在政策利好和互聯(lián)網(wǎng)+的雙重背景下,文化公司企業(yè)的并購(gòu)與投資己然成為常態(tài)。并購(gòu)重組原本是為了優(yōu)化生產(chǎn)經(jīng)營(yíng),促進(jìn)產(chǎn)業(yè)整合升級(jí),然而真正有望通過并購(gòu)文化公司企業(yè)實(shí)現(xiàn)上市公司戰(zhàn)略轉(zhuǎn)型與協(xié)同效應(yīng)的鳳毛麟角。同時(shí),由于文化公司企業(yè)的輕資產(chǎn)特性,并購(gòu)溢價(jià)普遍較高,并購(gòu)失敗的案例更是舉不勝舉,如熊貓煙花終止收購(gòu)華海時(shí)代、藍(lán)色光標(biāo)海外并購(gòu)巨額商譽(yù)減值。造成文化公司企業(yè)并購(gòu)失敗的原因極為復(fù)雜,如戰(zhàn)略不清晰、違反法律規(guī)定、整合失敗或效率太低、目標(biāo)企業(yè)估值過高,但本質(zhì)上是文化公司企業(yè)普遍缺乏并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)管理意識(shí)。因此,如何有效地識(shí)別、評(píng)價(jià)和規(guī)避并購(gòu)風(fēng)險(xiǎn)對(duì)文化企業(yè)具有重要的理論意義及現(xiàn)實(shí)意義。針對(duì)文化公司企業(yè)并購(gòu)風(fēng)險(xiǎn)的識(shí)別、評(píng)價(jià)和防范,本文運(yùn)用理論研究與案例分析相結(jié)合的方法。本文首先整理回顧了并購(gòu)風(fēng)險(xiǎn)國(guó)內(nèi)外研究現(xiàn)狀及其基本理論,總結(jié)了并購(gòu)特點(diǎn)。隨后,本文以Y公司并購(gòu)A公司為案例素材,詳細(xì)識(shí)別并分析本起并購(gòu)存在的企業(yè)定價(jià)風(fēng)險(xiǎn)、融資風(fēng)險(xiǎn)、支付風(fēng)險(xiǎn)和整合風(fēng)險(xiǎn),并且運(yùn)用模糊及層次綜合評(píng)價(jià)法,通過建立風(fēng)險(xiǎn)因素集和評(píng)語(yǔ)集、引入專家打分機(jī)制,構(gòu)建了文化企業(yè)并購(gòu)風(fēng)險(xiǎn)評(píng)價(jià)模型,結(jié)合案例,判斷出本起并購(gòu)風(fēng)險(xiǎn)較高,Y公司需謹(jǐn)慎并購(gòu)。... 

【文章來源】：廣東外語(yǔ)外貿(mào)大學(xué)廣東省

【文章頁(yè)數(shù)】：83 頁(yè)

【學(xué)位級(jí)別】：碩士

【文章目錄】：
ACKNOWLEDGEMENTS
ABSTRACT
摘要
Chapter 1 Introduction
    1.1 Research Background
    1.2 Research Significance
        1.2.1 Theoretical Significance
        1.2.2 Practical Significance
    1.3 Research Contents
    1.4 Research Methods
        1.4.1 Literature Research Method
        1.4.2 Case Study Method
        1.4.3 Financial Index Comparison Analysis Method
        1.4.4 Fuzzy Analytic Hierarchy Process Method
    1.5 Research Structure
Chapter 2 Literature Review and Theoretical Basis
    2.1 Definition of Financial Risks of Corporate M&A
    2.2 Types of Financial Risks of Corporate M&A
    2.3 Causes of Financial Risks in Corporate M&A
    2.4 Identification of Financial Risks in Corporate M&A
    2.5 Literature Review
Chapter 3 Case Description
    3.1 Status Quo of M&A in the Media Industry
    3.2 Introduction of the Acquirer Y Company
    3.3 Introduction of the Acquire A Company
    3.4 Introduction of the M&A Process
    3.5 The Financial Risks of Y Company’s M&A
Chapter 4 Case Analysis
    4.1 Assessment Methods of M&A Financial Risks
        4.1.1 Indicator Comparison Analysis Method
        4.1.2 Fuzzy Analytic Hierarchy Process
    4.2 Preliminary Assessment of Financial Risks of Y Company’s M&A
        4.2.1 Valuation Risks Assessment
        4.2.2 Financing Risks Assessment
        4.2.3 Payment Risks Assessment
        4.2.4 Integration Risk Assessment
    4.3 Comprehensive Assessment of Financial Risks of Y Company’s M&A
        4.3.1 Establishing an Index System of Hierarchy Assessment
        4.3.2 Establishing judgement matrix
        4.3.3 Single Hierarchical Arrangement and Consistency Test
        4.3.4 Quantitative Evaluation of M&A Financial Risk
        4.3.5 Outcome of Y Company’s M&A Financial Risk Assessment
Chapter 5 M&A Financial Risk-avoiding Measures for Y Company
    5.1 Conducting Thorough Due Diligence of Target Company
    5.2 Increasing matching degree of M&A
    5.3 Properly Valuating a Company
    5.4 Trying to Eliminate Information Asymmetry
    5.5 Enhancing Cultural Integration After M&A
Chapter 6 Conclusions and Prospects
REFERENCE


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碩士論文
[1]鋼鐵企業(yè)并購(gòu)中的財(cái)務(wù)風(fēng)險(xiǎn)及風(fēng)險(xiǎn)控制研究[D]. 高媧.山東大學(xué) 2017
[2]文化企業(yè)并購(gòu)風(fēng)險(xiǎn)的識(shí)別、評(píng)價(jià)及防范研究[D]. 王楠.山東大學(xué) 2016
[3]我國(guó)乳品企業(yè)并購(gòu)的財(cái)務(wù)風(fēng)險(xiǎn)與控制研究[D]. 兀晶.河北經(jīng)貿(mào)大學(xué) 2016
[4]紫金礦業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)評(píng)價(jià)與控制[D]. 張立平.中南大學(xué) 2013
[5]企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)分析與控制研究[D]. 紀(jì)玲瓏.山西財(cái)經(jīng)大學(xué) 2009



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