本文選題：優(yōu)酷土豆 + 橫向并購��； 參考：《江西財經(jīng)大學》2017年碩士論文

【摘要】：經(jīng)濟全球化是當前世界經(jīng)濟的重要特征,也是經(jīng)濟發(fā)展不可阻擋的趨勢。2001年,中國正式加入WTO,拉開了中國經(jīng)濟和世界經(jīng)濟全面接軌的序幕。并購也隨著經(jīng)濟全球化,成為每個行業(yè)中不可分割的組成部分。中國企業(yè)置身于并購浪潮中,既會獲得機遇,也會遭遇風險。面對激烈的市場競爭環(huán)境,我國網(wǎng)絡視頻企業(yè)不斷尋求機會,希望通過并購整合,優(yōu)化資源配置,提高管理經(jīng)營效率,增加市場份額,從而實現(xiàn)企業(yè)的長期發(fā)展目標。橫向并購作為企業(yè)并購的主要方式之一,既體現(xiàn)了企業(yè)的經(jīng)濟實力,又展現(xiàn)了企業(yè)的市場競爭力,企業(yè)之間的橫向并購通過協(xié)同效應來創(chuàng)造價值。因此,協(xié)同效應的實現(xiàn)是決定企業(yè)橫向并購是否成功的重要條件。本文認為,橫向并購過程中能否產(chǎn)生最佳協(xié)同效應,是企業(yè)需要重點思考的問題。自從學者安索夫首次提出協(xié)同效應之后,國內外學者都逐漸開始對協(xié)同效應的定義、分類以及作用等方面展開研究。本文中,筆者對并購協(xié)同效應的相關理論進行了概述。同時,本文以弗雷德的理論為基礎,從管理協(xié)同、經(jīng)營協(xié)同和財務協(xié)同出發(fā),對橫向并購的協(xié)同效應進行了分析與探討。本文運用這些理論,采用文獻研究和案例分析兩種方法,并結合我國網(wǎng)絡視頻行業(yè)的發(fā)展現(xiàn)狀,對優(yōu)酷和土豆橫向并購后的協(xié)同效應進行了探討,以期為網(wǎng)絡視頻企業(yè)間的橫向并購提供一定的參考。本文首先介紹了論文的研究背景與意義,對網(wǎng)絡視頻行業(yè)的發(fā)展現(xiàn)狀進行了簡要描述,回顧并整理了橫向并購及協(xié)同效應相關的研究文獻,同時提出了研究思路與方法。其次,本文對橫向并購協(xié)同效應的相關理論進行了概述,對橫向并購的概念進行了界定,并介紹了協(xié)同效應的定義與基本內容,闡述了并購協(xié)同效應理論、市場勢力理論和效率理論,也提出了橫向并購協(xié)同效應的評價方法。再次,本文基于網(wǎng)絡視頻行業(yè)的發(fā)展現(xiàn)狀和并購雙方的內外部環(huán)境,歸納了優(yōu)酷和土豆選擇進行橫向并購的五大動因,并概括了橫向并購的過程,包括并購方式、并購流程和并購之后的整合情況。繼而,本文將橫向并購后的協(xié)同效應存在的問題歸納為長期的管理協(xié)同效應未盡激發(fā),整合的經(jīng)營協(xié)同效應有待提升和整體的財務協(xié)同效應未明顯提高這三個方面,并對這三個方面的問題進行成因分析。最后,本文根據(jù)存在的問題及成因分析,提出提升優(yōu)酷和土豆橫向并購后協(xié)同效應的相關措施:一是集團通過優(yōu)化整合雙方的人力資源,借助“雙品牌”平臺優(yōu)勢以及合理利用管理資源來提高企業(yè)運營效率,以此提升管理協(xié)同效應;二是集團通過優(yōu)化整合重疊業(yè)務,快速整合主營業(yè)務以及利用優(yōu)勢資源互補提高市場占有率,以此完善業(yè)務的經(jīng)營整合;三是集團通過提升信用等級,降低籌資費用以及創(chuàng)建流動性資產(chǎn)組合,以此緩解資金壓力,從而提高整體的財務協(xié)同效應。
[Abstract]:Economic globalization is an important feature of the current world economy and an irresistible trend of economic development. In 2001, China formally joined the WTO, which opened the prelude of the overall integration of China's economy and the world economy. M & A also with the economic globalization, become an integral part of each industry. Chinese enterprises in the M & A wave, both opportunities and risks will be encountered. Facing the fierce market competition environment, the network video enterprises of our country constantly seek the opportunity, hope through the merger and acquisition conformity, optimize the allocation of resources, improve the management efficiency, increase the market share, thus realize the long-term development goal of the enterprise. As one of the main ways of M & A, horizontal M & A not only reflects the economic strength of enterprises, but also shows the market competitiveness of enterprises. Horizontal M & A between enterprises creates value through synergy effect. Therefore, the realization of synergy is an important condition to determine the success of horizontal mergers and acquisitions. This paper holds that whether the best synergistic effect can be produced in the process of horizontal merger and acquisition is an important issue for enterprises to think about. Since Ansov proposed synergistic effect for the first time, scholars at home and abroad have begun to study the definition, classification and function of synergistic effect. In this paper, the author summarizes the theory of M & A synergy. At the same time, based on Fred's theory, this paper analyzes and discusses the synergistic effect of horizontal M & A from management coordination, management coordination and financial coordination. Based on these theories, this paper discusses the synergistic effect of Youku and Tudou after horizontal merger and acquisition by using the methods of literature research and case analysis, and combining with the current situation of the development of China's network video industry. In order to provide a certain reference for the horizontal mergers and acquisitions between the network video enterprises. This paper first introduces the research background and significance of the paper, briefly describes the current situation of the network video industry, reviews and collates the related literature on horizontal mergers and acquisitions and synergies, and puts forward the research ideas and methods. Secondly, this paper summarizes the related theories of horizontal merger synergy, defines the concept of horizontal merger and acquisition, introduces the definition and basic content of synergy effect, and expounds the theory of synergy effect of merger and acquisition. Market power theory and efficiency theory also put forward the evaluation method of horizontal merger synergy. Thirdly, based on the development of the network video industry and the internal and external environment of both sides, this paper summarizes the five motivations for Youku and Tudou to choose horizontal mergers and acquisitions, and summarizes the process of horizontal mergers and acquisitions, including the way of mergers and acquisitions. M & A process and integration after M & A. Then, this paper concludes the existing problems of synergy effect after horizontal merger and acquisition into three aspects: long-term management synergy has not been stimulated, integrated management synergy needs to be promoted and the overall financial synergy has not been significantly improved. The causes of these three problems are analyzed. Finally, based on the analysis of the existing problems and causes, this paper puts forward some measures to enhance the synergy between Youku and Tudou after horizontal M & A: first, the group optimizes and integrates the human resources of both sides. With the advantage of "double brand" platform and rational use of management resources to improve the operational efficiency of enterprises, thereby enhancing the management synergy; second, the group through the optimization of the integration of overlapping business, Fast integration of the main business and the use of complementary advantages of resources to improve market share to improve the business integration; third, the group through upgrading the credit rating, reduce funding costs and create a portfolio of liquid assets, In order to ease the financial pressure, thereby improving the overall financial synergy.
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F49;F275

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本文編號：2015492