蓝色光标传播集团并购美广互动广告公司案例分析

发布时间：2018-01-30 18:14

本文关键词： 并购动因分析风险分析文化传媒行业　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：自从改革开放以来,我国与整个世界的联系日益紧密,经济也获得了高速增长。良好的经济基底刺激了更多企业的发展诉求,使企业为了实现迅速做大做强而扩大规模的并购活动也开始在我国频繁出现。各行各业的企业并购活动以井喷式的速度在增加,尤其是主要以轻资产为主的文化传媒行业,国内中小型的文化传媒公司不胜枚举,彼此之间的发展也都受到了不计其数的竞争对手的制约,依靠内部增长的方式已经不能满足其追求成为行业领军企业的要求,因此也开始通过并购整合的方式在减少竞争对手的同时实现自自身企业的高速增长。虽然通过"外延式"的增长方式助推企业发展存在风险,但也在一定程度上实现了企业资源的优化配置和产业结构的优化升级,也可以为企业的发展提供助力,同时为我国经济的发展起到了积极地助推作用。之所以选择蓝色光标作为主要的分析对象,因为该公司是在已经上市的文化传媒行业中比较有代表性的企业,并且,公司在成立之初就已经制定了这种以"外延式"的增长为主的发展战略,而且迄今为止也已经对多家企业实施了并购。因此,本文选择以蓝色光标并购美广互动广告为例,在分析了我国宏观经济环境和文化传媒行业在我国历年的发展状况的基础上,针对此次并购活动进行分析。同时,本文比较详细的介绍了整个并购的过程、并购双方的基本情况、股权定价的过程、并购双方的动因、并购双方存在的风险以及对赌协议的内容和最终并购的结果,运用图表分析法、波特五力模型和财务分析等方法对此次并购存在的情况进行分析,更多运用并购双方的财务数据、文化传媒行业发展数据和我国宏观经济数据相结合的方式来对此次并购过程进行分析。最后,总结了此次并购案例带来的经验和教训,并提出针对性建议,希望能为接下来打算实施并购的文化传媒行业的公司提供有用的借鉴。
[Abstract]:Since the reform and opening up, our country and the whole world increasingly close ties, the economy has also achieved rapid growth. A good economic base has stimulated the development of more enterprises. M & A activities that make enterprises expand and expand in order to achieve rapid growth and strength have also begun to appear frequently in China. M & A activities in various industries are increasing at a blowout rate. In particular, the cultural media industry mainly focused on light assets, domestic small and medium-sized cultural media companies are too numerous, the development of each other is also subject to countless competitors constraints. Relying on internal growth has not been able to meet the requirements of its pursuit of becoming an industry leader. Therefore, it also began to reduce the competitors and realize the rapid growth of its own enterprises through M & A integration, although there are risks in promoting the development of enterprises through the "extension" growth mode. But to a certain extent, it also realizes the optimal allocation of enterprise resources and the optimization and upgrading of industrial structure, which can also provide assistance for the development of enterprises. At the same time for the economic development of China has played an active role. The reason for the blue cursor as the main analysis object, because the company is listed in the cultural media industry more representative enterprises. Moreover, at the beginning of its establishment, the company has already formulated this kind of "extension" growth mainly development strategy, and has also implemented the merger and acquisition to many enterprises up to now. This paper chooses the blue cursor M & A interactive advertising as an example, on the basis of the analysis of the macroeconomic environment and the development of the cultural media industry in China over the years, the M & A activity is analyzed. At the same time. This paper introduces in detail the whole process of M & A, the basic situation of both parties, the process of equity pricing, the motivation of both parties. The risk of both sides and the content of the gambling agreement and the final results of the merger and acquisition, the use of chart analysis, Porter five forces model and financial analysis methods to analyze the existence of the merger. More use of M & A financial data, cultural media industry development data and macroeconomic data combination of the way to analyze the M & A process. Finally. This paper summarizes the experiences and lessons of the merger and acquisition case, and puts forward targeted suggestions, hoping to provide useful reference for the companies in the cultural media industry that intend to implement M & A in the future.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F713.8

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