星辉娱乐并购天拓科技的动因及绩效分析

发布时间：2018-04-28 22:10

本文选题：并购绩效 + 并购动因　；参考：《深圳大学》2017年硕士论文

【摘要】：如今并购已然成为企业家们关注的热门主题。企业并购能促使双方企业实现资源的优化配置、提升企业间的合作效率,促使企业达到协同效应,提高企业的市场竞争力。随着经济多元化的发展,市场竞争日趋激烈,企业要不断提升核心竞争力,不断提高经营业绩,方能立于不败之地。当然,企业要实现壮大战略蓝图的方式有很多,其中并购方式已经成为当今市场环境中重要的方式之一。从近几年的数据可以清晰的看出,无论是国内,还是国际间的企业并购交易的数量不断攀升。并购虽不能说是企业发展壮大的最佳选择,但它能帮助企业迅速达成目标,同时对于整个行业及经济市场的发展也具有十分重大的影响。诚然,并购交易的数量十分庞大,但是并不代表每一次的并购交易都是成功的。并购交易数量的剧增,反而说明市场竞争的激烈。如此这般,并购的成功率不会太高也可想而知。有研究表明,并购的风险其实非常大,尤其是海外并购。因此,为了研究企业并购后的发展是否与预期一致、是否达到了规模效益,并购绩效的研究则应运而生。并购绩效,是指完成并购行为之后的一定时期内,企业在战略发展、财务状况等方面发展情况,研究并购后预期的目标是否达成,是否让企业的发展朝着预期的方向发展。本文通过对企业并购的基本理论及绩效评价的方法进行简单的概述,通过具体的分析,讲解了星辉娱乐的并购过程和主要特征,以及目标企业对于星辉娱乐的价值所在,分析其并购动因,以及进行并购的支付方式等。从并购交易发生后的效果出发,深入剖析企业在并购后的非财务指标和2011年-2015年的财务指标,加以几种不同的绩效分析方法,来对星辉娱乐并购天拓科技后的整体绩效是否得到改善进行研究。最后分析并购绩效研究方法存在的不足,提出相关的解决思路,包括对相关企业进行并购的建议。
[Abstract]:M & A has become a hot topic for entrepreneurs. M & A can promote the optimal allocation of resources, enhance the efficiency of cooperation between enterprises, promote the synergetic effect of enterprises, and improve the market competitiveness of enterprises. With the development of economic diversification, the market competition is becoming more and more fierce. Enterprises should constantly improve their core competitiveness and business performance in order to be invincible. Of course, there are many ways for enterprises to realize the strategic blueprint of growth, among which M & A has become one of the most important ways in the market environment. It is clear from the data in recent years that the number of M & A transactions is rising both at home and abroad. M & A can not be said to be the best choice for the development and growth of enterprises, but it can help enterprises to achieve their goals quickly, and it also has a great impact on the development of the whole industry and economic market. Admittedly, the number of M & A transactions is huge, but not every M & A transaction is a success. The sharp increase in the number of M & A transactions, on the contrary, the fierce competition in the market. So, the success rate of M & A will not be too high can be imagined. Some studies show that M & A is very risky, especially overseas M & A. Therefore, in order to study whether the development of M & A is consistent with the expected, whether to achieve economies of scale, M & A performance research emerged as the times require. M & A performance refers to a certain period after the completion of M & A, the development of enterprises in strategic development, financial situation and other aspects, to study whether the expected objectives after the merger and acquisition achieved, whether to make the development of enterprises towards the expected direction of development. In this paper, the basic theory of M & A and the method of performance evaluation are briefly summarized, and through the concrete analysis, the paper explains the process and main characteristics of the M & A of Star Entertainment, and the value of the target enterprise to Star Entertainment. Analysis of its M & A motivation, as well as M & A payment methods and so on. Starting from the effect of M & A transaction, this paper deeply analyzes the non-financial indicators and financial indicators of enterprises after M & A, and puts forward several different performance analysis methods. To study whether the overall performance of Star Entertainment after the acquisition of Tiantuo Technology has been improved. Finally, this paper analyzes the shortcomings of the research methods of M & A performance, and puts forward some relevant solutions, including suggestions for M & A of related enterprises.
【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】：F426.8;F271;F406.7

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