游族网络借壳上市动因及绩效分析

发布时间：2018-01-18 01:37

本文关键词：游族网络借壳上市动因及绩效分析　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：在当前产业结构调整的背景下,国家推出的“互联网+”、“大众创业、万众创新”等战略为游戏产业提供了良好的宏观发展环境。随着新的网络技术的推广(如4G)以及移动电子设备的快速发展,游戏行业发展出现了新趋势,客户端游戏不再是网游行业的龙头老大,移动端的页面游戏和手机游戏盛行,使得网游行业发展出现多元化。游戏行业具有研发投入大,风险高,运维成本大等特点,随着企业的发展,想要在激烈的竞争中留存下来需要大量资金支持。而进入资本市场能够有效的解决企业的融资问题。在我国,进入资本市场的方式主要是IPO和借壳上市。对于我国游戏企业来说,借壳上市已成为上市融资的一种有效途径和方式。本文选取了游戏企业在该背景下发生的具有代表性的借壳上市案例——游族信息借壳梅花伞作为研究对象,期望通过对这一交易行为的动因及绩效分析,得出具有意义的结论,为同行业的其他企业提供有意义的建议和启示。本文分为理论综述和案例分析两大部分。在第一部分,主要是总结分析前人学者对于借壳上市的理论研究,进行概括综述。主要包括借壳上市的理论基础和借壳上市有关概念描述,在理论上分析企业借壳上市的过程以及动因、对借壳上市的绩效评价方法等。案例分析部分则是选取游族信息借壳梅花伞上市。首先,通过对交易双方以及交易过程的介绍,厘清此次交易的背景、方式,从而结合理论从交易双方不同角度进行具体的动因分析。其次,通过采用事件分析法、财务指标分析法和EVA分析法对借壳上市进行财务绩效评价。最后通过案例分析得出,游族信息借壳梅花伞上市使交易双方都获得了各自的战略发展,尤其对于借壳方游族信息,借壳上市不仅使其获得高额的溢价收益,而且对于其公司经营、战略发展都意义重大,在短期和长期财务绩效方面带来正的效应。本文的创新点在于,学者们目前对借壳上市的研究主要在建筑业、证券业、文化传媒业等行业,对于游戏企业这样的新兴行业的借壳上市动因和绩效研究尚未涉及。因此期望,本文的案例分析能够稍微丰富一下借壳上市的研究范围。
[Abstract]:In the context of the current industrial restructuring, the state launched the "Internet", "popular entrepreneurship." Such strategies as "innovation" provide a good macro environment for the game industry. With the promotion of new network technology (such as 4G) and the rapid development of mobile electronic equipment, the game industry has a new trend. Client games are no longer the leading leader of the online gaming industry, mobile side of the page games and mobile games are prevalent, making the development of online games industry diversification. The game industry has a large investment in R & D, high risk. With the development of enterprises, it needs a lot of capital support to survive in the fierce competition. However, entering the capital market can effectively solve the financing problem of enterprises. The main way to enter the capital market is IPO and backdoor listing. Backdoor listing has become an effective way and way to raise funds. This paper selects the representative case of backdoor listing of game enterprises-the information of Yujia family to borrow the shell plum umbrellas as the research object. Through the analysis of the motivation and performance of this transaction, we can draw a meaningful conclusion. This paper is divided into two parts: theoretical review and case analysis. In the first part, it mainly summarizes and analyzes the previous scholars' theoretical research on backdoor listing. It mainly includes the theoretical basis of backdoor listing and the related concept description of backdoor listing, and theoretically analyzes the process and motivation of backdoor listing. The case analysis part is to select the information of Yujia family to borrow the shell plum flower umbrella listing. First of all, through the introduction of both sides of the transaction and the transaction process, clarify the background and the way of the transaction. Thus combining with the theory from different perspectives of the parties to the transaction to carry out specific motivation analysis. Secondly, through the use of event analysis. Financial index analysis and EVA analysis of the financial performance evaluation of backdoor listing. Finally, through the case study, the information of Yujia family to borrow the shell of the Meihua umbrellas listed, both sides of the transaction to obtain their own strategic development. Especially for the backside travel information, backdoor listing not only makes it gain high premium income, but also has great significance for its company management, strategic development. The innovation of this paper is that the current research on backdoor listing is mainly in the construction industry, the securities industry, the cultural media industry and so on. The research on the motivation and performance of backdoor listing in the emerging industry such as game enterprises is not yet involved. Therefore, it is expected that the case study in this paper can enrich the scope of research on backdoor listing.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F49;F275

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