從多個(gè)角度來考慮。一方面作為上市公司,可以從其價(jià)值開始進(jìn)行估算,來對(duì)公司的價(jià)值做理性的判斷和測算,以做決定投資與否,另一方面,必須從整個(gè)行業(yè)來看,分析其動(dòng)因和并購事件對(duì)于行業(yè)發(fā)展的啟示。市場經(jīng)濟(jì)成為主體,選擇了和市場變化同步,形勢趨同,眾多上市媒體企業(yè)便都默契地選擇多元化投資、各種網(wǎng)絡(luò)平臺(tái)合作、兼并、的戰(zhàn)略發(fā)展計(jì)劃。所以傳統(tǒng)的影視傳媒公司要如何應(yīng)對(duì)機(jī)遇和挑戰(zhàn),本文擬通過HC影視公司并購KD傳媒的案例,給傳媒影視公司一些經(jīng)驗(yàn)借鑒。本文第一部分簡潔的介紹出了目前全球的影視傳媒行業(yè)發(fā)展?fàn)顟B(tài),以便能夠更容易的了解影視行業(yè)的競爭構(gòu)架。第二部分介紹了 HC影視有限公司和KD傳媒的公司發(fā)展歷史和基本成就,從中可以看出兩者結(jié)合的原因和歷史驅(qū)動(dòng)的必然性,以便及時(shí)的對(duì)行業(yè)發(fā)展方向的變化做出應(yīng)對(duì)。第三部分是選擇了杜邦分析法,對(duì)HC影視有限公司的并購前后的財(cái)務(wù)數(shù)據(jù)進(jìn)行績效分析,不僅可以了解HC影視有限公司的財(cái)務(wù)狀況,并且能夠反映本次并購活動(dòng)對(duì)企業(yè)帶來的影響,直觀的表達(dá)本次并購的成功與否。第五部分,總結(jié)HC影視橫向并購KD傳媒的過程中的經(jīng)驗(yàn),以供其他同行業(yè)的公司參考,并希望能剖析過程中出現(xiàn)的問題,以供行業(yè)內(nèi)借鑒,最終實(shí)現(xiàn)推動(dòng)行業(yè)發(fā)展的目的。在文化產(chǎn)業(yè)備受關(guān)注的今天,如何應(yīng)對(duì)這個(gè)時(shí)代變化的風(fēng)口,作為國內(nèi)領(lǐng)軍人物的HC影視有限公司,用實(shí)際行動(dòng)表明自己的選擇,為其他企業(yè)的發(fā)展發(fā)揮了先導(dǎo)作用。
[Abstract]:In our country, the cultural industry is paid more and more attention and favor by the country, at the same time, it is expected by a large amount of domestic capital and international resources, and the investment and financing in the field of culture is also rising rapidly. With the continuous growth of the industry, Each enterprise in the industry gradually chooses the way of M & A. while the listed media company has the most abundant experience in capital operation, has absorbed the best cultural industry resources, and is at the forefront of the industry. The value of the financial behavior of horizontal merger and acquisition is not only for the development of enterprises, but also for the development of the industries in which the enterprises are located. Encourage enterprises to launch horizontal mergers and acquisitions, and at the same time, the joint development of enterprises will also provide a driving force for the development of the industry. Therefore, it can be considered from a number of angles to comment on the correct or negative choice of strategic mergers and acquisitions of an enterprise. On the one hand, it can be considered as a listed company. We can begin to estimate the value of the company to make a rational judgment and measurement of the company's value in order to make a decision on whether to invest or not. On the other hand, we must look at it from the perspective of the whole industry. The market economy becomes the main body, the market economy becomes the main body, and the market changes synchronously, and the situation converges, so many listed media enterprises tacitly choose the diversified investment and the cooperation of various network platforms. Merger, strategic development plan. So the traditional film and television media companies how to cope with opportunities and challenges, this paper intends to buy KD Media through HC film and television company case, The first part of this paper gives a brief introduction to the current development of the film and television media industry in the world. In order to understand the competitive framework of the film and television industry more easily. The second part introduces the development history and basic achievements of HC Film and Television Co. Ltd and KD Media, from which we can see the reasons for the combination of the two and the inevitability of historical driving. In order to make timely response to the changes in the development direction of the industry. The third part is to select DuPont analysis method to analyze the financial data before and after the acquisition of HC Film and Television Co. Ltd. Not only can we understand the financial situation of HC Film and Television Co., Ltd., but also can reflect the impact of this merger and acquisition activity on the enterprises, and intuitively express the success of this merger and acquisition. Part 5th, Summing up the experience in the process of merger and acquisition of KD Media by HC Film and Television, in order to provide reference for other companies in the same industry, and hope to analyze the problems in the process, so as to provide reference for the industry, Finally realizing the goal of promoting the development of the industry. Today, when the cultural industry is receiving much attention, how to cope with the tuyere of the changing times, HC Film and Television Co., Ltd., as a leading domestic figure, has demonstrated its choice with practical actions. For the development of other enterprises to play a leading role.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：J943;F271

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