發(fā)布時間：2018-06-16 03:47

  本文選題：粵傳媒 + 并購失敗��； 參考：《蘭州財經(jīng)大學(xué)》2017年碩士論文

【摘要】：隨著技術(shù)的發(fā)展和市場的成熟,新一輪的并購浪潮到來。不少中國企業(yè)都通過兼并重組的方式來優(yōu)化資產(chǎn)配置、擴(kuò)大企業(yè)規(guī)模、實(shí)現(xiàn)戰(zhàn)略轉(zhuǎn)型。近年來,在政策的推動和市場的追捧下,文化傳媒業(yè)迎來并購的熱潮。國內(nèi)外學(xué)術(shù)界對文化傳媒業(yè)的并購研究主要集中在并購動因和并購產(chǎn)生的績效方面,本文利用已有的研究對粵傳媒并購香榭麗失敗的案例的原因和對策進(jìn)行分析�；泜髅绞俏覈谝患疑鲜械膱髽I(yè)傳媒公司,而香榭麗是我國戶外LED大屏的領(lǐng)軍企業(yè)之一�；趥鹘y(tǒng)傳媒業(yè)受到互聯(lián)網(wǎng)的沖擊,迫于轉(zhuǎn)型的壓力,粵傳媒對香榭麗進(jìn)行了并購。并購過程中粵傳媒以高出香榭麗凈資產(chǎn)71.37%的溢價進(jìn)行并購。但是并購的結(jié)果導(dǎo)致粵傳媒盈利能力惡化、營運(yùn)能力表現(xiàn)不佳、償債能力下降、發(fā)展能力下滑,通過對這些能力的分析發(fā)現(xiàn),粵傳媒并購香榭麗是失敗的。而并購失敗的原因有:首先,粵傳媒的并購動機(jī)脫離了企業(yè)實(shí)際,在并購決策之前粵傳媒的戰(zhàn)略脫離了市場,粵傳媒的管理層采取了盲目多元化的戰(zhàn)略;其次,在并購的過程中,存在并購能力不足的情況,因?yàn)樵诋?dāng)時的市場下,文化企業(yè)的估值過高,脫離了企業(yè)的實(shí)際價值,同時粵傳媒也沒有足夠的可支配資源;再次,粵傳媒在并購目標(biāo)企業(yè)的選擇上存在調(diào)查和研究不充分、與目標(biāo)企業(yè)的匹配性不足的問題。最后,在并購后也沒有取得良好的整合效果,主要是因?yàn)閷δ繕?biāo)企業(yè)的經(jīng)營整合和文化整合不佳。最后,本文針對其他企業(yè)并購提出幾點(diǎn)建議:在企業(yè)并購過程中,要立足于企業(yè)的實(shí)際進(jìn)行并購決策,首先要有合理的企業(yè)發(fā)展戰(zhàn)略定位,同時還要避免盲目多元化的并購。其次,在并購過程中要提高企業(yè)的并購能力,要對目標(biāo)企業(yè)進(jìn)行合理的估值,同時要提高企業(yè)的核心競爭力。再次,在并購目標(biāo)的選擇中要注意充分調(diào)查目標(biāo)企業(yè),同時也要兼顧目標(biāo)企業(yè)與收購方的匹配性。最后,在并購結(jié)束后,要注意提高整合效率。一方面加大經(jīng)營整合,另一方面加強(qiáng)文化整合。
[Abstract]:With the development of technology and the maturity of the market, a new wave of M & A has arrived. Many Chinese enterprises optimize asset allocation, expand enterprise scale and realize strategic transformation through merger and reorganization. In recent years, with the promotion of policy and market pursuit, the cultural media industry ushered in the M & A boom. The research on M & A in the cultural media industry at home and abroad is mainly focused on the causes of M & A and the performance of M & A. This paper makes use of the existing research to analyze the reasons and countermeasures of the failure of the M & A case in Guangdong Media. Guangdong Media is the first listed newspaper media company in China, and Shanxieli is one of the leading companies of outdoor LED screen in our country. Based on the impact of the Internet on the traditional media industry and the pressure of transformation, Guangdong Media made a merger and acquisition of Shanxieli. In the process of M & A, Guangdong Media carries on M & A at a premium of 71.37% higher than the net worth of Escendelia. However, the result of M & A results in the deterioration of profit ability of Guangdong media, the poor performance of operation ability, the decline of solvency and the decline of development ability. Through the analysis of these abilities, it is found that the merger and acquisition of Shanxieli by Guangdong Media has failed. The reasons for the failure of M & A are as follows: first, the motive of M & A of Guangdong Media is divorced from the actual enterprise, the strategy of Guangdong Media is divorced from the market before the decision of M & A, the management of Guangdong Media adopts a strategy of blind diversification; secondly, In the process of M & A, there was a lack of M & A capability, because in the market at that time, the valuation of cultural enterprises was too high, which was divorced from the actual value of the enterprises, and at the same time the Guangdong media did not have enough disposable resources; again, Guangdong Media has insufficient investigation and research on the choice of M & A target enterprises and insufficient matching with the target enterprises. Finally, after M & A, there is no good integration effect, mainly because of the target enterprise management integration and cultural integration is not good. Finally, this paper puts forward several suggestions for other enterprises' merger and acquisition: in the process of enterprise merger and acquisition, in order to make merger and acquisition decision based on the actual enterprise, we must first have a reasonable strategic orientation of enterprise development, and at the same time avoid blindly diversified M & A. Secondly, in the process of M & A, we should improve the ability of M & A, evaluate the target enterprise reasonably, and improve the core competence of the enterprise at the same time. Thirdly, in the selection of M & A target, attention should be paid to the target enterprise, and the match between the target enterprise and the acquirer should be taken into account. Finally, after the merger and acquisition, we should pay attention to improve the efficiency of integration. On the one hand, strengthen management integration, on the other hand, strengthen cultural integration.
【學(xué)位授予單位】：蘭州財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：G219.2-F;F271

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