优酷并购土豆的动因及绩效研究

发布时间：2018-03-12 09:14

本文选题：优酷　切入点：土豆　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：高效合理的并购活动可以实现企业规模的扩张,增强企业的市场竞争力,最终提高企业的经济效益,并购同时也是实现社会资源优化配置,加强行业集中度,最终实现市场优胜劣汰的重要途径之一。网络视频行业作为互联网行业中占据重要地位的行业,经过短短十几年的发展,从最初的几家到目前数十家,为了抢占更多的市场份额,各大视频网站之间激烈的竞争从没有停歇过,整个网络视频行业仍然处于花费大量资金抢占市场的状态,进而导致整个视频网站都处于亏损状态,而各大视频网站向用户提供的内容重复性过高,在激烈竞争的同时也浪费掉了大量的资源。网络视频行业进行并购洗牌,整合行业格局显得愈加重要。由于国内外学者对并购是否对所有行业的状况均有改善存在分歧,同时对并购绩效的评价方法也没有达成统一的结论,因此本文选取优酷并购土豆的案例来进行研究,优酷与土豆作为中国互联网视频行业中排名第一第二的企业,具有很强的代表性,通过对其进行研究为行业未来的发展方向提供借鉴意义。本文首先针对国内外学术界对于并购动因以及并购绩效评价方法的相关文献进行了系统梳理,之后介绍了并购活动的动因理论及常用的并购绩效评价方法。其次,本文在介绍优酷与土豆所处的互联网视频行业发展背景的基础上,论述了优酷网与土豆网的背景与发展现状。再次,本文结合前述并购的相关理论基础重点分析了优酷网并购土豆网的动因,以及从财务指标分析法出发,通过并购前后财务数据的变化计算出相应的财务指标,进而反映出并购活动的效果。最后,本文根据案例研究的结果,提出研究结论,认为优酷对土豆的并购虽然在某些指标上并未取得明显改善,但是总体上相对于并购前的状况得到了很大的提升,有理由相信并购作为一种经济手段将来会成为视频行业整合的有效工具。本文通过对优酷土豆案例研究一是可以进一步完善相关的理论体系,对中国网络视频企业新一轮的并购活动提供有力的理论指导,二是可以为中国视频行业未来的并购活动提供新思路与新方法,也是为行业摆脱发展困境,促进行业健康发展方向的探索提供支持。未来中国的互联网视频行业整合并购的进程将会加快推进,将会进入强强联手的阶段。
[Abstract]:Efficient and reasonable M & A activities can achieve the expansion of enterprise scale, enhance the market competitiveness of enterprises, and ultimately improve the economic benefits of enterprises. M & A is also to achieve the optimal allocation of social resources, strengthen the degree of industry concentration, Finally, one of the important ways to achieve the survival of the fittest in the market. As an important industry in the Internet industry, the network video industry has developed from the first few to the present dozens after a short period of more than ten years. In order to seize more market share, the fierce competition among the major video websites has never stopped. The entire network video industry is still in the state of spending a lot of money to seize the market, which leads to the loss of the entire video website. However, the content provided by the major video websites to users is too repetitive, and the fierce competition also wastes a lot of resources. The network video industry carries out mergers and acquisitions and shuffles. Integration of industry pattern is becoming more and more important. Scholars at home and abroad have different opinions on whether M & A can improve the situation of all industries, and there is no uniform conclusion on the evaluation method of M & A performance. Therefore, this paper selects Youku merger and acquisition of potato case to study, Youku and Tudou as the Chinese Internet video industry ranked first and second enterprise, has a strong representative, Through the study of the industry to provide reference for the future direction of development. Firstly, this paper systematically combed the literature on M & A motivation and M & A performance evaluation methods in the domestic and foreign academic circles. Secondly, this paper introduces the background of Youku and Tudou's Internet video industry. This paper discusses the background and development status of Youku and Tudou. Thirdly, combining with the theoretical basis of the aforementioned M & A, this paper focuses on the analysis of the motivation of Youku's merger and acquisition of Tudou, as well as the analysis of financial indicators. Through the change of financial data before and after mergers and acquisitions, the corresponding financial indicators are calculated, and then reflect the effect of mergers and acquisitions. Finally, according to the results of the case study, this paper puts forward the conclusions of the study. It is believed that although Youku's merger and acquisition of Tudou has not made any significant improvement in some indicators, the overall situation has been greatly improved compared with the situation before the merger. It is reasonable to believe that M & A, as an economic means, will become an effective tool for video industry integration in the future. It can provide powerful theoretical guidance for the new round of M & A activities of Chinese network video enterprises. Second, it can provide new ideas and methods for the future M & A activities of Chinese video industry, and it is also for the industry to extricate itself from the predicament of development. To promote the healthy development of the industry to explore the direction of support. In the future, China's Internet video industry integration and merger process will be accelerated, will enter the stage of strong and strong collaboration.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F271

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