本文選題：并購動因　切入點：并購績效　出處：《河北經(jīng)貿(mào)大學》2017年碩士論文　論文類型：學位論文

【摘要】：近年來,隨著我國資本市場的快速發(fā)展,并購重組己經(jīng)成為了企業(yè)做大做強的重要手段之一。我國經(jīng)濟現(xiàn)在處于轉(zhuǎn)型升級的階段,許多經(jīng)營傳統(tǒng)業(yè)務(wù)的上市公司以自身優(yōu)勢和現(xiàn)狀為立足點,突破同行業(yè)并購的常規(guī),利用資產(chǎn)重組的方式外延融合具有高潛力的新興業(yè)務(wù),如國家現(xiàn)在大力發(fā)展支持的互聯(lián)網(wǎng)業(yè)務(wù),預通過跨行業(yè)并購新興業(yè)務(wù),進行業(yè)務(wù)轉(zhuǎn)型,調(diào)整業(yè)務(wù)結(jié)構(gòu),優(yōu)劣互補,提升公司整體的運作效率,使公司走上多元化發(fā)展道路。數(shù)字營銷行業(yè)具有高增長和高發(fā)展的特性,近兩年受到國家的關(guān)注與支持。因此,傳統(tǒng)企業(yè)預挖掘新的利潤增長點,為股東創(chuàng)造更多的財富,發(fā)展前景廣闊的數(shù)字營銷領(lǐng)域成為其進入新經(jīng)濟領(lǐng)域的發(fā)力點。利歐股份是A股傳統(tǒng)企業(yè)中最早通過跨行業(yè)并購進入數(shù)字營銷這一新興領(lǐng)域的公司,具有一定的典型性。因此,本文將利歐股份并購上海漫酷作為研究對象。文章首先介紹了并購相關(guān)理論,包括并購和并購績效的概念以及并購動因和并購績效研究方法的幾種理論。結(jié)合利歐股份跨行業(yè)并購上海漫酷的特殊性,并購動因理論選取了效率理論、代理理論和協(xié)同效應(yīng)理論。本文預通過財務(wù)指標與非財務(wù)指標相結(jié)合的方式來評價企業(yè)并購的績效,因此并購績效理論選取了財務(wù)指標法、EVA研究法和非財務(wù)指標法這三種方法。其次本文對利歐股份通過并購進行跨界的行業(yè)--數(shù)字營銷行業(yè)的現(xiàn)狀進行了介紹,并結(jié)合互聯(lián)網(wǎng)高速發(fā)展的大背景分析了行業(yè)的發(fā)展趨勢。最后文章介紹了核心部分即利歐股份跨行業(yè)并購上海漫酷,通過對并購雙方及并購過程的簡單介紹,剖析了利歐股份進行跨行業(yè)并購的動因,并通過三種績效評價方法詳細地分析了利歐股份的并購績效,以此來檢驗并購行為是否使其達到了預期目標。本文通過對上述案例的研究,發(fā)現(xiàn)利歐股份通過跨行業(yè)并購,其主營業(yè)務(wù)實現(xiàn)了轉(zhuǎn)型,企業(yè)的業(yè)績水平也得以提高,戰(zhàn)略目標也得以實現(xiàn),同時將數(shù)字營銷與傳統(tǒng)業(yè)務(wù)進行整合,實現(xiàn)了其戰(zhàn)略的轉(zhuǎn)型。利歐股份屬于傳統(tǒng)企業(yè),通過跨行業(yè)并購上海漫酷進入數(shù)字營銷這一新興領(lǐng)域,是一次跨界的成功之舉,其并購經(jīng)驗及對策可以使我國眾多A股市場的老牌企業(yè)所借鑒,以此擺脫傳統(tǒng)行業(yè)發(fā)展遲緩的束縛。
[Abstract]:In recent years, with the rapid development of China's capital market, mergers and acquisitions have become one of the important means for enterprises to become bigger and stronger. Many listed companies operating traditional business take their own advantages and current situation as their foothold, break through the conventional M & A of the same industry, and use the way of asset reorganization to integrate the emerging business with high potential. For example, the state is now vigorously developing the Internet business that it supports, pre-through cross-industry mergers and acquisitions of emerging businesses, business transformation, adjustment of business structure, complementarity of advantages and disadvantages, and enhancement of the overall operational efficiency of the company. The digital marketing industry has the characteristics of high growth and high development, and has been paid attention to and supported by the state in the past two years. Therefore, traditional enterprises pretap new profit growth points to create more wealth for shareholders. The promising field of digital marketing has become the starting point of its entry into the new economic field. Leo shares are the earliest A-share companies to enter the emerging field of digital marketing through cross-industry mergers and acquisitions, which are of a certain typicality. In this paper, Leo stock merger and acquisition of Shanghai Manku as the object of study. First, the article introduced the M & A related theory, It includes the concepts of M & A and M & A performance, as well as several theories of M & A motivation and M & A performance research methods. Combined with the particularity of Leo's cross-industry M & A in Shanghai, the M & A motivation theory selects the efficiency theory. Agency Theory and Synergy Theory. This paper evaluates the performance of M & A by combining financial indicators with non-financial indicators. Therefore, the theory of M & A performance selects the financial index method, EVA research method and non-financial index method. Secondly, this paper introduces the current situation of Leo shares' cross-border industry, digital marketing, which is carried out through M & A. Finally, the paper introduces the core part of Leos share merger and acquisition of Shanghai Manku, through a brief introduction of both sides and the process of M & A, the paper analyzes the development trend of the industry in the context of the rapid development of the Internet. This paper analyzes the motivation of Leos share merger and acquisition across industries, and analyzes the M & A performance of Leo shares in detail through three kinds of performance evaluation methods. Through the study of the above cases, it is found that Leo shares through cross-industry mergers and acquisitions, its main business has been transformed, the performance level of enterprises can also be improved. The strategic goal has also been realized, and at the same time, the integration of digital marketing and traditional business has realized its strategic transformation. Leo shares belong to traditional enterprises and enter the emerging field of digital marketing through cross-industry merger and acquisition of Shanghai Manku. The experiences and countermeasures of M & A can be used for reference by many old enterprises in A-share market, so as to get rid of the shackles of the slow development of traditional industries.
【學位授予單位】：河北經(jīng)貿(mào)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F832.51
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本文編號：1608454