我国文化产业上市公司并购绩效实证研究

发布时间：2018-03-15 10:50

本文选题：文化产业　切入点：并购绩效　出处：《兰州财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国文化产业市场的日渐成熟,并购已经成为我国文化产业上市公司扩张的重要手段,关于并购绩效的研究也越来越多。并购是否能够为我国文化产业上市公司创造价值、改善上市公司的业绩,已成为许多学者和实务界人士关注的问题。在此背景下,本文对我国文化产业上市公司并购前后经营业绩的变化进行了研究,着重分析了不同并购模式下上市公司的并购绩效,以期对我国上市公司制定并购策略、选择恰当的并购模式并成功实施并购提供参考。本文在对国内外相关研究进综述的基础上,在此基础上提出了本文所研究的课题,不同并购模式下企业并购绩效问题。然后对不同并购动因进行了理论分析,提出本文的研究假设。在研究方法上,本文采用了因子分析法,从2012年间我国文化产业上市公司发生并购的主并购企业中,按照一定的标准,筛选出22家企业,选取8个财务指标,构建出评估我国文化产业上市公司业绩的综合得分模型。以企业的综合得分为基础来衡量企业并购前后5年,即2011年至2015年间的业绩的变化,判断并购是否为这些公司带来了业绩上的提升。通过实证分析,本文得到以下实证结论:第一,从宏观上来看,在研究的窗口期间内我国文化产业上市公司的经营绩效会比并购前是有一定的改善的。第二,对于不同的并购类型,我国文化产业上市公司的并购方式有横向并购、纵向并购及混合并购,但是从效果来看,横向并购的效果最佳。第三,通过纵向并购,其实我国文化产业上市公司的经营绩效并没有得到有效的改善,或者说没有达到我们预期的效果。第四,从结果来看,我国文化产业上市公司所实施的混合并购,可以说是比较成功的。但是,尽管混合并购能够快速提升我国文化产业上市公司的经营绩效,但是对于所合并的新的行业的经营管理能力的掌握还需要一定的学习过程,这需要时间去探索和掌握,所以会出现我国文化产业上市公司并购绩效波动的状况。因此,从目前我国文化产业发展的阶段来说,混合并购还不能成为我国文化产业上市公司对最佳并购模式。
[Abstract]:Along with the market of China's cultural industry is becoming more and more mature, it has become an important means of China's cultural industry listed company expansion, research on M & a performance is also increasing. Whether it can for the cultural industry of our country listed companies to create value, improve the company performance, has become many scholars and practitioners who concern in this context, this paper studied the changes of operating performance of listed companies before and after the merger of China's cultural industry, analyzes the performance of mergers and acquisitions of listed companies under different MampA model, with a view of China's listed companies make the merger and acquisition strategy, select the appropriate acquisition mode and the successful implementation of reference review into the basis of mergers and acquisitions. In the domestic and foreign research, on the basis of this research, the performance problem of enterprise merger under different MampA model. And then different Purchase motivation is analyzed in theory, this paper puts forward the research hypotheses. In research methods, this paper adopts the method of factor analysis, from the 2012 years of China's cultural industry listed company merger and acquisition of enterprises, according to certain standards, selected 22 companies, selects 8 financial indicators, build a comprehensive score evaluation of the performance of listed companies of China's cultural industry model. The comprehensive score of enterprises as the basis to measure the enterprise merger and acquisition before and after 5 years, the change from 2011 to 2015 the performance, determine whether M & A for these companies to bring performance improvement. Through empirical analysis, this paper obtained the following conclusions: first, from the macro the point of view, in the study period within a window of China's cultural industry operating performance of listed companies will be improved than before the merger. In second, for different types of mergers and acquisitions, the cultural industry of our country listed companies Mergers and acquisitions have horizontal mergers, vertical mergers and acquisitions, but from the point of view, the best effect of horizontal mergers. Third, through vertical merger, in fact, China's cultural industry operating performance of listed companies has not been effectively improved, or that did not achieve our desired results. Fourth. From the results, the mixed mergers and acquisitions the cultural industry of our country listed companies, can be said to be more successful. However, despite mixed MampA can quickly enhance the cultural industry of our country listed companies operating performance, but for the new line with industry management capabilities also need to master certain learning process, it takes time to explore and master. So there will be fluctuations in China's cultural industry mergers and acquisitions of listed companies. Therefore, from the current development of China's cultural industry stage, mixed M & A would be Chinese The best M & a model of the listed companies in the industry.

【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G124;F271

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