浙报传媒并购杭州边锋与上海浩方的绩效研究

发布时间：2018-02-26 02:20

本文关键词： 并购绩效定向增发对赌协议事件研究法平衡计分卡　出处：《浙江工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着互联网行业的飞速发展,传统报刊业的发展瓶颈凸显,收入和利润连续下滑。同时,国家政策开始鼓励有实力的文化企业跨地区、跨行业、跨所有制兼并重组。在此背景下,浙报传媒率先启动了全媒体战略转型,于2013年成功收购了杭州边锋和上海浩方。经过三年多的整合和发展,并购效应已经初见成效,通过对其并购过程和绩效的分析,可为我国传媒企业的转型发展提供有益借鉴。2013年4月,浙报传媒通过定向增发和银行借款收购了杭州边锋和上海浩方100%的股权。本文首先在浙报传媒内外部环境的基础上分析了本次并购的动因及目标选择,并对并购过程中的标的公司定价、融资安排、支付方式及对赌协议等方面进行了深入分析。本次并购主要是出于推进浙报传媒全媒体战略布局的动机,而边锋和浩方不仅拥有明星游戏和可观业绩,还拥有庞大的用户资源,可以助力于浙报传媒的全媒体布局。通过签订业绩对赌协议、向标的公司管理层定向增发、分期支付并购款等一系列设计,有效地降低了并购的支付风险和整合风险。在定价合理性方面,本文通过与同期游戏企业并购的增值率和市盈率相比较,认为本次并购存在定价偏高的风险。本文运用事件研究法和平衡计分卡分别评价了本次并购的短期市场绩效和长期战略绩效。事件研究法分析显示,浙报传媒的股票在首次宣告日的事件窗口内表现出了正的CAR,累计超额收益率呈上升趋势,反映市场看好此次并购,增加了股东财富,短期市场绩效为正。此外,本文从财务、客户、内部流程及学习与成长四个维度构建了四维指标评价体系,以全面衡量企业并购的战略绩效。在财务维度方面,通过纵向分析和横向分析,发现并购后收入和利润都有显著提升,偿债能力和成长能力也均有所改善。在客户维度,通过收购实现了用户规模的大幅增长和行业地位的迅速提升。在内部流程维度,期间费用和营业成本占营业收入的比值较为平稳,成本管理水平较好。在学习与成长维度,并购后研发投入占营业收入的比重不断提升,创新能力不断得到重视。通过本次并购,浙报传媒实现了与互联网的融合发展,获得了巨大的用户资源和可观的收入来源,短期绩效和长期绩效均表现良好,协同效应显著,为公司股东带来了持续、良好的投资回报。因此,通过并购游戏等互联网企业开展多元化经营是传媒企业提高盈利水平、突破发展困境的一个有效路径,值得其他传媒企业借鉴参考。
[Abstract]:With the rapid development of the Internet industry, the bottleneck in the development of the traditional newspaper industry has been highlighted. At the same time, national policies have begun to encourage powerful cultural enterprises to cross regions and industries. Cross-ownership mergers and reorganization. In this context, Zhejiang News Media took the lead in launching the all-media strategic transformation and successfully acquired the Hangzhou winger and Shanghai Haofang in 2013. After more than three years of integration and development, the M & A effect has begun to bear fruit. Through the analysis of the process and performance of M & A, it can provide a useful reference for the transformation and development of Chinese media enterprises. April 2013, Zhejiang News Media has acquired the shares of Hangzhou winger and Shanghai Haofang 100% through targeted issuance and bank loan. Firstly, this paper analyzes the motivation and target choice of this merger on the basis of the internal and external environment of Zhejiang News Media. It also analyzes the pricing, financing arrangement, payment method and gambling agreement of the target company in the process of merger and acquisition. This merger and acquisition is mainly out of the motive of promoting the strategic layout of all media in Zhejiang newspaper. And the winger and Hao Fang not only have star games and impressive performance, but also have huge user resources, which can help the whole media layout of Zhejiang News Media. By signing a performance-to-bet agreement, they will issue additional shares to the management of the underlying company. A series of designs, such as payment for M & A by stages, effectively reduce the risk of payment and integration of M & A. in terms of pricing rationality, this paper compares with the value-added ratio and P / E ratio of M & A of game enterprises in the same period. This paper uses event research method and balanced scorecard to evaluate the short-term market performance and long-term strategic performance of the merger. In the event window of the first announcement date, Zhejiang News shares showed positive Carr, the cumulative excess yield showed an upward trend, reflecting the market optimistic about the merger, increased shareholder wealth, short-term market performance is positive. In addition, this article from the financial, Four dimensions of customer, internal process and learning and growth are constructed to evaluate the strategic performance of M & A. in the financial dimension, vertical analysis and horizontal analysis are carried out. It is found that both revenue and profit have been significantly increased, and both solvency and growth capacity have been improved. In the customer dimension, the acquisition has achieved a significant increase in the size of users and a rapid increase in the status of the industry, and in the internal process dimension, During the period, the ratio of expenses and operating costs to operating income is relatively stable, and the level of cost management is better. In the dimension of learning and growth, the proportion of R & D investment in business income after M & A has been increasing. Through this merger and acquisition, Zhejiang News Media has realized the integration and development with the Internet, has obtained huge user resources and considerable revenue sources, both short-term performance and long-term performance are good, the synergy effect is remarkable. Therefore, it is an effective way for media enterprises to improve their profitability and break through the predicament of development by diversified management through mergers and acquisitions games and other Internet enterprises. It is worthy of reference for other media enterprises.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G206-F;F271

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