华录百纳并购蓝色火焰动因及绩效研究

发布时间：2018-02-04 04:25

  本文关键词： 并购 并购动因 并购绩效　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,我国社会经济不断发展,我国居民物质生活水平不断提高,人们对精神文化的消费需求也随之增长,影视行业在此背景下得以快速发展。影视行业在经过初期的发展阶段后,开始通过并购重新配置资源,进行产业整合。各大影视企业纷纷进行并购活动,并且由于影视企业固定资产投入相对较小,账面值不高,企业的品牌、声誉、媒体资源、客户资源等无形资产不能在账面体现,所以影视企业大量存在高溢价并购的现象,那么,影视企业大量进行并购的动因有哪些、并购后绩效如何,值得深入研究。为实现战略转型,打破单一的业务模式,扩展业务范围,打通影视产业链,华录百纳于2014年以25亿元并购蓝色火焰,其中逾20亿作为商誉纳入合并报表。本文以华录百纳并购蓝色火焰为例,采用案例分析法,对2014年华录百纳并购蓝色火焰的动因和绩效进行研究,以期为华录百纳和其他影视企业提供借鉴,丰富影视行业并购的研究成果。本文首先对研究背景、意义进行阐述,评述并购动因和绩效已有的研究成果,总结了我国影视行业的发展状况及并购情况,分析了影视行业并购现状、并购特征和并购动因,继而展开对华录百纳并购蓝色火焰动因与绩效的研究。通过对华录百纳并购的研究,发现此次并购实现了并购双方的战略整合,双方的内容制作、媒体和商业客户资源将进一步共享,形成影视、综艺、体育多元业务共同发展的新格局,打通传媒产业链。但是,此次并购对企业的盈利能力产生了负效应,并且在一定程度上损害了股东财富。在总结案例的基础上,本文认为,为达到并购预期的效果,影视企业应明确并购目的,避免盲目并购,同时要加强对无形资产的评估,达到并购真正的目标。
[Abstract]:In recent years, China's social and economic development, our country's residents' material living standards continue to improve, people's demand for spiritual and cultural consumption has also increased. In this context, the film and television industry has been developing rapidly. After the initial stage of development, the film and television industry began to reconfigure resources through mergers and acquisitions to carry out industrial integration. And because the fixed assets investment is relatively small, the book value is not high, the enterprise's brand, reputation, media resources, customer resources and other intangible assets can not be reflected in the book. Therefore, a large number of film and television enterprises have the phenomenon of high premium M & A, so, what are the reasons for the mass M & A, and the performance after M & A is worth further study. In order to achieve strategic transformation. Break the single business model, expand the scope of business, open the film and television industry chain, Hualubeina in 2014 with 2.5 billion yuan M & A Blue Flame. More than 2 billion of them are included in the consolidated report as goodwill. This paper takes Hualubeina M & A Blue Flame as an example and uses case analysis to study the motivation and performance of Hualubana M & A Blue Flame in 2014. In order to provide reference for Hualubeina and other film and television enterprises, enrich the research results of M & A in film and television industry. Firstly, this paper expounds the background and significance of the research, comments on the causes and performance of M & A research. This paper summarizes the development of film and television industry in China and the situation of M & A, analyzes the current situation of M & A in film and television industry, the characteristics of M & A and the causes of M & A. Through the research of Hualubana M & A, it is found that this merger has realized the strategic integration of both sides and the content production of both sides. Media and commercial customer resources will be further shared, forming a new pattern of multi-business development of film and television, variety arts and sports, and opening up the media industry chain. However, the merger and acquisition has a negative effect on the profitability of enterprises. On the basis of summing up the cases, this paper believes that in order to achieve the desired results of mergers and acquisitions, film and television enterprises should clear the purpose of mergers and acquisitions to avoid blind mergers and acquisitions. At the same time, we should strengthen the evaluation of intangible assets to achieve the true goal of mergers and acquisitions.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51
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本文编号：1489317