發(fā)布時(shí)間：2018-03-15 10:50

  本文選題：文化產(chǎn)業(yè)　切入點(diǎn)：并購(gòu)績(jī)效　出處：《蘭州財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國(guó)文化產(chǎn)業(yè)市場(chǎng)的日漸成熟,并購(gòu)已經(jīng)成為我國(guó)文化產(chǎn)業(yè)上市公司擴(kuò)張的重要手段,關(guān)于并購(gòu)績(jī)效的研究也越來(lái)越多。并購(gòu)是否能夠?yàn)槲覈?guó)文化產(chǎn)業(yè)上市公司創(chuàng)造價(jià)值、改善上市公司的業(yè)績(jī),已成為許多學(xué)者和實(shí)務(wù)界人士關(guān)注的問(wèn)題。在此背景下,本文對(duì)我國(guó)文化產(chǎn)業(yè)上市公司并購(gòu)前后經(jīng)營(yíng)業(yè)績(jī)的變化進(jìn)行了研究,著重分析了不同并購(gòu)模式下上市公司的并購(gòu)績(jī)效,以期對(duì)我國(guó)上市公司制定并購(gòu)策略、選擇恰當(dāng)?shù)牟①?gòu)模式并成功實(shí)施并購(gòu)提供參考。本文在對(duì)國(guó)內(nèi)外相關(guān)研究進(jìn)綜述的基礎(chǔ)上,在此基礎(chǔ)上提出了本文所研究的課題,不同并購(gòu)模式下企業(yè)并購(gòu)績(jī)效問(wèn)題。然后對(duì)不同并購(gòu)動(dòng)因進(jìn)行了理論分析,提出本文的研究假設(shè)。在研究方法上,本文采用了因子分析法,從2012年間我國(guó)文化產(chǎn)業(yè)上市公司發(fā)生并購(gòu)的主并購(gòu)企業(yè)中,按照一定的標(biāo)準(zhǔn),篩選出22家企業(yè),選取8個(gè)財(cái)務(wù)指標(biāo),構(gòu)建出評(píng)估我國(guó)文化產(chǎn)業(yè)上市公司業(yè)績(jī)的綜合得分模型。以企業(yè)的綜合得分為基礎(chǔ)來(lái)衡量企業(yè)并購(gòu)前后5年,即2011年至2015年間的業(yè)績(jī)的變化,判斷并購(gòu)是否為這些公司帶來(lái)了業(yè)績(jī)上的提升。通過(guò)實(shí)證分析,本文得到以下實(shí)證結(jié)論:第一,從宏觀上來(lái)看,在研究的窗口期間內(nèi)我國(guó)文化產(chǎn)業(yè)上市公司的經(jīng)營(yíng)績(jī)效會(huì)比并購(gòu)前是有一定的改善的。第二,對(duì)于不同的并購(gòu)類型,我國(guó)文化產(chǎn)業(yè)上市公司的并購(gòu)方式有橫向并購(gòu)、縱向并購(gòu)及混合并購(gòu),但是從效果來(lái)看,橫向并購(gòu)的效果最佳。第三,通過(guò)縱向并購(gòu),其實(shí)我國(guó)文化產(chǎn)業(yè)上市公司的經(jīng)營(yíng)績(jī)效并沒(méi)有得到有效的改善,或者說(shuō)沒(méi)有達(dá)到我們預(yù)期的效果。第四,從結(jié)果來(lái)看,我國(guó)文化產(chǎn)業(yè)上市公司所實(shí)施的混合并購(gòu),可以說(shuō)是比較成功的。但是,盡管混合并購(gòu)能夠快速提升我國(guó)文化產(chǎn)業(yè)上市公司的經(jīng)營(yíng)績(jī)效,但是對(duì)于所合并的新的行業(yè)的經(jīng)營(yíng)管理能力的掌握還需要一定的學(xué)習(xí)過(guò)程,這需要時(shí)間去探索和掌握,所以會(huì)出現(xiàn)我國(guó)文化產(chǎn)業(yè)上市公司并購(gòu)績(jī)效波動(dòng)的狀況。因此,從目前我國(guó)文化產(chǎn)業(yè)發(fā)展的階段來(lái)說(shuō),混合并購(gòu)還不能成為我國(guó)文化產(chǎn)業(yè)上市公司對(duì)最佳并購(gòu)模式。
[Abstract]:Along with the market of China's cultural industry is becoming more and more mature, it has become an important means of China's cultural industry listed company expansion, research on M & a performance is also increasing. Whether it can for the cultural industry of our country listed companies to create value, improve the company performance, has become many scholars and practitioners who concern in this context, this paper studied the changes of operating performance of listed companies before and after the merger of China's cultural industry, analyzes the performance of mergers and acquisitions of listed companies under different MampA model, with a view of China's listed companies make the merger and acquisition strategy, select the appropriate acquisition mode and the successful implementation of reference review into the basis of mergers and acquisitions. In the domestic and foreign research, on the basis of this research, the performance problem of enterprise merger under different MampA model. And then different Purchase motivation is analyzed in theory, this paper puts forward the research hypotheses. In research methods, this paper adopts the method of factor analysis, from the 2012 years of China's cultural industry listed company merger and acquisition of enterprises, according to certain standards, selected 22 companies, selects 8 financial indicators, build a comprehensive score evaluation of the performance of listed companies of China's cultural industry model. The comprehensive score of enterprises as the basis to measure the enterprise merger and acquisition before and after 5 years, the change from 2011 to 2015 the performance, determine whether M & A for these companies to bring performance improvement. Through empirical analysis, this paper obtained the following conclusions: first, from the macro the point of view, in the study period within a window of China's cultural industry operating performance of listed companies will be improved than before the merger. In second, for different types of mergers and acquisitions, the cultural industry of our country listed companies Mergers and acquisitions have horizontal mergers, vertical mergers and acquisitions, but from the point of view, the best effect of horizontal mergers. Third, through vertical merger, in fact, China's cultural industry operating performance of listed companies has not been effectively improved, or that did not achieve our desired results. Fourth. From the results, the mixed mergers and acquisitions the cultural industry of our country listed companies, can be said to be more successful. However, despite mixed MampA can quickly enhance the cultural industry of our country listed companies operating performance, but for the new line with industry management capabilities also need to master certain learning process, it takes time to explore and master. So there will be fluctuations in China's cultural industry mergers and acquisitions of listed companies. Therefore, from the current development of China's cultural industry stage, mixed M & A would be Chinese The best M & a model of the listed companies in the industry.

【學(xué)位授予單位】：蘭州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：G124;F271

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