互联网企业横向合并经济后果的案例研究

发布时间：2018-04-05 11:15

本文选题：横向合并　切入点：互联网企业　出处：《南京理工大学》2017年硕士论文

【摘要】：2005年,中国在线视频行业开始起步,之后经历了快速发展到稳定的阶段,但行业竞争仍然相当激烈。2012年,当时在行业排名第一、第二的两家公司——优酷网和土豆网进行了合并,经过几年的发展,研究优酷网和土豆网合并后的发展状况可以展示其合并的经济后果。本文通过近年发生横向合并的互联网企业引出研究的主题,继而回顾了目前国内外对合并经济后果的研究方法,基于协同效应介绍了互联网企业横向合并的理论分析。本文以优酷土豆为研究对象,介绍了其合并历程,并概述了其合并前后在外部环境和内部环境上发生的变化及影响,为后文经济后果研究分析提供依据。在优酷土豆合并的经济后果评价方面,本文选择了两种评价方法,分别为事件法和财务指标法。首先,在短期经济后果上,通过事件法估算优酷网和土豆网在合并窗口期内的超额收益率,从而分析合并对其资本市场表现的影响,其中窗口期又分为合并前后四天及二十天两种。其次,在长期绩效方面,本文从经营协同、管理协同和财务协同三个角度将财务指标进行分类研究,以协同效应为切入点对优酷土豆合并前后的表现进行对比及分析。此外,考虑到财务指标的片面性,本文还结合了非财务指标,如市场占有率、用户活跃度、员工人数变化,以求多维度展示优酷土豆的合并效果。经过研究发现优酷和土豆合并后,在短期土豆网获益较多,但在长期优土集团的改变好坏参半。通过事件法的研究,发现土豆网受益于合并事件的程度大于优酷网,在合并正式宣布20天后,优酷网的累计超额收益已几乎回归为零,而土豆网持续了较长时间。通过对各项指标的纵向比较,发现其合并后管理协同和财务协同的大部分指标产生了较好的转变,销售费用率虽有所改善,但经营协同的总体效果很差。非财务指标中市场占有率、用户活跃度表现不佳,与预期的效果有一定差距。
[Abstract]:In 2005, China's online video industry began to start, and then went through a period of rapid development to a stable stage, but the competition in the industry is still fierce. In 2012, at that time, the industry ranked number one.The second two companies, Youku and Tudou, have merged. After several years of development, the study of the development of Youku and Tudou shows the economic consequences of the merger.This paper introduces the topic of the research on the horizontal merger of Internet enterprises in recent years, then reviews the research methods of the economic consequences of merger at home and abroad at present, and introduces the theoretical analysis of horizontal merger of Internet enterprises based on the synergistic effect.Taking Youku Tudou as the research object, this paper introduces the course of the merger, and summarizes the changes and effects of the external and internal environment before and after the merger, which provides the basis for the later study and analysis of the economic consequences.In the aspect of economic consequence evaluation of Youku Tudou merger, this paper chooses two evaluation methods, event method and financial index method.First, in terms of short-term economic consequences, the excess returns of Youku and Tudou during the merger window period are estimated by the event method, so as to analyze the impact of the merger on their capital market performance.The window period is divided into four days and twenty days before and after the merger.Secondly, in the aspect of long-term performance, this paper classifies the financial indexes from three angles of management synergy, management synergy and financial synergy, and compares and analyzes the performance of Youku Tudou before and after the merger with synergy effect as the starting point.In addition, considering the one-sidedness of financial indicators, this paper also combines non-financial indicators, such as market share, user activity, and the number of employees, in order to show Youku Tudou's combined effect in many dimensions.The study found that Youku and Tudou merged to gain more in the short term, but the changes were mixed in the long run.Through the research of event method, it is found that Tudou net benefited from the merger to a greater extent than Youku. After the merger was officially announced 20 days later, the cumulative excess income of Youku has almost returned to zero, while Tudou net has lasted for a long time.Through the longitudinal comparison of each index, it is found that most of the indexes of management synergy and financial synergy have been changed well after the merger. Although the sales expense rate has been improved, the overall effect of management synergy is very poor.The market share and user activity of non-financial indicators are not good, and there is a certain gap with the expected effect.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F271

【相似文献】