基于并购目的的JM广告公司价值评估案例分析

发布时间：2018-01-12 21:00

本文关键词：基于并购目的的JM广告公司价值评估案例分析　出处：《天津商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的不断发展,人们开始将目光转向精神文明领域,伴随而来的是诸如影视传媒、广告、互联网公司的不断壮大,该类公司特点显著,往往账面资产并不能反映公司整体经济价值。在资本市场趋于成熟发展的进程中,并购作为企业实现外部扩张的快速手段,得到了越来越多企业的青睐。与此同时,为了加快我国文化产业的发展,推动文化资源合理配置以及产业升级,越来越多企业开始将并购目标锁定在以广告公司为主的文化创意产业企业。并购市场的活跃,推动了我国资产评估事业的发展,对于标的公司进行科学合理的价值评估成为并购双方共同关注的热点问题。基于以上背景,作者在认真研读价值评估相关理论及前人著作后,并结合行业分析,认为广告行业将成为未来并购市场争夺并购标的的首要目标,但是,目前对广告行业估值的实践探索少之又少。为此,本文将结合价值评估相关理论并结合广告市场未来前景分析,探索收益法中自由现金流量折现模型在广告行业价值评估中的适用性。本文运用文献综述法和案例研究相结合的方法,将文章分为六个章节:第一章绪论部分,介绍了研究背景及价值评估研究现状等;第二章介绍了和本文案例研究相关的理论与企业价值评估的方法;第三章对广告行业以及广告公司价值来源进行了详细分析,然后提出了收益法适用于广告公司价值评估的结论;第四章结合具体案例,将DCF现金流量折现模型进行应用并得出评估结论;第五章,对案例进行了深度分析;第六章,给出了结论与建议。
[Abstract]:With the continuous development of our economy, people began to focus on the field of spiritual civilization, accompanied by such as film and television media, advertising, Internet companies continue to grow, the characteristics of such companies are remarkable. Often book assets can not reflect the overall economic value of the company. In the process of capital market maturing and developing M & A is a rapid means for enterprises to achieve external expansion. At the same time, in order to accelerate the development of our cultural industry, promote the rational allocation of cultural resources and industrial upgrading. More and more enterprises begin to focus on the target of M & A in the cultural and creative industries which are mainly advertising companies. The active M & A market has promoted the development of asset evaluation in China. Scientific and reasonable valuation of target companies has become a hot issue of mutual concern of both parties. Based on the above background, the author has carefully studied the theory of value assessment and previous works, and combined with industry analysis. It is believed that the advertising industry will become the primary target of the future M & A market. However, there are very few practical explorations on the valuation of the advertising industry at present. This paper will combine the theory of value evaluation and the analysis of the future prospects of the advertising market. This paper discusses the applicability of the discounted free cash flow model in the valuation of advertising industry. This paper uses the method of literature review and case study to divide the article into six chapters: the first chapter is the introduction. The research background and status quo of value evaluation are introduced. The second chapter introduces the theory related to the case study and the method of enterprise value evaluation. The third chapter analyzes the value sources of advertising industry and advertising companies in detail, and then puts forward the conclusion that the income approach is applicable to the value evaluation of advertising companies; Chapter 4th applies the discounted cash flow model of DCF in combination with specific cases and draws the evaluation conclusions. Chapter 5th, the case of in-depth analysis; In chapter 6th, the conclusions and suggestions are given.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F713.8

【参考文献】