本文選題：影視行業(yè)　切入點(diǎn)：并購動(dòng)因　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：為提升人們的精神文化生活水平,我國政府制定了一系列的政策來鼓勵(lì)文化產(chǎn)業(yè)的發(fā)展。借此機(jī)會(huì),影視傳媒行業(yè)得到了飛速的發(fā)展,資本市場也掀起了影視行業(yè)的并購潮,并購成為了影視行業(yè)公司選擇用來迅速發(fā)展的有效途徑。然而,這些并購是否都能取得成功?影視行業(yè)公司紛紛采取并購的并購動(dòng)因是什么?并購效果如何?是否提升了公司創(chuàng)造價(jià)值的能力?通過分析華誼兄弟并購活動(dòng)的并購動(dòng)因及并購效應(yīng)等問題,可以為影視業(yè)公司并購發(fā)展提供有意義的啟示與參考。本文結(jié)合各國學(xué)者對企業(yè)并購動(dòng)因、并購效應(yīng)等方面的研究文獻(xiàn)及各種理論對華誼兄弟的并購動(dòng)因及并購效應(yīng)進(jìn)行了研究。首先,文章介紹了論文的研究背景與選題意義等,同時(shí)對企業(yè)并購動(dòng)因及并購效應(yīng)的文獻(xiàn)進(jìn)行了綜述。接著,對影視行業(yè)的發(fā)展趨勢與局限性,影視行業(yè)并購現(xiàn)狀與并購特征進(jìn)行了分析,為下文對華誼兄弟公司的并購活動(dòng)案例分析做鋪墊。然后,以華誼兄弟傳媒有限公司并購活動(dòng)為案例,梳理公司在2010年至2015年間發(fā)生的并購活動(dòng),針對華誼兄弟近年來制定的發(fā)展戰(zhàn)略和行業(yè)發(fā)展的局限詳細(xì)分析了其進(jìn)行并購的動(dòng)因,同時(shí)從股東財(cái)富效應(yīng)、基于并購動(dòng)因的并購效應(yīng)、基于財(cái)務(wù)業(yè)績的并購效應(yīng)及公司經(jīng)濟(jì)增加值四個(gè)角度對華誼兄弟的并購效應(yīng)做出評(píng)價(jià)。在分析公司財(cái)務(wù)業(yè)績時(shí),與未發(fā)生并購活動(dòng)的影視行業(yè)公司中視傳媒進(jìn)行對比,使并購效應(yīng)的分析更加具有說服力。最后,得出結(jié)論,并為影視業(yè)公司提供有意義的啟示與參考。通過對華誼兄弟并購的并購動(dòng)因與并購效應(yīng)分析發(fā)現(xiàn),華誼兄弟進(jìn)行并購的目的是為了拓展公司業(yè)務(wù)領(lǐng)域、完善公司產(chǎn)業(yè)鏈、獲取影視業(yè)優(yōu)質(zhì)資源——作品、藝人、導(dǎo)演,并且通過并購在資本市場取得巨大的資金支持,獲取投資收益。另外,華誼兄弟通過并購擴(kuò)大了公司規(guī)模,使公司在盈利能力、成長能力以及創(chuàng)造價(jià)值方面都有著較大的提升,公司創(chuàng)造價(jià)值的能力更是飛速增長。但是并購也使公司在在未來可能存在償債方面的風(fēng)險(xiǎn),同時(shí)公司也應(yīng)注重并購后的整合,提升營運(yùn)能力,有效地利用并購帶來的業(yè)務(wù)渠道與資源,以便在公司未來能夠良好的發(fā)展。
[Abstract]:In order to improve people's spiritual and cultural living standards, our government has formulated a series of policies to encourage the development of the cultural industry. On this occasion, the film and television media industry has been rapidly developed, and the capital market has also set off a wave of mergers and acquisitions in the film and television industry. Mergers and acquisitions have become an effective way for film and television companies to choose for rapid development. However, can these mergers and acquisitions be successful? What is the motivation of M & A adopted by the film and television industry companies in succession? How did the merger work? Has it improved the company's ability to create value? By analyzing the causes and effects of mergers and acquisitions of Huayi Brothers, we can provide meaningful inspiration and reference for the development of mergers and acquisitions of film and television companies. The M & A effect of Huayi Brothers is studied in the literature and various theories. Firstly, the paper introduces the research background and the significance of the topic. At the same time, it summarizes the literature on the causes and effects of M & A. Then, it analyzes the development trend and limitations of the film and television industry, the present situation of M & A in the film and television industry and the characteristics of M & A. Then, taking Huayi Brothers Media Co., Ltd as a case study, we will sort out the M & A activities that occurred between 2010 and 2015. According to Huayi Brothers' development strategy and the limitation of industry development in recent years, this paper analyzes the causes of M & A in detail, and analyzes the M & A effect based on the shareholder wealth effect and M & A effect based on M & A motivation. This paper evaluates the M & A effect of Huayi Brothers based on the M & A effect of financial performance and the economic added value of the company. Finally, draw a conclusion, and provide meaningful inspiration and reference for the film and television companies. Through the analysis of M & A motivation and M & A effect of Huayi Brothers, we find that, Huayi Brothers' purpose of M & A is to expand the scope of the company's business, perfect the company's industrial chain, obtain high-quality resources for the film and television industry-works, artists, directors, and obtain huge financial support in the capital market through mergers and acquisitions. In addition, Huayi Brothers has expanded the size of the company through mergers and acquisitions, making the company more profitable, growing, and creating value. The ability of the company to create value has increased rapidly. But M & A also makes it possible for the company to have the risk of repayment in the future. At the same time, the company should also pay attention to the integration after the merger and enhance its operational capacity. Make effective use of the business channels and resources brought by M & A so that the company can develop well in the future.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 陳煒;;華誼兄弟傳媒公司并購動(dòng)因與績效研究[J];財(cái)經(jīng)界(學(xué)術(shù)版);2016年16期

