粤传媒并购香榭丽失败的原因分析及对策建议

发布时间：2018-06-16 03:47

本文选题：粤传媒 + 并购失败　；参考：《兰州财经大学》2017年硕士论文

【摘要】：随着技术的发展和市场的成熟,新一轮的并购浪潮到来。不少中国企业都通过兼并重组的方式来优化资产配置、扩大企业规模、实现战略转型。近年来,在政策的推动和市场的追捧下,文化传媒业迎来并购的热潮。国内外学术界对文化传媒业的并购研究主要集中在并购动因和并购产生的绩效方面,本文利用已有的研究对粤传媒并购香榭丽失败的案例的原因和对策进行分析。粤传媒是我国第一家上市的报业传媒公司,而香榭丽是我国户外LED大屏的领军企业之一。基于传统传媒业受到互联网的冲击,迫于转型的压力,粤传媒对香榭丽进行了并购。并购过程中粤传媒以高出香榭丽净资产71.37%的溢价进行并购。但是并购的结果导致粤传媒盈利能力恶化、营运能力表现不佳、偿债能力下降、发展能力下滑,通过对这些能力的分析发现,粤传媒并购香榭丽是失败的。而并购失败的原因有:首先,粤传媒的并购动机脱离了企业实际,在并购决策之前粤传媒的战略脱离了市场,粤传媒的管理层采取了盲目多元化的战略;其次,在并购的过程中,存在并购能力不足的情况,因为在当时的市场下,文化企业的估值过高,脱离了企业的实际价值,同时粤传媒也没有足够的可支配资源;再次,粤传媒在并购目标企业的选择上存在调查和研究不充分、与目标企业的匹配性不足的问题。最后,在并购后也没有取得良好的整合效果,主要是因为对目标企业的经营整合和文化整合不佳。最后,本文针对其他企业并购提出几点建议:在企业并购过程中,要立足于企业的实际进行并购决策,首先要有合理的企业发展战略定位,同时还要避免盲目多元化的并购。其次,在并购过程中要提高企业的并购能力,要对目标企业进行合理的估值,同时要提高企业的核心竞争力。再次,在并购目标的选择中要注意充分调查目标企业,同时也要兼顾目标企业与收购方的匹配性。最后,在并购结束后,要注意提高整合效率。一方面加大经营整合,另一方面加强文化整合。
[Abstract]:With the development of technology and the maturity of the market, a new wave of M & A has arrived. Many Chinese enterprises optimize asset allocation, expand enterprise scale and realize strategic transformation through merger and reorganization. In recent years, with the promotion of policy and market pursuit, the cultural media industry ushered in the M & A boom. The research on M & A in the cultural media industry at home and abroad is mainly focused on the causes of M & A and the performance of M & A. This paper makes use of the existing research to analyze the reasons and countermeasures of the failure of the M & A case in Guangdong Media. Guangdong Media is the first listed newspaper media company in China, and Shanxieli is one of the leading companies of outdoor LED screen in our country. Based on the impact of the Internet on the traditional media industry and the pressure of transformation, Guangdong Media made a merger and acquisition of Shanxieli. In the process of M & A, Guangdong Media carries on M & A at a premium of 71.37% higher than the net worth of Escendelia. However, the result of M & A results in the deterioration of profit ability of Guangdong media, the poor performance of operation ability, the decline of solvency and the decline of development ability. Through the analysis of these abilities, it is found that the merger and acquisition of Shanxieli by Guangdong Media has failed. The reasons for the failure of M & A are as follows: first, the motive of M & A of Guangdong Media is divorced from the actual enterprise, the strategy of Guangdong Media is divorced from the market before the decision of M & A, the management of Guangdong Media adopts a strategy of blind diversification; secondly, In the process of M & A, there was a lack of M & A capability, because in the market at that time, the valuation of cultural enterprises was too high, which was divorced from the actual value of the enterprises, and at the same time the Guangdong media did not have enough disposable resources; again, Guangdong Media has insufficient investigation and research on the choice of M & A target enterprises and insufficient matching with the target enterprises. Finally, after M & A, there is no good integration effect, mainly because of the target enterprise management integration and cultural integration is not good. Finally, this paper puts forward several suggestions for other enterprises' merger and acquisition: in the process of enterprise merger and acquisition, in order to make merger and acquisition decision based on the actual enterprise, we must first have a reasonable strategic orientation of enterprise development, and at the same time avoid blindly diversified M & A. Secondly, in the process of M & A, we should improve the ability of M & A, evaluate the target enterprise reasonably, and improve the core competence of the enterprise at the same time. Thirdly, in the selection of M & A target, attention should be paid to the target enterprise, and the match between the target enterprise and the acquirer should be taken into account. Finally, after the merger and acquisition, we should pay attention to improve the efficiency of integration. On the one hand, strengthen management integration, on the other hand, strengthen cultural integration.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G219.2-F;F271

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