蓝色光标并购博杰广告案例研究

发布时间：2019-01-04 21:43

【摘要】：随着我国经济快速增长,企业之间的竞争日益激烈,并购重组成为企业实现自身快速增长、提高竞争力、实现战略目标的有效途径。公关广告行业是智力密集和资金密集的行业,为了适应传播环境变化且满足顾客需求,唯有通过并购重组才能实现快速发展。蓝色光标作为公关行业龙头企业且是国内第一家上市的公共关系企业,在传媒行业非常引人注目。本文对蓝色光标并购博杰广告案例进行研究,对轻资产企业并购具有借鉴意义。本文通过分析蓝色光标和博杰广告的公司及行业情况,并结合对蓝色光标的SWOT分析及并购理论,主要从公司战略和市场势力两方面分析了并购动因。分析并购过程发现:为了解决关联方对标的资产的占款问题和降低并购风险,蓝色光标在本次并购案中创新性的提出了过桥贷款和对赌协议。本文采用事件研究法和财务比率分析法分别对蓝色光标并购博杰广告的短期市场绩效和财务绩效进行了评价,研究结论表明:蓝色光标并购博杰广告的短期市场绩效和财务绩效均表现良好。文末通过总结蓝色光标并购博杰广告的成功之处,从正确选择并购目标、过桥贷款、设置对赌条款和重视人才整合四方面对我国其他广告公司进行并购重组提出建议。
[Abstract]:With the rapid economic growth of our country and the increasingly fierce competition among enterprises, mergers and acquisitions have become an effective way for enterprises to realize their own rapid growth, improve their competitiveness and achieve their strategic objectives. In order to adapt to the change of communication environment and meet the needs of customers, the public relations advertising industry is an intellectual and capital-intensive industry. Only through mergers and acquisitions can we achieve rapid development. Blue cursor, as a leading public relations enterprise and the first public relations company in China, is very attractive in the media industry. In this paper, the blue cursor merger and acquisition of Bojie advertising case study, light assets mergers and acquisitions have reference significance. By analyzing the company and industry of blue cursor and Bojie advertisement, combining the SWOT analysis of blue cursor and the theory of M & A, this paper mainly analyzes the reasons of M & A from two aspects of company strategy and market power. By analyzing the process of merger and acquisition, it is found that in order to solve the problem of the related party's taking up the underlying assets and reduce the risk of merger and acquisition, blue cursor creatively put forward the bridge loan and gambling agreement in this merger case. In this paper, the short-term market performance and financial performance of Bogger advertising are evaluated by event research and financial ratio analysis, respectively. The results show that the short-term market performance and financial performance of the blue cursor M & A advertising are good. At the end of this paper, through summing up the success of the blue cursor M & A advertisement, the author puts forward some suggestions on the merger and reorganization of other advertising companies in our country from four aspects: the correct choice of M & A target, the crossing of bridge loans, the setting of gambling clauses and the attaching importance to talent integration.
【学位授予单位】：中国石油大学(北京)
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F275

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