康卡斯特集团与NBC环球并购案分析

发布时间：2018-03-08 00:24

  本文选题：纵向并购　切入点：产业融合　出处：《南京大学》2017年硕士论文　论文类型：学位论文

【摘要】：新媒体的冲击、行业政策的开放、产业融合的理论设想,促使美国的媒体集团和通信公司纷纷走上并购之路,通过并购推动电信业和电视业的产业融合。但是随着并购交易的发生,产业融合的进行,有人开始质疑媒体的纵向并购——电信业与电视业融合的有效性。电信业与传媒业的并购究竟效果如何?本文基于并购协同理论和交易费率论,通过案例分析法、文献研究法和财务指标分析法,选择美国康卡斯特集团并购NBC环球一案进行分析,探讨其并购有效性,以及并购后产业融合和运营的效果。研究发现,康卡斯特集团在并购后延伸了产业链,优化了产业结构,弥补了自身内容短板,分散了运营风险。并购交易结束至今,借助并购协同效应,集团的整体绩效有轻微上扬,初步达到了并购目的。康卡斯特并购案不仅证明并购能够成为电信业和电视业融合的推动手段,更在其并购后的经营活动中展现出使两者融合的关键因素。本文希望对康卡斯特集团的并购案分析能够对我国电视媒体融合发展提供一些经验性的借鉴。
[Abstract]:The impact of new media, the opening up of industry policies, and the theoretical assumption of industrial convergence have prompted media groups and communications companies in the United States to embark on the road of mergers and acquisitions one after another. Promote the convergence of telecommunications and television industries through mergers and acquisitions. But with the occurrence of M & A transactions, industrial convergence is going on. Some people begin to question the vertical merger of the media-the effectiveness of the convergence of telecommunications and television. What is the effect of mergers and acquisitions between telecommunications and media? Based on M & A synergy theory and transaction rate theory, this paper chooses Comcast Group M & A case of NBC Global to analyze the effectiveness of M & A through case analysis, literature research and financial index analysis. As well as the effect of industrial integration and operation after M & A. the study found that Comcast Group has extended the industrial chain, optimized the industrial structure, made up for its own short board of contents, and dispersed the operational risks after the merger and acquisition. Since the end of the M & A transaction, With the help of the synergistic effect of mergers and acquisitions, the overall performance of the group has slightly increased, which has initially achieved the purpose of mergers and acquisitions. The Comcast merger not only proves that the merger and acquisition can become a driving force for the convergence of the telecommunications and television industries, This paper hopes that the analysis of Comcast Group's merger case can provide some empirical reference for the development of TV media convergence in China.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F627;G229.712
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本文编号：1581625