掌趣科技股份有限公司连续并购绩效研究

发布时间：2018-02-10 08:20

本文关键词： 掌趣科技连续并购并购绩效　出处：《黑龙江八一农垦大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国经济全球化的不断发展,资本市场也相对成熟和完善,各类企业为了更好地共享资源、扩大自身规模、降低经营成本以及进驻新的市场领域,在大量开展并购活动。现阶段,上市公司越来越重视通过并购的方式来降低竞争对手的威胁,提高自己的市场地位,同时现在进行的并购活动也呈现出了频率高、规模大等特点。因此,我们不能再简单地套用已有的并购理论来解释这种新的连续并购现象了,我们需要探寻能够适应新时期发展特点的新型并购理论。鉴于此,本文选择了以案例研究的形式,对正面临大规模并购整合挑战的网络游戏行业中的典型代表掌趣科技股份有限公司的连续并购行为进行分析探讨,希望能够对连续并购等相关问题有所解答。本文共有六章,在第一章绪论中,主要对文章的研究背景、目的、意义进行介绍,并对相关研究文献进行述评。在第二章中,主要介绍了与连续并购活动相关的理论基础。在第三章中,主要对所选实际案例(北京掌趣科技股份有限公司)的连续并购行为进行具体的介绍。在第四章中详细介绍了在掌趣科技连续并购后产生的业绩效果。第五章介绍的是从掌趣科技连续并购活动中得出的一些启示。第六章就是本文得出的结论以及研究不足。本文采用托宾Q值法对掌趣公司连续并购后的市场绩效进行分析,发现其绩效呈现出先上升后下降再上升的特点;对财务绩效的分析采用的是会计指标法,分析发现其成长能力较为突出,而其他能力有待商榷。在对案例分析之后本文认为,企业在开展大量的并购时要以提升核心竞争力为最终目标,而且通过并购活动确实能够在一定时期内让企业实现跨越发展,但是并购后的整合也十分重要,这些都是影响企业长远发展的重要因素。
[Abstract]:With the continuous development of economic globalization in our country, the capital market is relatively mature and perfect. In order to better share resources, expand their own scale, reduce operating costs and enter new market fields, At this stage, listed companies are paying more and more attention to reducing the threat from competitors and improving their market position by means of mergers and acquisitions. At the same time, the M & A activities are also showing a high frequency. Therefore, we can no longer simply apply the existing M & A theory to explain this new continuous M & A phenomenon. We need to explore a new M & A theory that can adapt to the characteristics of development in the new era. This paper chooses the form of case study to analyze and discuss the continuous merger and acquisition behavior of Zhangqi Technology Co., Ltd., a typical representative of online game industry, which is facing the challenge of large-scale merger and acquisition integration. In the first chapter, we introduce the background, purpose and significance of the research, and review the relevant research literature. In the second chapter, This chapter mainly introduces the theoretical basis related to continuous mergers and acquisitions. This paper mainly introduces the continuous merger and acquisition behavior of the selected practical case (Beijing Zhangqi Science and Technology Co., Ltd.). In Chapter 4th, it introduces in detail the performance effect after the successive M & A of Zhangxue Technology Co., Ltd. 5th. Chapter 6th is the conclusion of this paper and the lack of research. This paper uses Tobin Q value method to analyze the market performance of the company after successive mergers and acquisitions. It is found that its performance shows the characteristics of rising first and then decreasing then rising. The analysis of financial performance adopts the accounting index method, and finds that its growth ability is more prominent, while the other abilities are open to question. Enterprises should take the promotion of core competitiveness as the ultimate goal in carrying out a large number of mergers and acquisitions, and through M & A activities can indeed enable enterprises to achieve leapfrog development within a certain period of time, but the integration after M & A is also very important. These are the important factors that affect the long-term development of enterprises.
【学位授予单位】：黑龙江八一农垦大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F49

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