掌趣科技横向并购动因及并购绩效评价研究

发布时间：2018-03-13 17:18

本文选题：掌趣科技　切入点：博雅互动　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着“互联网+”战略上升至国家战略,互联网行业的发展备受瞩目并已然成为推动我国经济发展的重要力量。在中国并购市场日渐活跃的大背景下,我国互联网行业的并购亦风起云涌,而网络游戏行业作为一种新兴的互联网细分行业,近年来网络游戏的用户数量和产业规模都大幅上升,在激烈的市场竞争面前,网络游戏行业的内部整合逐渐兴起,网络游戏企业之间横向并购日渐频繁。本文选择我国A股上市的首家主营业务为移动网络游戏的专业网络游戏公司,北京掌趣科技股份有限公司(简称“掌趣科技”)作为案例研究对象。通过对掌趣科技横向并购战略进行研究,本文结合并购动因理论和掌趣科技并购公告总结出掌趣科技实施横向并购战略的动因,即:实现协同效应、市场势力的开拓与产业组织、技术品牌等优质资产的互补以及资本市场的认可,具体表现为获取盈利能力的提升、经营成本的降低、运营效率增强、市场份额的增长、研发能力的提升、品牌价值的增值以及股东收益上升等方面。本文随后根据并购动因并结合现有并购动因理论构建基于并购动因的并购绩效评价体系,借助评价体系,选取博雅互动国际有限公司(简称“博雅互动”)作为对比企业(博雅互动实施自主研发、内源增长的稳定型公司层战略),采用经营业绩对比法和事件研究法对掌趣科技实施横向并购战略前后的并购绩效进行评价,并从盈利能力、成长能力、经营成本、运营效率、市场份额、技术品牌以及股东收益等角度得出结论:横向并购战略对掌趣科技并购绩效产生了一定的积极影响,对于主营业务的盈利能力提升和成本节约作用尤其显著,对掌趣科技的市场份额具有积极作用,在实施横向并购战略之后,掌趣科技在海外业务的开拓上则呈现出较好的成长性,掌趣科技的研发能力和品牌价值皆呈现趋好的态势。资本市场对于掌趣科技的横向并购活动持看好的态度,基于CAR值的测算,并购活动为掌趣科技的股东带来了一定的收益。但是,掌趣科技还应进一步做好并购后的整合工作,并购使得掌趣科技总资产规模大幅提升,其应当进一步提升总资产的盈利能力和运营效率,实现并购绩效的全面提升和持续增长。本文希望通过分析掌趣科技横向并购战略为我国的互联网企业,特别是网络游戏企业的发展战略带来一定的借鉴意义。
[Abstract]:With the "Internet plus" strategy up to the national strategy, the development of the Internet industry has attracted much attention and has become an important force in promoting China's economic development. In the background of increasingly active China mergers and acquisitions market, China's Internet industry mergers and acquisitions also network game industry raging like a storm, and as a kind of emerging Internet industry segments, users the number and size of network game industry in recent years has risen sharply, in the face of fierce market competition, the internal integration of network game industry gradually rise, between online game enterprises horizontal merger is becoming more and more frequent. This paper chooses China's A shares listed on the first main business for the mobile network game professional network game company, Beijing zhangqu Polytron Technologies Inc (hereinafter referred to as "zhangqu technology") as a case study. Through the study of horizontal merger zhangqu technology strategy, this paper combined with the purchase The theory of motivation and zhangqu technology merger announcement summary as interest motivation, technology implementation of horizontal merger strategy: to realize synergies, market forces and industry organization, technology brand and other complementary quality assets and capital market recognition, the specific performance of access to enhance profitability, reduce operating costs, enhance the operational efficiency. The growth of market share, enhance research and development capabilities, brand value and shareholders' earnings rise and so on. Then, according to the acquisition motivation and taking the construction of existing M & a theory motivation of M & M & a performance evaluation system based on the evaluation system, select boyaa interactive International Limited (hereinafter referred to as "boyaa interactive") as a contrast (liberal arts enterprises the interactive implementation of independent research and development, stable growth of the company endogenous strategy), the performance comparison and events on the palm interested in science and technology research method The implementation of the performance before and after the merger and acquisition strategy of horizontal mergers and acquisitions were evaluated, and the profit ability, growth ability, operating costs, operational efficiency, market share, brand and technology point of shareholders to draw the conclusion: the horizontal merger strategy of zhangqu technology has some positive effects for the performance of mergers and acquisitions, the main business profitability and cost saving effect is especially remarkable, has a positive effect on zhangqu technology market share, after the implementation of the strategy of horizontal mergers and acquisitions, zhangqu technology in overseas business development, showing good growth, palm interested in science and technology R & D capability and brand value are presented and good posture. The capital market for horizontal mergers and acquisitions activities zhangqu technology the optimistic attitude estimation based on CAR value, mergers and acquisitions for zhangqu technology shareholders to bring certain benefits. However, zhangqu technology should also further improve the merger After the integration of mergers and acquisitions, the total asset size of zhangqu technology increases, the total assets shall further enhance profitability and operational efficiency, to achieve a comprehensive upgrade the performance of mergers and acquisitions and growth. This paper aims to analyze the zhangqu technology of horizontal merger strategy for China's Internet business, especially online game business development strategy bring some reference.

【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F49

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