SLQC并购案例分析

发布时间：2018-01-31 01:32

本文关键词： 并购因子分析并购动因并购绩效　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：现在并购成为企业成长最热门的发展方式,我国经济和资本市场一起发展,伴随着并购行为增多和并购监督管理日渐得到改善,在并购监管规范化的基础上,企业并购获得的外部环境越来越好。我国积极推动文化产业的发展,影视传媒行业和网络游戏行业都属于文化产业,这两个行业在并购的基础上可以获得新的发展机会,所以如何更有效的进行并购交易,更有效的实现并购目的,更有效的提高企业各方面的绩效,是现在并购行为面临的巨大挑战和机遇。影视传媒行业和网络游戏行业是我国文化产业的一部分,这两个行业都具有以下几个特征:高风险、高投入、高产出、高收益。对这两个行业的企业进行并购,并购方无疑可以获得丰富的盈利利润、成长能力会得到改善,企业则会打破难以发展的瓶颈,继续向前发展。最近这些年属于我国文化产业的影视传媒行业和网络游戏行业并购案例非常之多,但目前来看国内对其缺少关注,特别是在一下几个方面:并购动因和并购绩效等方面。本文选取了 SLQC并购YLYC和DWWL的案例对并购动因和并购绩效进行分析,通过分析找出并购案例存在的问题,最后提出解决对策和启示。本文首先对研究背景、意义和目的进行说明,对国内外与并购动因和并购绩效相关的理论进行梳理和总结;紧接着介绍了本文的理论基础,包括并购的相关概念和并购协同效应理论;然后,对影视传媒行业和网络游戏行业的发展现状进行叙述,对案例背景进行介绍,案例背景包括:并购双方的基本简介和并购过程。接着以协同效应理论分析动因,分别从经营协同效应、财务协同效应和管理协同效应三个角度进行分析;紧接着用因子分析方法评析并购案例绩效,最后运用因子分析法选取的数据从偿债能力、成长能力、盈利能力和营运能力四个方面分析并购案例存在的问题。通过对SLQC并购YLYC和DWWL并购的动因和绩效分析,得出了并购绩效总体上看是积极的,但是还是存在一些问题,从而提出了一些解决对策。最后总结了该并购案例的启示,期望能够给未来有并购影视传媒行业或者网络游戏行业想法的企业提供一些借鉴,期望其具有一定有益的参考价值,能够通过并购提高企业的市场竞争力,推动我国影视传媒行业或者网络游戏行业向更高层次的发展。
[Abstract]:Now M & A has become the most popular development mode of enterprise growth. With the increase of M & A behavior and the improvement of M & A supervision management, China's economy and capital market are developing together, on the basis of the standardization of M & A supervision. The external environment of M & A is getting better and better. China actively promotes the development of cultural industry, film and television media industry and online game industry belong to the cultural industry. These two industries on the basis of M & A can get new development opportunities, so how to conduct M & A transactions more effectively, more effectively achieve the purpose of M & A, more effectively improve the performance of all aspects of the enterprise. The film and television media industry and the online game industry are part of the cultural industry in China. These two industries have the following characteristics: high risk, high input, high output. The M & A of these two industries can undoubtedly obtain rich profit, improve the growth ability, and break the bottleneck which is difficult to develop. In recent years, there are a lot of M & A cases in the film and television media industry and online game industry of our country, but at present the domestic lack of attention to it. Especially in the following aspects: M & A motivation and M & A performance. This paper selects SLQC M & A YLYC and DWWL cases to analyze the M & A motivation and M A performance. Through the analysis to find out the existing problems of M & A cases, finally put forward solutions and enlightenment. Firstly, this paper explains the background, significance and purpose of the research. Combing and summing up the theories related to M & A motivation and M & A performance at home and abroad; Then it introduces the theoretical basis of this paper, including the related concepts of M & A and the theory of M & A synergy. Then, the development of the film and television media industry and online game industry are described, the case background is introduced. The case background includes: the basic introduction of M & A and the process of M & A. then the motivation is analyzed from the perspective of the synergetic effect of management, financial synergy and management synergy. Then use factor analysis method to evaluate the performance of M & A cases, and finally use factor analysis to select the data from solvency, growth capacity. Through the analysis of the motivation and performance of SLQC M & A YLYC and DWWL M & A, it is concluded that M & A performance is positive on the whole. However, there are still some problems, so some countermeasures are put forward. Finally, the enlightenment of this case is summarized. It is expected to be able to provide some reference for the future M & A film and television media industry or online game industry ideas, expect that it has some useful reference value, can improve the market competitiveness of enterprises through mergers and acquisitions. To promote the film and television media industry or online games industry to a higher level of development.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G124;F271

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