乐视网并购动因及绩效研究

发布时间：2018-03-16 21:50

本文选题：并购　切入点：并购动因　出处：《湘潭大学》2017年硕士论文　论文类型：学位论文

【摘要】：如今中国经济处于转型期,新常态下供给侧改革、产业结构升级是稳定经济必经之路。这与我国上市公司并购事件频发密切相关,尤其是在以制造业和信息技术业这类高新产业为主的创业板市场。在公司并购后扩大生产经营的同时,如何做好并购后的各项资源整合,根据市场调整自身的经营策略同样十分的关键。本文从并购的理论出发,对国内外关于并购动因和并购绩效文献进行了归纳并结合企业所在互联网行业的特征,对乐视网并购动因和绩效进行分析。首先,根据乐视网并购的背景和市场状况,从内部和外部两个角度出发分析了其并购的动因,其中内因有:完善产业链条、增强核心能力、缓解资金压力、降低融资成本、发挥协同效应和实现战略合作;外因有:成长性压力和竞争对手推动。然后,运用事件研究法和财务指标法分别对其并购后的短期和长期绩效进行了分析,结果表明,乐视网并购活动对其短期绩效带来了一定提升,而长期绩效则出现了下降。接着对存在的问题提出相关建议:加强应收账款管理、运用优先股融资、优化治理结构、转变终端定价方式和注重内容产品开发。最后,得出研究结论,并购为乐视网带来了一定的预期效果,但综合来看,过于激进的扩张策略并没有充分考虑投资者意愿及公司的承受力,令公司陷入资金链的困境,接着提出了四点启示:重视并购后续整合工作、选择并购目标要符合战略需求、根据情况选择适当的支付方式和通过不断创新提升竞争优势。通过上述分析,期望对今后乐视网和其他同类型的企业并购带来启示和借鉴意义,促进互联网行业的发展。
[Abstract]:Nowadays, China's economy is in a transitional period, the supply-side reform under the new normal state and the upgrading of industrial structure are the only way to stabilize the economy, which is closely related to the frequent M & A incidents of listed companies in China. In particular, in the gem market, which is dominated by high-tech industries such as manufacturing and information technology, how to integrate all kinds of resources after mergers and acquisitions while expanding production and operation after mergers and acquisitions, Based on the theory of M & A, this paper sums up the domestic and foreign literature on M & A motivation and M & A performance, and combines the characteristics of the Internet industry in which the enterprise is located. First of all, according to the background and market situation of Letv M & A, this paper analyzes the causes of the M & A from the internal and external angles, including perfecting the industrial chain, enhancing the core competence. Ease financial pressure, reduce financing costs, play synergy and achieve strategic cooperation; external factors: growth pressure and competitors. Then, This paper analyzes the short-term and long-term performance of the merger and acquisition by using the event research method and the financial index method respectively. The results show that the merger and acquisition activities of Letv net have brought about a certain improvement to its short-term performance. The long-term performance has declined, and then put forward some suggestions to the existing problems: strengthening accounts receivable management, using preferred stock financing, optimizing the governance structure, changing the terminal pricing mode and content product development. The conclusion of the study is that M & A has brought certain expected effect to Letv's net, but in sum, the over-radical expansion strategy has not fully considered the investor's will and the company's endurance, which makes the company fall into the dilemma of the capital chain. Then it puts forward four enlightenments: pay attention to the follow-up integration of M & A, choose the target of M & A to meet the strategic demand, choose the appropriate payment method according to the situation and enhance the competitive advantage through continuous innovation. It is expected to bring inspiration and reference to Letv net and other similar M & A in the future, and promote the development of Internet industry.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F271;F275

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