本文選題：并購績效 + 天舟文化　； 參考：《湘潭大學(xué)》2017年碩士論文

【摘要】：當(dāng)今社會重組并購作為上市公司提升核心競爭力與擴大經(jīng)營范圍不可或缺的途徑。我國上市企業(yè)通過重組并購來增大規(guī)模,提升實力的行為也變得日趨頻繁,但是并購到底能否改善企業(yè)績效,讓公司價值真正提升,這一點目前卻沒有明確答案。由于中國經(jīng)濟踏上了一個新的發(fā)展臺階,原來的經(jīng)濟模式已無法支撐我國經(jīng)濟繼續(xù)平穩(wěn)而快速的發(fā)展,在這樣的情況下政府開始扶持文化傳媒行業(yè),把它作為我國經(jīng)濟增長的支柱型行業(yè)來發(fā)展。與此同時,為了配合中央政府的政策,各地方政府馬上紛紛出臺相關(guān)政策條例來支持當(dāng)?shù)貍髅轿幕袠I(yè)的發(fā)展,提出許多優(yōu)惠條件來促進傳統(tǒng)文化的重組并購,從而使它們的產(chǎn)業(yè)結(jié)構(gòu)得到優(yōu)化,產(chǎn)品質(zhì)量能夠提升。自1998年以來至今,中國傳媒文化行業(yè)并購案例出現(xiàn)的次數(shù)開始猛烈提高,但不是所有的傳統(tǒng)文化企業(yè)的并購活動都給企業(yè)本身帶來了效益,并購案例的數(shù)量雖然多,但是質(zhì)量確實參差不齊。天舟文化作為傳統(tǒng)民營圖書策劃發(fā)行企業(yè),在這種政策背景下,應(yīng)當(dāng)適時地以相關(guān)政策精神為指導(dǎo)原則,并結(jié)合企業(yè)自身的具體情況與行業(yè)發(fā)展的大趨勢,積極主動地開展該項工作。本文以傳統(tǒng)文化企業(yè)天舟文化為例,取其并購前后四年左右的各項數(shù)據(jù)指標(biāo),再基于平衡積分卡理論來構(gòu)建對其并購績效評價的方案,從財務(wù)維度、客戶維度、內(nèi)部流程維度和學(xué)習(xí)與發(fā)展維度來觀察天舟文化在并購前后的績效變化情況。實證結(jié)果表明,在選取好適合的并購標(biāo)的和恰當(dāng)?shù)牟①彿绞街?天舟文化股份有限公司在完成并購后的四年左右時間,其財務(wù)維度方面的指標(biāo)在短期內(nèi)得到大幅度提升,客戶維度并購效應(yīng)良好,內(nèi)部流程維度的并購效應(yīng)一般,值得一提的是成長與學(xué)習(xí)維度的并購效應(yīng)微乎其微,甚至還增加了經(jīng)營風(fēng)險,為未來天舟文化經(jīng)營埋下了隱患。但隨著時間的推移,這幾個方面的發(fā)展都還需要繼續(xù)考查。通過本文的研究,我們希望能為天舟文化及其他文化傳媒企業(yè)并購績效評價提供參考,為文化傳媒公司的管理者未來進行并購活動提供參考。
[Abstract]:Nowadays, reorganization and merger is an indispensable way for listed companies to enhance their core competence and expand their business scope. The behavior of increasing the scale and strength of listed enterprises through reorganization and merger has become more and more frequent, but there is no clear answer as to whether mergers and acquisitions can improve the performance of enterprises and enhance the value of companies. Since China's economy has stepped onto a new stage of development, the original economic model can no longer support the steady and rapid economic development of our country. Under such circumstances, the government has begun to support the cultural media industry. Regard it as the pillar industry of our country economic growth to develop. At the same time, in order to tie in with the policies of the central government, various local governments immediately issued relevant policies and regulations to support the development of the local media culture industry, and put forward many preferential conditions to promote the reorganization and merger of traditional culture. In order to optimize their industrial structure, product quality can be improved. Since 1998, the number of M & A cases in China's media and culture industry has increased sharply, but not all the M & A activities of traditional cultural enterprises have brought benefits to the enterprises themselves, although the number of M & A cases is many, But the quality is really uneven. Tianzhou culture, as a traditional private book planning and issuing enterprise, should take the spirit of relevant policies as the guiding principle, and combine the specific situation of the enterprise and the general trend of the development of the industry, under the background of this policy. Take the initiative to carry out the work. This paper takes the Tianzhou culture of traditional cultural enterprises as an example, takes the data indexes about four years before and after its merger and acquisition, and then based on the balanced integral card theory to construct the plan to evaluate its M & A performance, from the financial dimension, customer dimension, Internal process dimension and learning and development dimension to observe the performance of Tianzhou culture before and after mergers and acquisitions. The empirical results show that after selecting the appropriate target and the appropriate way of M & A, the index of financial dimension of Tianzhou Culture Co., Ltd. has been greatly improved in the short term after the completion of the M & A about four years. Customer dimension M A effect is good, internal process dimension M A effect is general, it is worth mentioning that growth and learning dimension M A effect is minimal, even increased the risk of management, for the future Tianzhou culture management buried hidden dangers. But with the passage of time, the development of these aspects still need to continue to examine. Through the research of this paper, we hope to provide reference for the performance evaluation of the merger and acquisition of Tianzhou culture and other cultural media enterprises, and provide reference for the managers of the cultural media company to conduct M & A activities in the future.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：G124;F271;F275

【參考文獻】

相關(guān)期刊論文 前10條

1 葉璋禮;;中國上市公司并購績效的實證研究[J];統(tǒng)計與決策;2013年07期

2 祝文峰;左曉慧;;公司并購中目標(biāo)公司績效問題研究[J];經(jīng)濟問題;2011年06期

3 曹翼飛;劉莎;;傳媒板塊上市公司上市情況綜述[J];中國證券期貨;2011年04期

4 束義明;;我國傳媒上市公司經(jīng)營績效評價及實證研究[J];出版發(fā)行研究;2011年01期

5 孫芳;孟俊婷;;企業(yè)并購動因分析[J];合作經(jīng)濟與科技;2009年05期

6 劉軍;余鵬翼;;國內(nèi)上市公司并購效應(yīng)實證研究[J];上海金融;2008年12期

7 李志剛;陳守東;劉志強;;我國上市公司并購績效分析[J];稅務(wù)與經(jīng)濟;2008年05期

8 徐維蘭;崔國平;;中國上市公司并購績效的實證研究[J];統(tǒng)計與信息論壇;2008年08期

9 唐麗君;;企業(yè)并購績效研究概述[J];北方經(jīng)貿(mào);2008年04期

10 韓立巖;陳慶勇;;并購的頻繁程度意味著什么——來自我國上市公司并購績效的證據(jù)[J];經(jīng)濟學(xué)(季刊);2007年04期

相關(guān)碩士學(xué)位論文 前3條

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

2 陳海艷;跨行業(yè)并購動因及效應(yīng)研究[D];西南財經(jīng)大學(xué);2011年

3 張優(yōu);企業(yè)并購的協(xié)同效應(yīng)及其影響因素分析[D];北京交通大學(xué);2008年

，

本文編號：1776818