本文選題：并購(gòu)　切入點(diǎn)：并購(gòu)動(dòng)因　出處：《湘潭大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：如今中國(guó)經(jīng)濟(jì)處于轉(zhuǎn)型期,新常態(tài)下供給側(cè)改革、產(chǎn)業(yè)結(jié)構(gòu)升級(jí)是穩(wěn)定經(jīng)濟(jì)必經(jīng)之路。這與我國(guó)上市公司并購(gòu)事件頻發(fā)密切相關(guān),尤其是在以制造業(yè)和信息技術(shù)業(yè)這類高新產(chǎn)業(yè)為主的創(chuàng)業(yè)板市場(chǎng)。在公司并購(gòu)后擴(kuò)大生產(chǎn)經(jīng)營(yíng)的同時(shí),如何做好并購(gòu)后的各項(xiàng)資源整合,根據(jù)市場(chǎng)調(diào)整自身的經(jīng)營(yíng)策略同樣十分的關(guān)鍵。本文從并購(gòu)的理論出發(fā),對(duì)國(guó)內(nèi)外關(guān)于并購(gòu)動(dòng)因和并購(gòu)績(jī)效文獻(xiàn)進(jìn)行了歸納并結(jié)合企業(yè)所在互聯(lián)網(wǎng)行業(yè)的特征,對(duì)樂(lè)視網(wǎng)并購(gòu)動(dòng)因和績(jī)效進(jìn)行分析。首先,根據(jù)樂(lè)視網(wǎng)并購(gòu)的背景和市場(chǎng)狀況,從內(nèi)部和外部?jī)蓚�(gè)角度出發(fā)分析了其并購(gòu)的動(dòng)因,其中內(nèi)因有:完善產(chǎn)業(yè)鏈條、增強(qiáng)核心能力、緩解資金壓力、降低融資成本、發(fā)揮協(xié)同效應(yīng)和實(shí)現(xiàn)戰(zhàn)略合作;外因有:成長(zhǎng)性壓力和競(jìng)爭(zhēng)對(duì)手推動(dòng)。然后,運(yùn)用事件研究法和財(cái)務(wù)指標(biāo)法分別對(duì)其并購(gòu)后的短期和長(zhǎng)期績(jī)效進(jìn)行了分析,結(jié)果表明,樂(lè)視網(wǎng)并購(gòu)活動(dòng)對(duì)其短期績(jī)效帶來(lái)了一定提升,而長(zhǎng)期績(jī)效則出現(xiàn)了下降。接著對(duì)存在的問(wèn)題提出相關(guān)建議:加強(qiáng)應(yīng)收賬款管理、運(yùn)用優(yōu)先股融資、優(yōu)化治理結(jié)構(gòu)、轉(zhuǎn)變終端定價(jià)方式和注重內(nèi)容產(chǎn)品開發(fā)。最后,得出研究結(jié)論,并購(gòu)為樂(lè)視網(wǎng)帶來(lái)了一定的預(yù)期效果,但綜合來(lái)看,過(guò)于激進(jìn)的擴(kuò)張策略并沒有充分考慮投資者意愿及公司的承受力,令公司陷入資金鏈的困境,接著提出了四點(diǎn)啟示:重視并購(gòu)后續(xù)整合工作、選擇并購(gòu)目標(biāo)要符合戰(zhàn)略需求、根據(jù)情況選擇適當(dāng)?shù)闹Ц斗绞胶屯ㄟ^(guò)不斷創(chuàng)新提升競(jìng)爭(zhēng)優(yōu)勢(shì)。通過(guò)上述分析,期望對(duì)今后樂(lè)視網(wǎng)和其他同類型的企業(yè)并購(gòu)帶來(lái)啟示和借鑒意義,促進(jìn)互聯(lián)網(wǎng)行業(yè)的發(fā)展。
[Abstract]:Nowadays, China's economy is in a transitional period, the supply-side reform under the new normal state and the upgrading of industrial structure are the only way to stabilize the economy, which is closely related to the frequent M & A incidents of listed companies in China. In particular, in the gem market, which is dominated by high-tech industries such as manufacturing and information technology, how to integrate all kinds of resources after mergers and acquisitions while expanding production and operation after mergers and acquisitions, Based on the theory of M & A, this paper sums up the domestic and foreign literature on M & A motivation and M & A performance, and combines the characteristics of the Internet industry in which the enterprise is located. First of all, according to the background and market situation of Letv M & A, this paper analyzes the causes of the M & A from the internal and external angles, including perfecting the industrial chain, enhancing the core competence. Ease financial pressure, reduce financing costs, play synergy and achieve strategic cooperation; external factors: growth pressure and competitors. Then, This paper analyzes the short-term and long-term performance of the merger and acquisition by using the event research method and the financial index method respectively. The results show that the merger and acquisition activities of Letv net have brought about a certain improvement to its short-term performance. The long-term performance has declined, and then put forward some suggestions to the existing problems: strengthening accounts receivable management, using preferred stock financing, optimizing the governance structure, changing the terminal pricing mode and content product development. The conclusion of the study is that M & A has brought certain expected effect to Letv's net, but in sum, the over-radical expansion strategy has not fully considered the investor's will and the company's endurance, which makes the company fall into the dilemma of the capital chain. Then it puts forward four enlightenments: pay attention to the follow-up integration of M & A, choose the target of M & A to meet the strategic demand, choose the appropriate payment method according to the situation and enhance the competitive advantage through continuous innovation. It is expected to bring inspiration and reference to Letv net and other similar M & A in the future, and promote the development of Internet industry.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F49;F271;F275

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