本文選題：掌趣科技　切入點：博雅互動　出處：《北京交通大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著“互聯(lián)網(wǎng)+”戰(zhàn)略上升至國家戰(zhàn)略,互聯(lián)網(wǎng)行業(yè)的發(fā)展備受矚目并已然成為推動我國經(jīng)濟發(fā)展的重要力量。在中國并購市場日漸活躍的大背景下,我國互聯(lián)網(wǎng)行業(yè)的并購亦風起云涌,而網(wǎng)絡游戲行業(yè)作為一種新興的互聯(lián)網(wǎng)細分行業(yè),近年來網(wǎng)絡游戲的用戶數(shù)量和產(chǎn)業(yè)規(guī)模都大幅上升,在激烈的市場競爭面前,網(wǎng)絡游戲行業(yè)的內(nèi)部整合逐漸興起,網(wǎng)絡游戲企業(yè)之間橫向并購日漸頻繁。本文選擇我國A股上市的首家主營業(yè)務為移動網(wǎng)絡游戲的專業(yè)網(wǎng)絡游戲公司,北京掌趣科技股份有限公司(簡稱“掌趣科技”)作為案例研究對象。通過對掌趣科技橫向并購戰(zhàn)略進行研究,本文結(jié)合并購動因理論和掌趣科技并購公告總結(jié)出掌趣科技實施橫向并購戰(zhàn)略的動因,即:實現(xiàn)協(xié)同效應、市場勢力的開拓與產(chǎn)業(yè)組織、技術(shù)品牌等優(yōu)質(zhì)資產(chǎn)的互補以及資本市場的認可,具體表現(xiàn)為獲取盈利能力的提升、經(jīng)營成本的降低、運營效率增強、市場份額的增長、研發(fā)能力的提升、品牌價值的增值以及股東收益上升等方面。本文隨后根據(jù)并購動因并結(jié)合現(xiàn)有并購動因理論構(gòu)建基于并購動因的并購績效評價體系,借助評價體系,選取博雅互動國際有限公司(簡稱“博雅互動”)作為對比企業(yè)(博雅互動實施自主研發(fā)、內(nèi)源增長的穩(wěn)定型公司層戰(zhàn)略),采用經(jīng)營業(yè)績對比法和事件研究法對掌趣科技實施橫向并購戰(zhàn)略前后的并購績效進行評價,并從盈利能力、成長能力、經(jīng)營成本、運營效率、市場份額、技術(shù)品牌以及股東收益等角度得出結(jié)論:橫向并購戰(zhàn)略對掌趣科技并購績效產(chǎn)生了一定的積極影響,對于主營業(yè)務的盈利能力提升和成本節(jié)約作用尤其顯著,對掌趣科技的市場份額具有積極作用,在實施橫向并購戰(zhàn)略之后,掌趣科技在海外業(yè)務的開拓上則呈現(xiàn)出較好的成長性,掌趣科技的研發(fā)能力和品牌價值皆呈現(xiàn)趨好的態(tài)勢。資本市場對于掌趣科技的橫向并購活動持看好的態(tài)度,基于CAR值的測算,并購活動為掌趣科技的股東帶來了一定的收益。但是,掌趣科技還應進一步做好并購后的整合工作,并購使得掌趣科技總資產(chǎn)規(guī)模大幅提升,其應當進一步提升總資產(chǎn)的盈利能力和運營效率,實現(xiàn)并購績效的全面提升和持續(xù)增長。本文希望通過分析掌趣科技橫向并購戰(zhàn)略為我國的互聯(lián)網(wǎng)企業(yè),特別是網(wǎng)絡游戲企業(yè)的發(fā)展戰(zhàn)略帶來一定的借鑒意義。
[Abstract]:With the "Internet plus" strategy up to the national strategy, the development of the Internet industry has attracted much attention and has become an important force in promoting China's economic development. In the background of increasingly active China mergers and acquisitions market, China's Internet industry mergers and acquisitions also network game industry raging like a storm, and as a kind of emerging Internet industry segments, users the number and size of network game industry in recent years has risen sharply, in the face of fierce market competition, the internal integration of network game industry gradually rise, between online game enterprises horizontal merger is becoming more and more frequent. This paper chooses China's A shares listed on the first main business for the mobile network game professional network game company, Beijing zhangqu Polytron Technologies Inc (hereinafter referred to as "zhangqu technology") as a case study. Through the study of horizontal merger zhangqu technology strategy, this paper combined with the purchase The theory of motivation and zhangqu technology merger announcement summary as interest motivation, technology implementation of horizontal merger strategy: to realize synergies, market forces and industry organization, technology brand and other complementary quality assets and capital market recognition, the specific performance of access to enhance profitability, reduce operating costs, enhance the operational efficiency. The growth of market share, enhance research and development capabilities, brand value and shareholders' earnings rise and so on. Then, according to the acquisition motivation and taking the construction of existing M & a theory motivation of M & M & a performance evaluation system based on the evaluation system, select boyaa interactive International Limited (hereinafter referred to as "boyaa interactive") as a contrast (liberal arts enterprises the interactive implementation of independent research and development, stable growth of the company endogenous strategy), the performance comparison and events on the palm interested in science and technology research method The implementation of the performance before and after the merger and acquisition strategy of horizontal mergers and acquisitions were evaluated, and the profit ability, growth ability, operating costs, operational efficiency, market share, brand and technology point of shareholders to draw the conclusion: the horizontal merger strategy of zhangqu technology has some positive effects for the performance of mergers and acquisitions, the main business profitability and cost saving effect is especially remarkable, has a positive effect on zhangqu technology market share, after the implementation of the strategy of horizontal mergers and acquisitions, zhangqu technology in overseas business development, showing good growth, palm interested in science and technology R & D capability and brand value are presented and good posture. The capital market for horizontal mergers and acquisitions activities zhangqu technology the optimistic attitude estimation based on CAR value, mergers and acquisitions for zhangqu technology shareholders to bring certain benefits. However, zhangqu technology should also further improve the merger After the integration of mergers and acquisitions, the total asset size of zhangqu technology increases, the total assets shall further enhance profitability and operational efficiency, to achieve a comprehensive upgrade the performance of mergers and acquisitions and growth. This paper aims to analyze the zhangqu technology of horizontal merger strategy for China's Internet business, especially online game business development strategy bring some reference.

【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F49

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