乐视控股集团长期投资决策问题研究

发布时间：2018-05-12 01:26

本文选题：长期投资决策 + 投资决策评价　；参考：《湖北工业大学》2017年硕士论文

【摘要】：市场经济的繁荣,给企业带来了更多的投资热情,但同时也存在着投资风险。因此,企业的长期投资决策决定着企业的命运。然而,企业做长期投资决策时由于考虑不周全而失误,导致企业陷入困顿的情况数不胜数。本文选择了近些年发展迅速的乐视控股集团作为案例公司进行详细研究。在网络媒体正在经历产业内的重新兼并浪潮中,乐视试图打造乐视生态圈这种创新的发展模式越来越多的受到学界关注与重视,但是革新与问题是并存的,本文将基于乐视控股集团的发展状况,将对乐视近年来的长期投资决策进行分析。首先,本文提出了乐视长期投资决策的选题背景及研究意义,对长期投资决策国内外的相关文献进行了梳理,分别从货币的时间价值、长期投资决策时面临的风险、长期投资决策的方法、长期投资决策的评价方法以及导致企业长期投资决策失误的原因等多方面的观点进行梳理,并总述了主要内容及研究方法。其次,本文由基础理论出发,分别界定了投资的概念和投资决策的概念;阐述了货币的时间价值理论在考虑长期投资问题时的重要性;信息不对称在企业长期投资决策时给企业带来的投资风险;委托代理问题中委托人和代理人因为利益角度不同而存在矛盾,从而影响企业的投资决策;重视人力资本在企业中的运用,使企业经营者能更有效地投入企业的可持续发展。再次,本文对乐视控股集团做了简介,分别使用返本期法、净现值法和内部回报率法对乐视投资大圣车服、收购VIZIO和花儿影视三项长期投资决策做了评价。简要分析了做出决策的原因,并结合乐视的客观条件做了笔者主观视角的分析。最后,本文总结出乐视目前存在收购代替研发、布局多元化和决策不科学的三大方面的问题,并对各项原因进行了分析;本文针对乐视危机的原因提出了应加强核心技术的研发,暂时放弃生态圈的构建以及加强核心业务发展的建议。文末对本次选题的研究进行了总结,道出研究存在的不足和未来研究的方向。
[Abstract]:The prosperity of market economy has brought more investment enthusiasm to enterprises, but there are also investment risks at the same time. Therefore, the long-term investment decisions of enterprises determine the fate of enterprises. However, enterprises make long-term investment decisions due to inadequate consideration and error, resulting in a lot of situations. In this paper, Letv holding group, which has developed rapidly in recent years, is selected as a case study. In the network media is going through the wave of mergers and acquisitions in the industry, the innovative development mode of Letv trying to build the Letv ecological circle is paid more and more attention by the academic circles, but the innovation and the problem exist side by side. Based on the development of Letv holding group, this paper will analyze the long-term investment decision of Letv in recent years. First of all, this paper puts forward the background and significance of Letv long-term investment decision, combing the domestic and foreign literatures of long-term investment decision, respectively from the time value of currency, the risk of long-term investment decision. The methods of long-term investment decision, the evaluation method of long-term investment decision and the reasons leading to the mistake of long-term investment decision are summarized, and the main contents and research methods are summarized. Secondly, starting from the basic theory, this paper defines the concept of investment and the concept of investment decision, expounds the importance of the time value theory of money in considering the long-term investment problem. The information asymmetry brings the investment risk to the enterprise when the enterprise makes long-term investment decision, the principal and the agent have the contradiction because of the different benefit angle in the principal-agent problem, thus affects the enterprise's investment decision. Attach importance to the use of human capital in the enterprise, so that the enterprise managers can effectively invest in the sustainable development of the enterprise. Thirdly, this paper gives a brief introduction to Letv holding Group, and evaluates the three long-term investment decisions of Letv investment, such as "return current period" method, "net present value" method and "Internal rate of return" method, respectively, to purchase VIZIO and Flower Film and Television. The reason of making decision is analyzed briefly, and the subjective angle of view of the author is analyzed according to the objective conditions of Letv. Finally, this paper concludes that Letv has three major problems: acquisition instead of R & D, diversification of layout and unscientific decision-making, and analyzes the reasons. In view of the reason of Letv crisis, this paper puts forward the suggestion that we should strengthen the research and development of core technology, give up the construction of ecological circle and strengthen the development of core business. At the end of the paper, the author summarizes the research and points out the deficiency of the research and the direction of future research.
【学位授予单位】：湖北工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F275

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