完美影视借壳上市绩效案例分析

发布时间：2018-01-20 20:24

本文关键词： 完美影视借壳上市绩效分析　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：党的十八大报告提出,要推动文化产业快速发展,到2020年全面建成小康社会,文化产业成为国民经济支柱型产业。文化产业企业具有“轻资产”的特点,缺乏有形抵押物,所拥有的知识产权等无形资产难以进行价值评估,文化企业融资与其他行业相比更为困难。而A股主板市场、中小板、创业板以及“新三板”市场等多层次资本市场,为处于不同发展阶段的文化企业提供了必要的融资支持有助于缓解文化企业融资难的现状。我国企业上市途径主要有两种:IPO上市和借壳上市。鉴于IPO上市门槛高耗时长的前提下,并购重组成为文化企业上市的另一选择。其中,借壳上市成为近几年来文化企业尤为青睐的上市方式。本文选取了2014年完美影视借壳金磊股份成功上市的案例,从财务绩效的角度进行分析,评价这次上市是否达到预期的效益。案例中首先分别从壳公司和借壳公司两个角度分析了此次借壳上市的动因。然后分析此次借壳上市的绩效,包括短期绩效分析和长期绩效分析,采用了事件研究法、财务指标分析法和基于EVA的绩效分析。事件研究法选择的窗口期为公告发布日的前十个交易日和后十个交易日共二十一天,数据处理后的结果发现该窗口期内累计超额收益率为正,最高达到90,给企业股东带来了财富效应。财务指标分析法从盈利能力、偿债能力、发展能力和管理能力四个方面分析完美影视借壳上市之后的财务表现。基于EVA的绩效分析则站在股东的角度,综合考虑企业的全部资本包括股权资本和债务资本,计算借壳上市企业的经济增加值前后变化。从本文案例的结论可以得出,完美影视借壳上市,扩大企业投资规模的同时在行业内保持着良好的竞争力,给企业的短期和长期绩效方面带来了正效应。随着文化产业的加速发展,资本是文化企业的必然需求。文化企业力求扩大投资规模以力保在业内的竞争力,融资渠道的选择和相应的经济效益是企业考虑的重点。本文通过案例研究的方式,旨在为同行业的其他企业和决策者提供参考和借鉴。
[Abstract]:The report of the 18 National Congress of the Communist Party of China (CPC) pointed out that it is necessary to promote the rapid development of the cultural industry and to build a well-off society in an all-round way by 2020, and the cultural industry has become a pillar industry of the national economy. Lacking of tangible collateral, intangible assets such as intellectual property are difficult to evaluate, and financing of cultural enterprises is more difficult than other industries. Growth enterprise market and "new three board" market and other multi-level capital markets. Providing necessary financing support for cultural enterprises at different stages of development is helpful to alleviate the current situation of financing difficulties of cultural enterprises. There are two main ways for Chinese enterprises to go public. IPO listing and backdoor listing. In view of the IPO listing threshold high time-consuming premise. M & A has become another choice for cultural enterprises to go public. Backdoor listing has become the most popular way for cultural enterprises to go public in recent years. This paper selects the case of the successful listing of Jinlei shares of the perfect film and television in 2014 and analyzes the financial performance from the point of view of financial performance. The case first analyzes the motivation of the backdoor listing from the shell company and the shell company, and then analyzes the performance of the backdoor listing. Including short-term performance analysis and long-term performance analysis, using the event research method. Financial index analysis and performance analysis based on EVA. The window period chosen by the event study method is 21 days in the first ten trading days and the next ten trading days on the day of announcement. After data processing, it is found that the cumulative excess yield is positive in the window period, the highest is 90, which brings wealth effect to the shareholders. Development ability and management ability of four aspects to analyze the perfect film and television backdoor listing after the financial performance. Based on the performance analysis of EVA standing in the perspective of shareholders. Considering the total capital of the enterprise including equity capital and debt capital, calculating the change of the economic added value of the backdoor listed enterprises. From the conclusion of the case of this paper, we can conclude that the perfect film and television backdoor listing. Expanding the scale of enterprise investment at the same time maintaining a good competitiveness in the industry, to the short-term and long-term performance of the enterprise has brought positive effects. With the accelerated development of the cultural industry. Capital is the inevitable demand of cultural enterprises. Cultural enterprises strive to expand the scale of investment in order to ensure the competitiveness of the industry. The selection of financing channels and the corresponding economic benefits are the focus of the enterprises' consideration. This paper aims to provide reference and reference for other enterprises and decision makers in the same industry through the way of case study.
【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】：J943;F832.51

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