华谊兄弟并购银汉科技的创富效应分析

发布时间：2018-05-04 21:50

本文选题：企业并购 + 并购绩效　；参考：《兰州财经大学》2017年硕士论文

【摘要】：电影行业的迅猛发展离不开资本市场的鼎力支持,近些年来众多影视传媒行业公司通过兼并重组发展迅猛,在此本人通过研究2013年6月4日,华谊兄弟并购银汉科技,对华谊兄弟、银汉科技两家公司的并购动因、并购估值、并购绩效进行分析,并试图总结规律得出启发。通过构建影视行业并购理论的分析可以得出影视行业并购的动因,一方面通过并购优秀的游戏公司来实现更多资金流的进入,另一方面通过将外部交易成本转变成为内部管理成本来吸纳更多的影视从业人员来为企业更好的发展来服务。本文从并购的估值分析出发,用资产评估机构使用方法与市场常用方法对此次并购的估值加以分析,衡量收购价格的准确性,并以此为基准更好的测算并购双方的创富效应,华谊兄弟本次并购交易活动产生了很好的市场反应,无论短期还是长期创富效应均十分显著,投资者对华谊兄弟并购后的发展都报以良好的期望,华谊兄弟以并购作为通道,不断延伸产业链,完善发展体系,为未来公司发展打下夯实的基础,今后还有望借助移动互联游戏作为影视行业的衍生品市场来发展。银汉科技做为被并购的公司提升价格的同事获得丰富的资源,而此次并购也为股东创作了大笔财富,股东收益颇丰,使股东和公司共同创富。
[Abstract]:The rapid development of the film industry can not be separated from the strong support of the capital market. In recent years, many film and television media companies have developed rapidly through mergers and reorganization. In this paper, by studying June 4, 2013, Huayi Brothers acquired Yinhan Technology. This paper analyzes the M & A motivation, M & A valuation and M & A performance of Huayi Brothers and Yinhan Technology, and tries to summarize the rules to draw inspiration. Through the analysis of the theory of M & A in the film and television industry, we can get the motive of M & A in the film and television industry. On the one hand, we can realize more capital flow through the merger and acquisition of excellent game companies. On the other hand, by transforming external transaction costs into internal management costs, more film and television practitioners are absorbed to serve for the better development of enterprises. Starting from the valuation analysis of M & A, this paper analyzes the valuation of M & A by using the methods used by asset appraisal institutions and market methods, and measures the accuracy of the acquisition price, and takes this as a benchmark to better measure the wealth creation effect of both parties. Huayi Brothers' merger and acquisition activities have produced a very good market response. Both the short-term and long-term effects of creating wealth are very significant. Investors have good expectations for the development of Huayi Brothers after the merger and acquisition. Huayi Brothers takes M & A as a channel. Extending the industry chain, perfecting the development system, laying a solid foundation for the future development of the company, it is also expected to rely on mobile Internet games as a derivative market of the film and television industry to develop in the future. Yinhan Technology, a colleague of the acquired company that raised prices, has been given plenty of resources, and the acquisition has created a lot of wealth for shareholders, making them rich together with the company.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：J943;F271;F832.51

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