發(fā)布時間：2018-03-15 10:50

  本文選題：文化產業(yè)　切入點：并購績效　出處：《蘭州財經大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著我國文化產業(yè)市場的日漸成熟,并購已經成為我國文化產業(yè)上市公司擴張的重要手段,關于并購績效的研究也越來越多。并購是否能夠為我國文化產業(yè)上市公司創(chuàng)造價值、改善上市公司的業(yè)績,已成為許多學者和實務界人士關注的問題。在此背景下,本文對我國文化產業(yè)上市公司并購前后經營業(yè)績的變化進行了研究,著重分析了不同并購模式下上市公司的并購績效,以期對我國上市公司制定并購策略、選擇恰當的并購模式并成功實施并購提供參考。本文在對國內外相關研究進綜述的基礎上,在此基礎上提出了本文所研究的課題,不同并購模式下企業(yè)并購績效問題。然后對不同并購動因進行了理論分析,提出本文的研究假設。在研究方法上,本文采用了因子分析法,從2012年間我國文化產業(yè)上市公司發(fā)生并購的主并購企業(yè)中,按照一定的標準,篩選出22家企業(yè),選取8個財務指標,構建出評估我國文化產業(yè)上市公司業(yè)績的綜合得分模型。以企業(yè)的綜合得分為基礎來衡量企業(yè)并購前后5年,即2011年至2015年間的業(yè)績的變化,判斷并購是否為這些公司帶來了業(yè)績上的提升。通過實證分析,本文得到以下實證結論:第一,從宏觀上來看,在研究的窗口期間內我國文化產業(yè)上市公司的經營績效會比并購前是有一定的改善的。第二,對于不同的并購類型,我國文化產業(yè)上市公司的并購方式有橫向并購、縱向并購及混合并購,但是從效果來看,橫向并購的效果最佳。第三,通過縱向并購,其實我國文化產業(yè)上市公司的經營績效并沒有得到有效的改善,或者說沒有達到我們預期的效果。第四,從結果來看,我國文化產業(yè)上市公司所實施的混合并購,可以說是比較成功的。但是,盡管混合并購能夠快速提升我國文化產業(yè)上市公司的經營績效,但是對于所合并的新的行業(yè)的經營管理能力的掌握還需要一定的學習過程,這需要時間去探索和掌握,所以會出現(xiàn)我國文化產業(yè)上市公司并購績效波動的狀況。因此,從目前我國文化產業(yè)發(fā)展的階段來說,混合并購還不能成為我國文化產業(yè)上市公司對最佳并購模式。
[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.

【學位授予單位】：蘭州財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：G124;F271

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本文編號：1615709