利欧股份跨行业并购上海漫酷的动因及绩效研究

发布时间：2018-03-13 22:37

  本文选题：并购动因　切入点：并购绩效　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,随着我国资本市场的快速发展,并购重组己经成为了企业做大做强的重要手段之一。我国经济现在处于转型升级的阶段,许多经营传统业务的上市公司以自身优势和现状为立足点,突破同行业并购的常规,利用资产重组的方式外延融合具有高潜力的新兴业务,如国家现在大力发展支持的互联网业务,预通过跨行业并购新兴业务,进行业务转型,调整业务结构,优劣互补,提升公司整体的运作效率,使公司走上多元化发展道路。数字营销行业具有高增长和高发展的特性,近两年受到国家的关注与支持。因此,传统企业预挖掘新的利润增长点,为股东创造更多的财富,发展前景广阔的数字营销领域成为其进入新经济领域的发力点。利欧股份是A股传统企业中最早通过跨行业并购进入数字营销这一新兴领域的公司,具有一定的典型性。因此,本文将利欧股份并购上海漫酷作为研究对象。文章首先介绍了并购相关理论,包括并购和并购绩效的概念以及并购动因和并购绩效研究方法的几种理论。结合利欧股份跨行业并购上海漫酷的特殊性,并购动因理论选取了效率理论、代理理论和协同效应理论。本文预通过财务指标与非财务指标相结合的方式来评价企业并购的绩效,因此并购绩效理论选取了财务指标法、EVA研究法和非财务指标法这三种方法。其次本文对利欧股份通过并购进行跨界的行业--数字营销行业的现状进行了介绍,并结合互联网高速发展的大背景分析了行业的发展趋势。最后文章介绍了核心部分即利欧股份跨行业并购上海漫酷,通过对并购双方及并购过程的简单介绍,剖析了利欧股份进行跨行业并购的动因,并通过三种绩效评价方法详细地分析了利欧股份的并购绩效,以此来检验并购行为是否使其达到了预期目标。本文通过对上述案例的研究,发现利欧股份通过跨行业并购,其主营业务实现了转型,企业的业绩水平也得以提高,战略目标也得以实现,同时将数字营销与传统业务进行整合,实现了其战略的转型。利欧股份属于传统企业,通过跨行业并购上海漫酷进入数字营销这一新兴领域,是一次跨界的成功之举,其并购经验及对策可以使我国众多A股市场的老牌企业所借鉴,以此摆脱传统行业发展迟缓的束缚。
[Abstract]:In recent years, with the rapid development of China's capital market, mergers and acquisitions have become one of the important means for enterprises to become bigger and stronger. Many listed companies operating traditional business take their own advantages and current situation as their foothold, break through the conventional M & A of the same industry, and use the way of asset reorganization to integrate the emerging business with high potential. For example, the state is now vigorously developing the Internet business that it supports, pre-through cross-industry mergers and acquisitions of emerging businesses, business transformation, adjustment of business structure, complementarity of advantages and disadvantages, and enhancement of the overall operational efficiency of the company. The digital marketing industry has the characteristics of high growth and high development, and has been paid attention to and supported by the state in the past two years. Therefore, traditional enterprises pretap new profit growth points to create more wealth for shareholders. The promising field of digital marketing has become the starting point of its entry into the new economic field. Leo shares are the earliest A-share companies to enter the emerging field of digital marketing through cross-industry mergers and acquisitions, which are of a certain typicality. In this paper, Leo stock merger and acquisition of Shanghai Manku as the object of study. First, the article introduced the M & A related theory, It includes the concepts of M & A and M & A performance, as well as several theories of M & A motivation and M & A performance research methods. Combined with the particularity of Leo's cross-industry M & A in Shanghai, the M & A motivation theory selects the efficiency theory. Agency Theory and Synergy Theory. This paper evaluates the performance of M & A by combining financial indicators with non-financial indicators. Therefore, the theory of M & A performance selects the financial index method, EVA research method and non-financial index method. Secondly, this paper introduces the current situation of Leo shares' cross-border industry, digital marketing, which is carried out through M & A. Finally, the paper introduces the core part of Leos share merger and acquisition of Shanghai Manku, through a brief introduction of both sides and the process of M & A, the paper analyzes the development trend of the industry in the context of the rapid development of the Internet. This paper analyzes the motivation of Leos share merger and acquisition across industries, and analyzes the M & A performance of Leo shares in detail through three kinds of performance evaluation methods. Through the study of the above cases, it is found that Leo shares through cross-industry mergers and acquisitions, its main business has been transformed, the performance level of enterprises can also be improved. The strategic goal has also been realized, and at the same time, the integration of digital marketing and traditional business has realized its strategic transformation. Leo shares belong to traditional enterprises and enter the emerging field of digital marketing through cross-industry merger and acquisition of Shanghai Manku. The experiences and countermeasures of M & A can be used for reference by many old enterprises in A-share market, so as to get rid of the shackles of the slow development of traditional industries.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51
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本文编号：1608454