影视公司并购案例研究

发布时间：2018-04-04 08:38

本文选题：影视产业　切入点：明星　出处：《浙江大学》2017年硕士论文

【摘要】：近年来我国影视产业快速发展,产业内的并购运作持续活跃。随着资本向影视产业各个环节的持续渗透,资本对影视创作的影响、商业利益与艺术追求的平衡也成为了近年来业内外关注和争论的焦点。其中,部分境内上市影视公司选择以明星成立的空壳公司作为并购对象。由于该类并购对象与传统意义上影视产业并购标的在运营周期、历史业绩、并购模式等方面存在明显差异,明星空壳公司的并购行为引起了社会各界的广泛争议。本文以波特五力模型作为理论指导,以对影视行业的五力分析为基础,对上市影视公司并购明星空壳公司的案例进行了全面的分析和研究。从波特五力模型的视角分析,明星空壳公司的并购行为能够提升影视公司对稀缺明星资源的把控能力,进而增强影视公司在购买方议价能力、采购方议价能力、竞争对手比较优势等方面的行业内竞争力。同时,通过前述并购能够实现上市公司股东及明星股东双方的财富增值。然而,明星空壳公司并购行为也导致了影视产业运营过度商业化,相关上市公司价值泡沫化、盈利及估值大幅波动等问题。根据前述研究,本文认为尽管从五力模型的角度明星空壳公司并购有利于在短期内提升相关上市公司在行业内的竞争力,但从公众投资者权益保护、影视产业持续发展及国家产业政策导向的角度,明星空壳公司的并购行为弊大于利,应当予以限制和规范。最后,本文从资本市场制度建设、影视产业发展制度建设等方面对并购明星空壳公司的行为提出了建议。
[Abstract]:In recent years, China's film and television industry has developed rapidly, and mergers and acquisitions in the industry continue to be active.With the continuous penetration of capital into various links of film and television industry, the influence of capital on film and television creation, the balance between commercial interests and artistic pursuit has also become the focus of attention and debate inside and outside the industry in recent years.Among them, some domestic listed film and television companies choose shell companies established by stars as M & A objects.Due to the obvious differences between this kind of M & A object and the traditional movie and TV industry M & A target in operation cycle, historical achievement, M & A mode and so on, the merger and acquisition behavior of star shell company has caused widespread controversy in the society.Under the guidance of Porter's five-force model and on the basis of the five-force analysis of the film and television industry, this paper makes a comprehensive analysis and research on the case of the listed film and television companies' merger and acquisition of star shell companies.From the point of view of Porter's five-force model, the merger and acquisition of star shell company can enhance the control ability of the film and television company to the scarce star resources, and then enhance the bargaining power of the film and television company in the buyer's price and the purchasing party's bargaining power.Competitive advantage of competitors and other aspects of the industry competitiveness.At the same time, the above-mentioned mergers and acquisitions can realize the wealth appreciation of both shareholders and star shareholders of listed companies.However, the merger and acquisition of star shell companies also leads to the excessive commercialization of film and television industry, the value bubble of related listed companies, the large fluctuation of profit and valuation, and so on.According to the above study, this paper holds that although the merger and acquisition of star shell companies from the point of view of the five-force model is conducive to enhancing the competitiveness of relevant listed companies in the industry in the short term, the protection of the rights and interests of public investors,In view of the sustainable development of film and television industry and the orientation of national industrial policy, the merger and acquisition behavior of star shell company is more harmful than good, and should be restricted and standardized.Finally, this paper puts forward some suggestions on the merger and acquisition of star shell companies from the aspects of capital market system construction, film and television industry development system construction and so on.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：J943;F271

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