从财务角度探析博瑞传播并购的游戏业务的经营绩效

发布时间：2018-05-27 18:04

本文选题：博瑞传播 + 经营绩效　；参考：《上海师范大学》2017年硕士论文

【摘要】：互联网的迅猛发展、数字媒体技术的日新月异,给许多传统行业带来巨大冲击。信息传播方式的日益多元化,使大众对于传媒的要求不断提高,传统媒体的客户群被新媒体分流,盈利水平下降,传统媒体上市企业急于寻找一条维持发展的出路,最直接的做法就是对其他企业进行并购和重组。而目前整个文化产业当中,游戏行业的获利、纳税额度之高、市场成长速度之快、带动整体经济之多、资本之密集是毋庸置疑的。而与此同时,游戏企业因扩张需求也在寻找投资者,由此很快掀起了一股传媒上市公司并购游戏企业的浪潮。那么这样的一种并购之后的绩效到底如何,很值得我们进行深入研究。本文以具有代表性的一家传媒集团——成都博瑞传播股份有限公司作为研究对象,观察分析其自并购成都梦工厂网络信息有限公司起,开始涉足网游业务之后的公司经营绩效。本文观察分析了博瑞传播的两次代表性的游戏并购事件——并购成都梦工厂以及漫游谷——前后,其经营绩效经历的变化,并且结合分析了其游戏业务中各个游戏板块的经营绩效,找到其并购过程中的正面绩效及负面绩效。其中对于其在并购游戏业务之后,游戏业务经营绩效不佳的成因进行了深入地分析,进而针对性地从股权结构、并购后的资源整合、并购目标公司的选取以及对公司内部高管的激励及管理等方面给出了相应的参考对策。通过研究发现,博瑞传播并购游戏公司,涉足网游业务是十分有必要的。不仅很好地对冲了企业中传统业务的经营绩效不良的负面因素,而且对于公司整体的做大做强,顺应时代发展潮流有着十分积极的作用。但是,由于并购过程中股权结构不合理、并购之后的资源整合不合理、公司内部管理层的套现严重以及所选择的游戏公司的发展潜力欠佳等诸多因素,使得公司的长期绩效并不理想。这样的一种并购绩效分析,也同样给了其他传媒公司一定的借鉴经验和启示。传媒公司必须勇于创新,开拓数字化领域业务;仔细挑选融资项目,进行高效融资;健全激励机制,增强组织活力;实施人才战略,以人力资本作为创新的基础。只有这样,才能使自身在数字化转型与并购过程中不断取得佳绩。
[Abstract]:With the rapid development of the Internet and the rapid development of digital media technology, many traditional industries have a huge impact. With the increasing diversification of information dissemination methods, the mass demand for the media has been continuously raised, the customer base of traditional media has been shunted by new media, and the profit level has declined. The listed enterprises of traditional media are eager to find a way out to maintain their development. The most immediate approach is mergers and acquisitions and restructuring of other enterprises. At present, in the whole cultural industry, the profit of the game industry, the high tax quota, the rapid growth of the market, the drive of the whole economy, the capital intensive is beyond doubt. At the same time, game companies are also looking for investors because of expanding demand, which quickly set off a wave of M & A of listed media companies. So the performance of such a merger after the end, it is worth our in-depth study. In this paper, Chengdu Borui Communication Co., Ltd, a representative media group, is taken as the research object to observe and analyze its business performance since the acquisition of Chengdu DreamWorks Network Information Co., Ltd. This paper observes and analyzes the changes in the performance of the two representative game M & A events transmitted by Burry before and after the acquisition of Chengdu DreamWorks and roaming Valley. And combined with the analysis of the business performance of each game board in its game business, find out the positive and negative performance in the process of M & A. Among them, the causes of the poor performance of the game business after the merger and acquisition of the game business are deeply analyzed, and then, from the equity structure, the resource integration after the merger and acquisition, the paper makes a thorough analysis of the causes of the poor performance of the game business. The selection of M & A target company and the encouragement and management of internal executives are given. Through the study found that it is very necessary to spread the acquisition of game companies and get involved in online games business. It not only hedges the negative factors of the bad performance of the traditional business, but also plays a very positive role in making the company bigger and stronger as a whole and conforming to the trend of development of the times. However, due to the unreasonable ownership structure in the process of merger and acquisition, the unreasonable integration of resources after the merger and acquisition, the serious cash realization of the internal management of the company and the poor development potential of the selected game company, and so on, Make the company's long-term performance is not ideal. This kind of M & A performance analysis also gives other media companies some experience and inspiration. Media companies must be brave to innovate, develop digital field business, carefully select financing projects, carry out efficient financing, improve incentive mechanism, strengthen organizational vitality, implement talent strategy, and take human capital as the basis of innovation. Only in this way, in order to make itself in the process of digital transformation and mergers and acquisitions continue to achieve good results.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F272.5;G206-F

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