發(fā)布時(shí)間：2018-06-13 21:33

  本文選題：優(yōu)酷土豆 + 橫向并購(gòu)��； 參考：《江西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：經(jīng)濟(jì)全球化是當(dāng)前世界經(jīng)濟(jì)的重要特征,也是經(jīng)濟(jì)發(fā)展不可阻擋的趨勢(shì)。2001年,中國(guó)正式加入WTO,拉開(kāi)了中國(guó)經(jīng)濟(jì)和世界經(jīng)濟(jì)全面接軌的序幕。并購(gòu)也隨著經(jīng)濟(jì)全球化,成為每個(gè)行業(yè)中不可分割的組成部分。中國(guó)企業(yè)置身于并購(gòu)浪潮中,既會(huì)獲得機(jī)遇,也會(huì)遭遇風(fēng)險(xiǎn)。面對(duì)激烈的市場(chǎng)競(jìng)爭(zhēng)環(huán)境,我國(guó)網(wǎng)絡(luò)視頻企業(yè)不斷尋求機(jī)會(huì),希望通過(guò)并購(gòu)整合,優(yōu)化資源配置,提高管理經(jīng)營(yíng)效率,增加市場(chǎng)份額,從而實(shí)現(xiàn)企業(yè)的長(zhǎng)期發(fā)展目標(biāo)。橫向并購(gòu)作為企業(yè)并購(gòu)的主要方式之一,既體現(xiàn)了企業(yè)的經(jīng)濟(jì)實(shí)力,又展現(xiàn)了企業(yè)的市場(chǎng)競(jìng)爭(zhēng)力,企業(yè)之間的橫向并購(gòu)?fù)ㄟ^(guò)協(xié)同效應(yīng)來(lái)創(chuàng)造價(jià)值。因此,協(xié)同效應(yīng)的實(shí)現(xiàn)是決定企業(yè)橫向并購(gòu)是否成功的重要條件。本文認(rèn)為,橫向并購(gòu)過(guò)程中能否產(chǎn)生最佳協(xié)同效應(yīng),是企業(yè)需要重點(diǎn)思考的問(wèn)題。自從學(xué)者安索夫首次提出協(xié)同效應(yīng)之后,國(guó)內(nèi)外學(xué)者都逐漸開(kāi)始對(duì)協(xié)同效應(yīng)的定義、分類(lèi)以及作用等方面展開(kāi)研究。本文中,筆者對(duì)并購(gòu)協(xié)同效應(yīng)的相關(guān)理論進(jìn)行了概述。同時(shí),本文以弗雷德的理論為基礎(chǔ),從管理協(xié)同、經(jīng)營(yíng)協(xié)同和財(cái)務(wù)協(xié)同出發(fā),對(duì)橫向并購(gòu)的協(xié)同效應(yīng)進(jìn)行了分析與探討。本文運(yùn)用這些理論,采用文獻(xiàn)研究和案例分析兩種方法,并結(jié)合我國(guó)網(wǎng)絡(luò)視頻行業(yè)的發(fā)展現(xiàn)狀,對(duì)優(yōu)酷和土豆橫向并購(gòu)后的協(xié)同效應(yīng)進(jìn)行了探討,以期為網(wǎng)絡(luò)視頻企業(yè)間的橫向并購(gòu)提供一定的參考。本文首先介紹了論文的研究背景與意義,對(duì)網(wǎng)絡(luò)視頻行業(yè)的發(fā)展現(xiàn)狀進(jìn)行了簡(jiǎn)要描述,回顧并整理了橫向并購(gòu)及協(xié)同效應(yīng)相關(guān)的研究文獻(xiàn),同時(shí)提出了研究思路與方法。其次,本文對(duì)橫向并購(gòu)協(xié)同效應(yīng)的相關(guān)理論進(jìn)行了概述,對(duì)橫向并購(gòu)的概念進(jìn)行了界定,并介紹了協(xié)同效應(yīng)的定義與基本內(nèi)容,闡述了并購(gòu)協(xié)同效應(yīng)理論、市場(chǎng)勢(shì)力理論和效率理論,也提出了橫向并購(gòu)協(xié)同效應(yīng)的評(píng)價(jià)方法。再次,本文基于網(wǎng)絡(luò)視頻行業(yè)的發(fā)展現(xiàn)狀和并購(gòu)雙方的內(nèi)外部環(huán)境,歸納了優(yōu)酷和土豆選擇進(jìn)行橫向并購(gòu)的五大動(dòng)因,并概括了橫向并購(gòu)的過(guò)程,包括并購(gòu)方式、并購(gòu)流程和并購(gòu)之后的整合情況。繼而,本文將橫向并購(gòu)后的協(xié)同效應(yīng)存在的問(wèn)題歸納為長(zhǎng)期的管理協(xié)同效應(yīng)未盡激發(fā),整合的經(jīng)營(yíng)協(xié)同效應(yīng)有待提升和整體的財(cái)務(wù)協(xié)同效應(yīng)未明顯提高這三個(gè)方面,并對(duì)這三個(gè)方面的問(wèn)題進(jìn)行成因分析。最后,本文根據(jù)存在的問(wèn)題及成因分析,提出提升優(yōu)酷和土豆橫向并購(gòu)后協(xié)同效應(yīng)的相關(guān)措施:一是集團(tuán)通過(guò)優(yōu)化整合雙方的人力資源,借助“雙品牌”平臺(tái)優(yōu)勢(shì)以及合理利用管理資源來(lái)提高企業(yè)運(yùn)營(yíng)效率,以此提升管理協(xié)同效應(yīng);二是集團(tuán)通過(guò)優(yōu)化整合重疊業(yè)務(wù),快速整合主營(yíng)業(yè)務(wù)以及利用優(yōu)勢(shì)資源互補(bǔ)提高市場(chǎng)占有率,以此完善業(yè)務(wù)的經(jīng)營(yíng)整合;三是集團(tuán)通過(guò)提升信用等級(jí),降低籌資費(fèi)用以及創(chuàng)建流動(dòng)性資產(chǎn)組合,以此緩解資金壓力,從而提高整體的財(cái)務(wù)協(xié)同效應(yīng)。
[Abstract]:Economic globalization is an important feature of the current world economy and an irresistible trend of economic development. In 2001, China formally joined the WTO, which opened the prelude of the overall integration of China's economy and the world economy. M & A also with the economic globalization, become an integral part of each industry. Chinese enterprises in the M & A wave, both opportunities and risks will be encountered. Facing the fierce market competition environment, the network video enterprises of our country constantly seek the opportunity, hope through the merger and acquisition conformity, optimize the allocation of resources, improve the management efficiency, increase the market share, thus realize the long-term development goal of the enterprise. As one of the main ways of M & A, horizontal M & A not only reflects the economic strength of enterprises, but also shows the market competitiveness of enterprises. Horizontal M & A between enterprises creates value through synergy effect. Therefore, the