2 趙自強(qiáng);任潔;;華誼兄弟財(cái)務(wù)戰(zhàn)略與可持續(xù)發(fā)展能力分析[J];財(cái)務(wù)與會(huì)計(jì);2016年11期

3 趙息;劉佳音;;并購支付方式影響我國上市公司并購績效的實(shí)證研究——基于事件研究法與財(cái)務(wù)報(bào)表分析法的比較研究[J];電子科技大學(xué)學(xué)報(bào)(社科版);2014年01期

4 蔣先玲;秦智鵬;李朝陽;;我國上市公司的多元化戰(zhàn)略和經(jīng)營績效分析——基于混合并購的實(shí)證研究[J];國際貿(mào)易問題;2013年01期

5 孫蔚青;;淺析華誼兄弟傳媒集團(tuán)的產(chǎn)業(yè)經(jīng)營戰(zhàn)略[J];美與時(shí)代(上);2012年12期

6 陳興秀;;上市公司并購重組績效實(shí)證研究——基于同行業(yè)與跨行業(yè)并購的比較研究[J];中國證券期貨;2012年10期

7 陳珍波;;中國上市公司跨國并購經(jīng)營績效研究——基于EVA模型[J];經(jīng)濟(jì)論壇;2012年10期

8 董蓉;;華誼兄弟為何給力互聯(lián)網(wǎng)[J];IT時(shí)代周刊;2011年09期

9 王清;;簡析我國企業(yè)多元化并購的動(dòng)因[J];北方經(jīng)濟(jì);2011年08期

10 彭雯;陳賢錦;;企業(yè)并購績效文獻(xiàn)綜述[J];財(cái)會(huì)通訊;2011年09期

相關(guān)碩士學(xué)位論文 前6條

1 周知;華策影視并購動(dòng)因和績效研究[D];華南理工大學(xué);2015年

2 陳程;華潤三九系列并購效應(yīng)分析[D];財(cái)政部財(cái)政科學(xué)研究所;2015年

3 張玲慧;我國互聯(lián)網(wǎng)企業(yè)戰(zhàn)略并購的動(dòng)因及效應(yīng)分析[D];暨南大學(xué);2015年

4 劉潤招;國美電器并購活動(dòng)的并購動(dòng)機(jī)及并購效應(yīng)研究[D];北京交通大學(xué);2014年

5 田廣靜;企業(yè)并購的價(jià)值創(chuàng)造研究[D];山東大學(xué);2013年

6 蔡苗;我國上市公司并購績效研究[D];西南財(cái)經(jīng)大學(xué);2010年

，

本文編號(hào)：1567635