优酷土豆横向并购的协同效应探讨
发布时间:2018-06-13 21:33
本文选题:优酷土豆 + 横向并购 ; 参考:《江西财经大学》2017年硕士论文
【摘要】:经济全球化是当前世界经济的重要特征,也是经济发展不可阻挡的趋势。2001年,中国正式加入WTO,拉开了中国经济和世界经济全面接轨的序幕。并购也随着经济全球化,成为每个行业中不可分割的组成部分。中国企业置身于并购浪潮中,既会获得机遇,也会遭遇风险。面对激烈的市场竞争环境,我国网络视频企业不断寻求机会,希望通过并购整合,优化资源配置,提高管理经营效率,增加市场份额,从而实现企业的长期发展目标。横向并购作为企业并购的主要方式之一,既体现了企业的经济实力,又展现了企业的市场竞争力,企业之间的横向并购通过协同效应来创造价值。因此,协同效应的实现是决定企业横向并购是否成功的重要条件。本文认为,横向并购过程中能否产生最佳协同效应,是企业需要重点思考的问题。自从学者安索夫首次提出协同效应之后,国内外学者都逐渐开始对协同效应的定义、分类以及作用等方面展开研究。本文中,笔者对并购协同效应的相关理论进行了概述。同时,本文以弗雷德的理论为基础,从管理协同、经营协同和财务协同出发,对横向并购的协同效应进行了分析与探讨。本文运用这些理论,采用文献研究和案例分析两种方法,并结合我国网络视频行业的发展现状,对优酷和土豆横向并购后的协同效应进行了探讨,以期为网络视频企业间的横向并购提供一定的参考。本文首先介绍了论文的研究背景与意义,对网络视频行业的发展现状进行了简要描述,回顾并整理了横向并购及协同效应相关的研究文献,同时提出了研究思路与方法。其次,本文对横向并购协同效应的相关理论进行了概述,对横向并购的概念进行了界定,并介绍了协同效应的定义与基本内容,阐述了并购协同效应理论、市场势力理论和效率理论,也提出了横向并购协同效应的评价方法。再次,本文基于网络视频行业的发展现状和并购双方的内外部环境,归纳了优酷和土豆选择进行横向并购的五大动因,并概括了横向并购的过程,包括并购方式、并购流程和并购之后的整合情况。继而,本文将横向并购后的协同效应存在的问题归纳为长期的管理协同效应未尽激发,整合的经营协同效应有待提升和整体的财务协同效应未明显提高这三个方面,并对这三个方面的问题进行成因分析。最后,本文根据存在的问题及成因分析,提出提升优酷和土豆横向并购后协同效应的相关措施:一是集团通过优化整合双方的人力资源,借助“双品牌”平台优势以及合理利用管理资源来提高企业运营效率,以此提升管理协同效应;二是集团通过优化整合重叠业务,快速整合主营业务以及利用优势资源互补提高市场占有率,以此完善业务的经营整合;三是集团通过提升信用等级,降低筹资费用以及创建流动性资产组合,以此缓解资金压力,从而提高整体的财务协同效应。
[Abstract]:Economic globalization is an important feature of the current world economy and an irresistible trend of economic development. In 2001, China formally joined the WTO, which opened the prelude of the overall integration of China's economy and the world economy. M & A also with the economic globalization, become an integral part of each industry. Chinese enterprises in the M & A wave, both opportunities and risks will be encountered. Facing the fierce market competition environment, the network video enterprises of our country constantly seek the opportunity, hope through the merger and acquisition conformity, optimize the allocation of resources, improve the management efficiency, increase the market share, thus realize the long-term development goal of the enterprise. As one of the main ways of M & A, horizontal M & A not only reflects the economic strength of enterprises, but also shows the market competitiveness of enterprises. Horizontal M & A between enterprises creates value through synergy effect. Therefore, the realization of synergy is an important condition to determine the success of horizontal mergers and acquisitions. This paper holds that whether the best synergistic effect can be produced in the process of horizontal merger and acquisition is an important issue for enterprises to think about. Since Ansov proposed synergistic effect for the first time, scholars at home and abroad have begun to study the definition, classification and function of synergistic effect. In this paper, the author summarizes the theory of M & A synergy. At the same time, based on Fred's theory, this paper analyzes and discusses the synergistic effect of horizontal M & A from management coordination, management coordination and financial coordination. Based on these theories, this paper discusses the synergistic effect of Youku and Tudou after horizontal merger and acquisition by using the methods of literature research and case analysis, and combining with the current situation of the development of China's network video industry. In order to provide a certain reference for the horizontal mergers and acquisitions between the network video enterprises. This paper first introduces the research background and significance of the paper, briefly describes the current situation of the network video industry, reviews and collates the related literature on horizontal mergers and acquisitions and synergies, and puts forward the research ideas and methods. Secondly, this paper summarizes the related theories of horizontal merger synergy, defines the concept of horizontal merger and acquisition, introduces the definition and basic content of synergy effect, and expounds the theory of synergy effect of merger and acquisition. Market power theory and efficiency theory also put forward the evaluation method of horizontal merger synergy. Thirdly, based on the development of the network video industry and the internal and external environment of both sides, this paper summarizes the five motivations for Youku and Tudou to choose horizontal mergers and acquisitions, and summarizes the process of horizontal mergers and acquisitions, including the way of mergers and acquisitions. M & A process and integration after M & A. Then, this paper concludes the existing problems of synergy effect after horizontal merger and acquisition into three aspects: long-term management synergy has not been stimulated, integrated management synergy needs to be promoted and the overall financial synergy has not been significantly improved. The causes of these three problems are analyzed. Finally, based on the analysis of the existing problems and causes, this paper puts forward some measures to enhance the synergy between Youku and Tudou after horizontal M & A: first, the group optimizes and integrates the human resources of both sides. With the advantage of "double brand" platform and rational use of management resources to improve the operational efficiency of enterprises, thereby enhancing the management synergy; second, the group through the optimization of the integration of overlapping business, Fast integration of the main business and the use of complementary advantages of resources to improve market share to improve the business integration; third, the group through upgrading the credit rating, reduce funding costs and create a portfolio of liquid assets, In order to ease the financial pressure, thereby improving the overall financial synergy.
【学位授予单位】:江西财经大学
【学位级别】:硕士
【学位授予年份】:2017
【分类号】:F271;F49;F275
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