realization of synergy is an important condition to determine the success of horizontal mergers and acquisitions. This paper holds that whether the best synergistic effect can be produced in the process of horizontal merger and acquisition is an important issue for enterprises to think about. Since Ansov proposed synergistic effect for the first time, scholars at home and abroad have begun to study the definition, classification and function of synergistic effect. In this paper, the author summarizes the theory of M & A synergy. At the same time, based on Fred's theory, this paper analyzes and discusses the synergistic effect of horizontal M & A from management coordination, management coordination and financial coordination. Based on these theories, this paper discusses the synergistic effect of Youku and Tudou after horizontal merger and acquisition by using the methods of literature research and case analysis, and combining with the current situation of the development of China's network video industry. In order to provide a certain reference for the horizontal mergers and acquisitions between the network video enterprises. This paper first introduces the research background and significance of the paper, briefly describes the current situation of the network video industry, reviews and collates the related literature on horizontal mergers and acquisitions and synergies, and puts forward the research ideas and methods. Secondly, this paper summarizes the related theories of horizontal merger synergy, defines the concept of horizontal merger and acquisition, introduces the definition and basic content of synergy effect, and expounds the theory of synergy effect of merger and acquisition. Market power theory and efficiency theory also put forward the evaluation method of horizontal merger synergy. Thirdly, based on the development of the network video industry and the internal and external environment of both sides, this paper summarizes the five motivations for Youku and Tudou to choose horizontal mergers and acquisitions, and summarizes the process of horizontal mergers and acquisitions, including the way of mergers and acquisitions. M & A process and integration after M & A. Then, this paper concludes the existing problems of synergy effect after horizontal merger and acquisition into three aspects: long-term management synergy has not been stimulated, integrated management synergy needs to be promoted and the overall financial synergy has not been significantly improved. The causes of these three problems are analyzed. Finally, based on the analysis of the existing problems and causes, this paper puts forward some measures to enhance the synergy between Youku and Tudou after horizontal M & A: first, the group optimizes and integrates the human resources of both sides. With the advantage of "double brand" platform and rational use of management resources to improve the operational efficiency of enterprises, thereby enhancing the management synergy; second, the group through the optimization of the integration of overlapping business, Fast integration of the main business and the use of complementary advantages of resources to improve market share to improve the business integration; third, the group through upgrading the credit rating, reduce funding costs and create a portfolio of liquid assets, In order to ease the financial pressure, thereby improving the overall financial synergy.
【學(xué)位授予單位】：江西財(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)】：F271;F49;F275

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本文編號(hào)：2015492