基于平衡计分卡视角下的天舟文化并购绩效研究

发布时间：2018-04-20 07:26

本文选题：并购绩效 + 天舟文化　；参考：《湘潭大学》2017年硕士论文

【摘要】：当今社会重组并购作为上市公司提升核心竞争力与扩大经营范围不可或缺的途径。我国上市企业通过重组并购来增大规模,提升实力的行为也变得日趋频繁,但是并购到底能否改善企业绩效,让公司价值真正提升,这一点目前却没有明确答案。由于中国经济踏上了一个新的发展台阶,原来的经济模式已无法支撑我国经济继续平稳而快速的发展,在这样的情况下政府开始扶持文化传媒行业,把它作为我国经济增长的支柱型行业来发展。与此同时,为了配合中央政府的政策,各地方政府马上纷纷出台相关政策条例来支持当地传媒文化行业的发展,提出许多优惠条件来促进传统文化的重组并购,从而使它们的产业结构得到优化,产品质量能够提升。自1998年以来至今,中国传媒文化行业并购案例出现的次数开始猛烈提高,但不是所有的传统文化企业的并购活动都给企业本身带来了效益,并购案例的数量虽然多,但是质量确实参差不齐。天舟文化作为传统民营图书策划发行企业,在这种政策背景下,应当适时地以相关政策精神为指导原则,并结合企业自身的具体情况与行业发展的大趋势,积极主动地开展该项工作。本文以传统文化企业天舟文化为例,取其并购前后四年左右的各项数据指标,再基于平衡积分卡理论来构建对其并购绩效评价的方案,从财务维度、客户维度、内部流程维度和学习与发展维度来观察天舟文化在并购前后的绩效变化情况。实证结果表明,在选取好适合的并购标的和恰当的并购方式之后,天舟文化股份有限公司在完成并购后的四年左右时间,其财务维度方面的指标在短期内得到大幅度提升,客户维度并购效应良好,内部流程维度的并购效应一般,值得一提的是成长与学习维度的并购效应微乎其微,甚至还增加了经营风险,为未来天舟文化经营埋下了隐患。但随着时间的推移,这几个方面的发展都还需要继续考查。通过本文的研究,我们希望能为天舟文化及其他文化传媒企业并购绩效评价提供参考,为文化传媒公司的管理者未来进行并购活动提供参考。
[Abstract]:Nowadays, reorganization and merger is an indispensable way for listed companies to enhance their core competence and expand their business scope. The behavior of increasing the scale and strength of listed enterprises through reorganization and merger has become more and more frequent, but there is no clear answer as to whether mergers and acquisitions can improve the performance of enterprises and enhance the value of companies. Since China's economy has stepped onto a new stage of development, the original economic model can no longer support the steady and rapid economic development of our country. Under such circumstances, the government has begun to support the cultural media industry. Regard it as the pillar industry of our country economic growth to develop. At the same time, in order to tie in with the policies of the central government, various local governments immediately issued relevant policies and regulations to support the development of the local media culture industry, and put forward many preferential conditions to promote the reorganization and merger of traditional culture. In order to optimize their industrial structure, product quality can be improved. Since 1998, the number of M & A cases in China's media and culture industry has increased sharply, but not all the M & A activities of traditional cultural enterprises have brought benefits to the enterprises themselves, although the number of M & A cases is many, But the quality is really uneven. Tianzhou culture, as a traditional private book planning and issuing enterprise, should take the spirit of relevant policies as the guiding principle, and combine the specific situation of the enterprise and the general trend of the development of the industry, under the background of this policy. Take the initiative to carry out the work. This paper takes the Tianzhou culture of traditional cultural enterprises as an example, takes the data indexes about four years before and after its merger and acquisition, and then based on the balanced integral card theory to construct the plan to evaluate its M & A performance, from the financial dimension, customer dimension, Internal process dimension and learning and development dimension to observe the performance of Tianzhou culture before and after mergers and acquisitions. The empirical results show that after selecting the appropriate target and the appropriate way of M & A, the index of financial dimension of Tianzhou Culture Co., Ltd. has been greatly improved in the short term after the completion of the M & A about four years. Customer dimension M A effect is good, internal process dimension M A effect is general, it is worth mentioning that growth and learning dimension M A effect is minimal, even increased the risk of management, for the future Tianzhou culture management buried hidden dangers. But with the passage of time, the development of these aspects still need to continue to examine. Through the research of this paper, we hope to provide reference for the performance evaluation of the merger and acquisition of Tianzhou culture and other cultural media enterprises, and provide reference for the managers of the cultural media company to conduct M & A activities in the future.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G124;F271;F275

【参考文献】