华谊兄弟并购动因与效应研究

发布时间：2018-03-04 22:36

本文选题：影视行业　切入点：并购动因　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：为提升人们的精神文化生活水平,我国政府制定了一系列的政策来鼓励文化产业的发展。借此机会,影视传媒行业得到了飞速的发展,资本市场也掀起了影视行业的并购潮,并购成为了影视行业公司选择用来迅速发展的有效途径。然而,这些并购是否都能取得成功?影视行业公司纷纷采取并购的并购动因是什么?并购效果如何?是否提升了公司创造价值的能力?通过分析华谊兄弟并购活动的并购动因及并购效应等问题,可以为影视业公司并购发展提供有意义的启示与参考。本文结合各国学者对企业并购动因、并购效应等方面的研究文献及各种理论对华谊兄弟的并购动因及并购效应进行了研究。首先,文章介绍了论文的研究背景与选题意义等,同时对企业并购动因及并购效应的文献进行了综述。接着,对影视行业的发展趋势与局限性,影视行业并购现状与并购特征进行了分析,为下文对华谊兄弟公司的并购活动案例分析做铺垫。然后,以华谊兄弟传媒有限公司并购活动为案例,梳理公司在2010年至2015年间发生的并购活动,针对华谊兄弟近年来制定的发展战略和行业发展的局限详细分析了其进行并购的动因,同时从股东财富效应、基于并购动因的并购效应、基于财务业绩的并购效应及公司经济增加值四个角度对华谊兄弟的并购效应做出评价。在分析公司财务业绩时,与未发生并购活动的影视行业公司中视传媒进行对比,使并购效应的分析更加具有说服力。最后,得出结论,并为影视业公司提供有意义的启示与参考。通过对华谊兄弟并购的并购动因与并购效应分析发现,华谊兄弟进行并购的目的是为了拓展公司业务领域、完善公司产业链、获取影视业优质资源——作品、艺人、导演,并且通过并购在资本市场取得巨大的资金支持,获取投资收益。另外,华谊兄弟通过并购扩大了公司规模,使公司在盈利能力、成长能力以及创造价值方面都有着较大的提升,公司创造价值的能力更是飞速增长。但是并购也使公司在在未来可能存在偿债方面的风险,同时公司也应注重并购后的整合,提升营运能力,有效地利用并购带来的业务渠道与资源,以便在公司未来能够良好的发展。
[Abstract]:In order to improve people's spiritual and cultural living standards, our government has formulated a series of policies to encourage the development of the cultural industry. On this occasion, the film and television media industry has been rapidly developed, and the capital market has also set off a wave of mergers and acquisitions in the film and television industry. Mergers and acquisitions have become an effective way for film and television companies to choose for rapid development. However, can these mergers and acquisitions be successful? What is the motivation of M & A adopted by the film and television industry companies in succession? How did the merger work? Has it improved the company's ability to create value? By analyzing the causes and effects of mergers and acquisitions of Huayi Brothers, we can provide meaningful inspiration and reference for the development of mergers and acquisitions of film and television companies. The M & A effect of Huayi Brothers is studied in the literature and various theories. Firstly, the paper introduces the research background and the significance of the topic. At the same time, it summarizes the literature on the causes and effects of M & A. Then, it analyzes the development trend and limitations of the film and television industry, the present situation of M & A in the film and television industry and the characteristics of M & A. Then, taking Huayi Brothers Media Co., Ltd as a case study, we will sort out the M & A activities that occurred between 2010 and 2015. According to Huayi Brothers' development strategy and the limitation of industry development in recent years, this paper analyzes the causes of M & A in detail, and analyzes the M & A effect based on the shareholder wealth effect and M & A effect based on M & A motivation. This paper evaluates the M & A effect of Huayi Brothers based on the M & A effect of financial performance and the economic added value of the company. Finally, draw a conclusion, and provide meaningful inspiration and reference for the film and television companies. Through the analysis of M & A motivation and M & A effect of Huayi Brothers, we find that, Huayi Brothers' purpose of M & A is to expand the scope of the company's business, perfect the company's industrial chain, obtain high-quality resources for the film and television industry-works, artists, directors, and obtain huge financial support in the capital market through mergers and acquisitions. In addition, Huayi Brothers has expanded the size of the company through mergers and acquisitions, making the company more profitable, growing, and creating value. The ability of the company to create value has increased rapidly. But M & A also makes it possible for the company to have the risk of repayment in the future. At the same time, the company should also pay attention to the integration after the merger and enhance its operational capacity. Make effective use of the business channels and resources brought by M & A so that the company can develop well in the future.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271

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