WXCM并购蓝狮子的财务风险分析及控制策略研究

发布时间：2018-04-23 12:14

本文选题：WXCM + 蓝狮子　；参考：《安徽大学》2017年硕士论文

【摘要】：当前,出版传媒业处于转型期,各出版企业都在积极寻找合适的发展道路,并购作为企业发展的重要方式之一,其地位日益突出。在国内,出版传媒行业发生的并购案例较少,并购市场处于相对初期的阶段,企业的融资渠道较少,缺乏并购经验,并购时会面临较大的财务风险。WXCM是典型的传统出版企业,蓝狮子则代表着数字新媒体企业,此次并购是传统出版发行企业主动拥抱新媒体的一项重大举措。本文基于上述原因对WXCM并购蓝狮子的财务风险开展研究。第一章是绪论,介绍了并购财务风险研究的相关背景和选题依据,将国内外有关学者对并购财务风险的研究情况进行回顾和综述,并介绍了本文的研究思路和研究方法。同时针对目前出版行业并购的现状和涉及的财务风险进行分析,提出了应对措施和相关建议。第二章是本文的研究基础,介绍了企业并购和财务风险的相关理论。第三章是对并购案例背景的介绍,由于并购案例的发生与整个行业的发展密切相关,本文结合出版传媒行业现状,分析了并购双方参与并购的动因。第四章是本文的主要分析部分,结合蓝狮子和WXCM实际经营情况和相关年度的信息披露,对并购中的财务风险进行分析,包含了估值风险、融资和支付风险、整合风险。本文第五章则是结合中国出版行业的发展现状,针对第四章所提出的财务风险,提出相应的控制策略与建议。最后,总结了研究结论,简要阐明了研究的启示和意义以及研究的不足之处。中国出版行业从传统型转变升级为现代数字出版型是一个循序渐进的过程,越来越多的传统企业采用并购的方式快速适应新媒体的融合发展。能否有效控制并购中的财务风险是并购成败的关键,因此,本文关于WXCM并购蓝狮子的财务风险分析及控制策略的研究对企业并购财务风险的研究以及中国出版行业的转型发展具有重要的意义。
[Abstract]:At present, the publishing media industry is in the transition period, the publishing enterprises are actively looking for a suitable way of development, M & A as an important way of enterprise development, its status is increasingly prominent. In China, there are few M & A cases in the publishing media industry, the M & A market is at a relatively early stage, the financing channels of enterprises are less, and the M & A experience is lacking. WXCM is a typical traditional publishing enterprise. The Blue Lion represents digital new media companies, and the acquisition is a major move by traditional publishing and distribution companies to embrace new media. Based on the above reasons, this paper studies the financial risk of WXCM merger and acquisition of Blue Lion. The first chapter is the introduction, which introduces the background and the basis of the research on M & A financial risk, reviews and summarizes the research situation of M & A financial risk at home and abroad, and introduces the research ideas and methods of this paper. At the same time, the paper analyzes the current situation and financial risk of M & A in publishing industry, and puts forward some countermeasures and relevant suggestions. The second chapter is the research foundation of this paper, introduces the related theories of M & A and financial risk. The third chapter introduces the background of M & A cases. As the occurrence of M & A cases is closely related to the development of the whole industry, this paper analyzes the motivation of M & A participation by both parties combined with the current situation of the publishing media industry. The fourth chapter is the main analysis part of this paper, combined with the actual operating situation of Blue Lion and WXCM and the information disclosure of relevant years, the financial risk in M & A is analyzed, including valuation risk, financing and payment risk, integration risk. The fifth chapter of this paper is based on the development of the publishing industry in China, in view of the financial risks proposed in the fourth chapter, the corresponding control strategies and suggestions are put forward. Finally, the conclusion of the study is summarized, the enlightenment and significance of the research and the deficiencies of the research are briefly expounded. It is a gradual process for the Chinese publishing industry to change from the traditional type to the modern digital publishing type. More and more traditional enterprises adopt the method of merger and acquisition to adapt to the integration and development of new media. Whether the financial risk in M & A can be effectively controlled is the key to the success or failure of M & A. The study on financial risk analysis and control strategy of WXCM M & A Blue Lion is of great significance to the study of M & A financial risk and the transformation and development of Chinese publishing industry.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G231;F275;F271

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