本文選題：WXCM + 藍獅子��； 參考：《安徽大學》2017年碩士論文

【摘要】：當前,出版?zhèn)髅綐I(yè)處于轉(zhuǎn)型期,各出版企業(yè)都在積極尋找合適的發(fā)展道路,并購作為企業(yè)發(fā)展的重要方式之一,其地位日益突出。在國內(nèi),出版?zhèn)髅叫袠I(yè)發(fā)生的并購案例較少,并購市場處于相對初期的階段,企業(yè)的融資渠道較少,缺乏并購經(jīng)驗,并購時會面臨較大的財務(wù)風險。WXCM是典型的傳統(tǒng)出版企業(yè),藍獅子則代表著數(shù)字新媒體企業(yè),此次并購是傳統(tǒng)出版發(fā)行企業(yè)主動擁抱新媒體的一項重大舉措。本文基于上述原因?qū)XCM并購藍獅子的財務(wù)風險開展研究。第一章是緒論,介紹了并購財務(wù)風險研究的相關(guān)背景和選題依據(jù),將國內(nèi)外有關(guān)學者對并購財務(wù)風險的研究情況進行回顧和綜述,并介紹了本文的研究思路和研究方法。同時針對目前出版行業(yè)并購的現(xiàn)狀和涉及的財務(wù)風險進行分析,提出了應(yīng)對措施和相關(guān)建議。第二章是本文的研究基礎(chǔ),介紹了企業(yè)并購和財務(wù)風險的相關(guān)理論。第三章是對并購案例背景的介紹,由于并購案例的發(fā)生與整個行業(yè)的發(fā)展密切相關(guān),本文結(jié)合出版?zhèn)髅叫袠I(yè)現(xiàn)狀,分析了并購雙方參與并購的動因。第四章是本文的主要分析部分,結(jié)合藍獅子和WXCM實際經(jīng)營情況和相關(guān)年度的信息披露,對并購中的財務(wù)風險進行分析,包含了估值風險、融資和支付風險、整合風險。本文第五章則是結(jié)合中國出版行業(yè)的發(fā)展現(xiàn)狀,針對第四章所提出的財務(wù)風險,提出相應(yīng)的控制策略與建議。最后,總結(jié)了研究結(jié)論,簡要闡明了研究的啟示和意義以及研究的不足之處。中國出版行業(yè)從傳統(tǒng)型轉(zhuǎn)變升級為現(xiàn)代數(shù)字出版型是一個循序漸進的過程,越來越多的傳統(tǒng)企業(yè)采用并購的方式快速適應(yīng)新媒體的融合發(fā)展。能否有效控制并購中的財務(wù)風險是并購成敗的關(guān)鍵,因此,本文關(guān)于WXCM并購藍獅子的財務(wù)風險分析及控制策略的研究對企業(yè)并購財務(wù)風險的研究以及中國出版行業(yè)的轉(zhuǎn)型發(fā)展具有重要的意義。
[Abstract]:At present, the publishing media industry is in the transition period, the publishing enterprises are actively looking for a suitable way of development, M & A as an important way of enterprise development, its status is increasingly prominent. In China, there are few M & A cases in the publishing media industry, the M & A market is at a relatively early stage, the financing channels of enterprises are less, and the M & A experience is lacking. WXCM is a typical traditional publishing enterprise. The Blue Lion represents digital new media companies, and the acquisition is a major move by traditional publishing and distribution companies to embrace new media. Based on the above reasons, this paper studies the financial risk of WXCM merger and acquisition of Blue Lion. The first chapter is the introduction, which introduces the background and the basis of the research on M & A financial risk, reviews and summarizes the research situation of M & A financial risk at home and abroad, and introduces the research ideas and methods of this paper. At the same time, the paper analyzes the current situation and financial risk of M & A in publishing industry, and puts forward some countermeasures and relevant suggestions. The second chapter is the research foundation of this paper, introduces the related theories of M & A and financial risk. The third chapter introduces the background of M & A cases. As the occurrence of M & A cases is closely related to the development of the whole industry, this paper analyzes the motivation of M & A participation by both parties combined with the current situation of the publishing media industry. The fourth chapter is the main analysis part of this paper, combined with the actual operating situation of Blue Lion and WXCM and the information disclosure of relevant years, the financial risk in M & A is analyzed, including valuation risk, financing and payment risk, integration risk. The fifth chapter of this paper is based on the development of the publishing industry in China, in view of the financial risks proposed in the fourth chapter, the corresponding control strategies and suggestions are put forward. Finally, the conclusion of the study is summarized, the enlightenment and significance of the research and the deficiencies of the research are briefly expounded. It is a gradual process for the Chinese publishing industry to change from the traditional type to the modern digital publishing type. More and more traditional enterprises adopt the method of merger and acquisition to adapt to the integration and development of new media. Whether the financial risk in M & A can be effectively controlled is the key to the success or failure of M & A. The study on financial risk analysis and control strategy of WXCM M & A Blue Lion is of great significance to the study of M & A financial risk and the transformation and development of Chinese publishing industry.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：G231;F275;F271

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本文編號：1791935