A广告公司连续并购重组的动因及评价研究

发布时间：2018-02-28 23:24

本文关键词： 连续并购并购评价并购协同效应　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的迅速发展与完善,企业也逐渐认识到单纯依靠内生增长很难紧跟市场发展的脚步,由于并购重组对企业的发展具有突出的推动作用,所以各类企业都积极参与并购活动,国内并购市场交易的数量和金额也屡创新高。在这种形势下,我国上市公司的并购行为也发生了些许的变化,开始呈现出许多新的特征,发起并购活动的频率显著提升便是其中一个较为突出的变化。这种连续并购现象是并购在当前市场环境下表现出的新趋势,开始逐渐成为国内学者研究并购时的热点问题。在并购重组交易的行业分类研究中,广告行业可谓是异军突起。根据Wind数据库的广告业并购数量统计,2014年起我国广告业并购动作频繁且高效,交易数量及交易金额均快速增长,在2015年达到了顶峰。我国广告公司的并购活动具有以下几个鲜明的特征:第一,互联网大势推动了传统广告行业的战略变革;第二,选择跨行业并购的广告企业越来越多。本文选取A广告公司为案例研究对象,分析其连续并购的动因并根据建立的连续并购评价方法对A公司的连续并购进行评价。本文首先将简要回顾关于连续并购的动因、并购评价方法的已有研究。接下来将以广告行业龙头企业A公司为案例研究对象,对A公司的系列并购案进行分类描述,从交易开始至完成所需时间、支付方式、标的注册地等维度对A公司的系列并购案进行整理,并据此分析A公司连续并购的特点,结合A公司的发展战略分析其连续并购的动因。然后在传统并购评价方法的基础上,选取市场表现评价和协同效应评价两个角度对企业的连续并购进行评价。最后根据建立的连续并购评价方法对A公司的连续并购进行评价。本文在研究角度上,主要从并购协同效应获得程度以及并购前后市场表现变化的角度对企业的连续并购进行评价研究,与大部分根据事件研究法进行短期绩效评价及财务指标法进行长期绩效评价的研究方法相比,具有一定的创新性。同时在研究方法上,本文采用案例研究方法,以A广告公司为案例,深入分析其连续并购评价问题,为实证研究提供补充和借鉴。
[Abstract]:With the rapid development and perfection of our country's capital market, enterprises have come to realize that it is difficult to keep up with the pace of market development by relying solely on endogenous growth, because mergers and acquisitions play an important role in promoting the development of enterprises. Therefore, all kinds of enterprises are actively involved in M & A activities, and the number and amount of transactions in the domestic M & A market have also reached new highs. Under this situation, the M & A behavior of listed companies in China has also undergone some changes, beginning to show many new characteristics. The remarkable increase in the frequency of M & A activities is one of the more prominent changes. This continuous M & A phenomenon is a new trend shown by M & A in the current market environment. It has gradually become a hot issue when domestic scholars study mergers and acquisitions. In the research of industry classification of M & A transactions, According to the statistics of the number of M & A in advertising industry based on Wind database, the number of M & A in advertising industry in China has been frequent and efficient since 2014, and the number of transactions and the amount of transactions have increased rapidly. In 2015, the M & A activities of advertising companies in China had the following distinct characteristics: first, the trend of the Internet promoted the strategic transformation of the traditional advertising industry; second, More and more advertising enterprises choose cross-industry mergers and acquisitions. This paper chooses A advertising company as the case study object, This paper analyzes the motivation of continuous merger and acquisition and evaluates the continuous merger and acquisition of company A according to the established evaluation method. Firstly, this paper will briefly review the motivation of continuous merger and acquisition. The existing research on M & A evaluation methods. Next, we will take A Company, the leading company in the advertising industry, as the case study object. We will classify and describe the series of mergers and acquisitions of Company A, from the beginning of the transaction to the completion of the transaction, the time required, the way of payment, Based on the analysis of the characteristics of successive mergers and acquisitions of company A, the causes of continuous mergers and acquisitions of company A are analyzed in combination with the development strategy of company A. then, on the basis of traditional M & A evaluation methods, a series of mergers and acquisitions of Company A are sorted out from the place of registration. The market performance evaluation and synergistic effect evaluation are selected to evaluate the continuous mergers and acquisitions. Finally, the continuous mergers and acquisitions of company A are evaluated according to the established evaluation methods. From the angle of the degree of acquisition of synergy effect and the change of market performance before and after M & A, the evaluation of continuous M & A of enterprises is carried out. Compared with most research methods of short-term performance evaluation based on event research and long-term performance evaluation by financial index method, it has some innovation. At the same time, case study method is adopted in this paper. Taking A Advertising Company as a case, this paper analyzes the evaluation of successive mergers and acquisitions in depth, and provides a supplement and reference for the empirical research.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F713.8

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