本文關(guān)鍵詞： 并購 因子分析 并購動因 并購績效　出處：《哈爾濱商業(yè)大學》2017年碩士論文　論文類型：學位論文

【摘要】：現(xiàn)在并購成為企業(yè)成長最熱門的發(fā)展方式,我國經(jīng)濟和資本市場一起發(fā)展,伴隨著并購行為增多和并購監(jiān)督管理日漸得到改善,在并購監(jiān)管規(guī)范化的基礎(chǔ)上,企業(yè)并購獲得的外部環(huán)境越來越好。我國積極推動文化產(chǎn)業(yè)的發(fā)展,影視傳媒行業(yè)和網(wǎng)絡(luò)游戲行業(yè)都屬于文化產(chǎn)業(yè),這兩個行業(yè)在并購的基礎(chǔ)上可以獲得新的發(fā)展機會,所以如何更有效的進行并購交易,更有效的實現(xiàn)并購目的,更有效的提高企業(yè)各方面的績效,是現(xiàn)在并購行為面臨的巨大挑戰(zhàn)和機遇。影視傳媒行業(yè)和網(wǎng)絡(luò)游戲行業(yè)是我國文化產(chǎn)業(yè)的一部分,這兩個行業(yè)都具有以下幾個特征:高風險、高投入、高產(chǎn)出、高收益。對這兩個行業(yè)的企業(yè)進行并購,并購方無疑可以獲得豐富的盈利利潤、成長能力會得到改善,企業(yè)則會打破難以發(fā)展的瓶頸,繼續(xù)向前發(fā)展。最近這些年屬于我國文化產(chǎn)業(yè)的影視傳媒行業(yè)和網(wǎng)絡(luò)游戲行業(yè)并購案例非常之多,但目前來看國內(nèi)對其缺少關(guān)注,特別是在一下幾個方面:并購動因和并購績效等方面。本文選取了 SLQC并購YLYC和DWWL的案例對并購動因和并購績效進行分析,通過分析找出并購案例存在的問題,最后提出解決對策和啟示。本文首先對研究背景、意義和目的進行說明,對國內(nèi)外與并購動因和并購績效相關(guān)的理論進行梳理和總結(jié);緊接著介紹了本文的理論基礎(chǔ),包括并購的相關(guān)概念和并購協(xié)同效應(yīng)理論;然后,對影視傳媒行業(yè)和網(wǎng)絡(luò)游戲行業(yè)的發(fā)展現(xiàn)狀進行敘述,對案例背景進行介紹,案例背景包括:并購雙方的基本簡介和并購過程。接著以協(xié)同效應(yīng)理論分析動因,分別從經(jīng)營協(xié)同效應(yīng)、財務(wù)協(xié)同效應(yīng)和管理協(xié)同效應(yīng)三個角度進行分析;緊接著用因子分析方法評析并購案例績效,最后運用因子分析法選取的數(shù)據(jù)從償債能力、成長能力、盈利能力和營運能力四個方面分析并購案例存在的問題。通過對SLQC并購YLYC和DWWL并購的動因和績效分析,得出了并購績效總體上看是積極的,但是還是存在一些問題,從而提出了一些解決對策。最后總結(jié)了該并購案例的啟示,期望能夠給未來有并購影視傳媒行業(yè)或者網(wǎng)絡(luò)游戲行業(yè)想法的企業(yè)提供一些借鑒,期望其具有一定有益的參考價值,能夠通過并購提高企業(yè)的市場競爭力,推動我國影視傳媒行業(yè)或者網(wǎng)絡(luò)游戲行業(yè)向更高層次的發(fā)展。
[Abstract]:Now M & A has become the most popular development mode of enterprise growth. With the increase of M & A behavior and the improvement of M & A supervision management, China's economy and capital market are developing together, on the basis of the standardization of M & A supervision. The external environment of M & A is getting better and better. China actively promotes the development of cultural industry, film and television media industry and online game industry belong to the cultural industry. These two industries on the basis of M & A can get new development opportunities, so how to conduct M & A transactions more effectively, more effectively achieve the purpose of M & A, more effectively improve the performance of all aspects of the enterprise. The film and television media industry and the online game industry are part of the cultural industry in China. These two industries have the following characteristics: high risk, high input, high output. The M & A of these two industries can undoubtedly obtain rich profit, improve the growth ability, and break the bottleneck which is difficult to develop. In recent years, there are a lot of M & A cases in the film and television media industry and online game industry of our country, but at present the domestic lack of attention to it. Especially in the following aspects: M & A motivation and M & A performance. This paper selects SLQC M & A YLYC and DWWL cases to analyze the M & A motivation and M A performance. Through the analysis to find out the existing problems of M & A cases, finally put forward solutions and enlightenment. Firstly, this paper explains the background, significance and purpose of the research. Combing and summing up the theories related to M & A motivation and M & A performance at home and abroad; Then it introduces the theoretical basis of this paper, including the related concepts of M & A and the theory of M & A synergy. Then, the development of the film and television media industry and online game industry are described, the case background is introduced. The case background includes: the basic introduction of M & A and the process of M & A. then the motivation is analyzed from the perspective of the synergetic effect of management, financial synergy and management synergy. Then use factor analysis method to evaluate the performance of M & A cases, and finally use factor analysis to select the data from solvency, growth capacity. Through the analysis of the motivation and performance of SLQC M & A YLYC and DWWL M & A, it is concluded that M & A performance is positive on the whole. However, there are still some problems, so some countermeasures are put forward. Finally, the enlightenment of this case is summarized. It is expected to be able to provide some reference for the future M & A film and television media industry or online game industry ideas, expect that it has some useful reference value, can improve the market competitiveness of enterprises through mergers and acquisitions. To promote the film and television media industry or online games industry to a higher level of development.
【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：G124;F271

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