印纪传媒买壳上市后的财务绩效评价与分析

发布时间：2018-11-08 20:49

【摘要】：十八大以来,政府针对文化传媒产业的发展尤为重视,相继出台了一系列政策条例,以支持文化传媒行业的发展。但是文化传媒行业目前正处于激烈的竞争中,市场份额开始越来越小,并且企业也遇到了融资难的问题。上市将会是他们未来进一步融资的关键一步,相比较IPO上市的繁杂手续和漫长的等待过程而言,买壳上市将会是他们完成“曲线救国”的重要一步。虽然目前监管对于买壳上市的要求开始趋严,但是对于优秀的企业而言,买壳上市能够为他们节省时间成本,故此本文研究文化传媒企业中的买壳上市的一个个案,通过对买壳后的财务绩效评价来分析文化传媒买壳后的财务问题,所以有着一定的研究价值。本文对于印纪传媒买壳上市后的财务绩效评价主要包括三个方面:首先,对印纪传媒买壳前后主要的14个财务指标进行对比分析(包括盈利能力、营运能力、偿债能力以及成长能力);其次,运用因子分析法对收集的20个文化传媒企业在2012至2015年的14个财务指标进行分析,随后得出相应的得分矩阵和综合排名情况,判断买壳是成功还是失败;最后,根据以上结果剖析买壳后的财务问题,并分析出原因。研究结果表明,首先通过财务指标的对比,发现除了营运能力下降外,企业的盈利能力和偿债能力表现较好,成长能力有较为稳定的增长,故此综合来看整体绩效在买壳上市后呈现上升的趋势。其次,通过因子分析法的财务绩效综合评价结果表明,一方面,印纪传媒在买壳上市后综合评价排名上升;另一方面,虽然买壳后成长能力和偿债能力因子排名上升到了第12位,但是营运能力因子却在买壳后下降到了第5位。最后,对营运能力下降的原因进行分析,指出下降的主要因素是应收账款周转率和存货周转率,主要原因是整合营销业务2015年收入下降较多、影视剧业务周期较长、影视剧相关业务的存货占比越来越多。综合分析得出,印纪传媒在营运能力存在较大的问题,对此深入分析后,发现企业在买壳上市后为了扩大自身的经营规模,不断地增加影视业的投入,从而弱化了原有的整合营销业务。此外扩张速度较快,使得存货占比不断加大,致使相应的企业资产管理水平下降。本文对印纪传媒财务绩效评价的实证结果具有一定的客观性,并且所得出的结论也可以对该企业的管理者起到一定的借鉴意义,并且深化了对文化传媒企业财务绩效评价的研究。
[Abstract]:Since the 18th National Congress of the CPC, the government has attached great importance to the development of the cultural media industry and issued a series of policies and regulations to support the development of the cultural media industry. But the cultural media industry is in the fierce competition at present, the market share begins to become smaller and smaller, and the enterprise also has encountered the financing difficulty question. Listing will be a key step for them to raise further funds in the future. Compared with the complicated procedures and the long waiting process of IPO listing, buying a shell listing will be an important step for them to complete the "curve to save the country". Although the current regulatory requirements for shell listing are becoming more stringent, but for excellent enterprises, shell listing can save them time and cost. Therefore, this paper studies a case of shell listing in cultural media enterprises. This paper analyzes the financial problems of cultural media after buying a shell through the evaluation of financial performance after buying a shell, so it has certain research value. This paper mainly includes three aspects of financial performance evaluation of Indian media after buying shell. Firstly, the paper makes a comparative analysis of 14 major financial indicators (including profitability, operating ability) before and after India media buy shell. Solvency and growth capacity); Secondly, we use factor analysis method to analyze 14 financial indicators of 20 cultural media enterprises from 2012 to 2015, and then get the corresponding score matrix and comprehensive ranking to judge whether the shell is successful or not. Finally, according to the above results analysis of the shell after the financial problems, and analyze the reasons. The results show that, first of all, through the comparison of financial indicators, it is found that, in addition to the decline in operating capacity, the profitability and solvency of enterprises are better, and the growth capacity has a relatively stable growth. Therefore, overall performance in the shell listing after the upward trend. Secondly, the result of comprehensive evaluation of financial performance by factor analysis shows that, on the one hand, the comprehensive evaluation ranking of India Media is rising after the purchase of shell. On the other hand, although the growth and solvency factors after buying a shell rose to 12th place, the operating capacity factor dropped to fifth place after buying the shell. Finally, the paper analyzes the reasons for the decline of operating capacity, and points out that the main factors of the decline are the turnover ratio of accounts receivable and inventory, the main reason is that the revenue of integrated marketing business declined more in 2015, and the business cycle of film and television drama is longer. Film and TV related business inventory accounts for more and more. Comprehensive analysis shows that India Media has a big problem in its operation ability. After in-depth analysis, it is found that after buying a shell and listing, the enterprises continue to increase the investment of the film and television industry in order to expand their own business scale. Thus weakening the original integrated marketing business. In addition, the rapid expansion of inventory, resulting in a decline in the level of asset management. This paper has a certain objectivity to the empirical results of India media financial performance evaluation, and the conclusions can also play a certain reference to the managers of the enterprise. And has deepened to the cultural media enterprise financial performance appraisal research.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G206-F

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