本文選題：影視產(chǎn)業(yè)　切入點(diǎn)：明星　出處：《浙江大學(xué)》2017年碩士論文

【摘要】：近年來(lái)我國(guó)影視產(chǎn)業(yè)快速發(fā)展,產(chǎn)業(yè)內(nèi)的并購(gòu)運(yùn)作持續(xù)活躍。隨著資本向影視產(chǎn)業(yè)各個(gè)環(huán)節(jié)的持續(xù)滲透,資本對(duì)影視創(chuàng)作的影響、商業(yè)利益與藝術(shù)追求的平衡也成為了近年來(lái)業(yè)內(nèi)外關(guān)注和爭(zhēng)論的焦點(diǎn)。其中,部分境內(nèi)上市影視公司選擇以明星成立的空殼公司作為并購(gòu)對(duì)象。由于該類(lèi)并購(gòu)對(duì)象與傳統(tǒng)意義上影視產(chǎn)業(yè)并購(gòu)標(biāo)的在運(yùn)營(yíng)周期、歷史業(yè)績(jī)、并購(gòu)模式等方面存在明顯差異,明星空殼公司的并購(gòu)行為引起了社會(huì)各界的廣泛爭(zhēng)議。本文以波特五力模型作為理論指導(dǎo),以對(duì)影視行業(yè)的五力分析為基礎(chǔ),對(duì)上市影視公司并購(gòu)明星空殼公司的案例進(jìn)行了全面的分析和研究。從波特五力模型的視角分析,明星空殼公司的并購(gòu)行為能夠提升影視公司對(duì)稀缺明星資源的把控能力,進(jìn)而增強(qiáng)影視公司在購(gòu)買(mǎi)方議價(jià)能力、采購(gòu)方議價(jià)能力、競(jìng)爭(zhēng)對(duì)手比較優(yōu)勢(shì)等方面的行業(yè)內(nèi)競(jìng)爭(zhēng)力。同時(shí),通過(guò)前述并購(gòu)能夠?qū)崿F(xiàn)上市公司股東及明星股東雙方的財(cái)富增值。然而,明星空殼公司并購(gòu)行為也導(dǎo)致了影視產(chǎn)業(yè)運(yùn)營(yíng)過(guò)度商業(yè)化,相關(guān)上市公司價(jià)值泡沫化、盈利及估值大幅波動(dòng)等問(wèn)題。根據(jù)前述研究,本文認(rèn)為盡管從五力模型的角度明星空殼公司并購(gòu)有利于在短期內(nèi)提升相關(guān)上市公司在行業(yè)內(nèi)的競(jìng)爭(zhēng)力,但從公眾投資者權(quán)益保護(hù)、影視產(chǎn)業(yè)持續(xù)發(fā)展及國(guó)家產(chǎn)業(yè)政策導(dǎo)向的角度,明星空殼公司的并購(gòu)行為弊大于利,應(yīng)當(dāng)予以限制和規(guī)范。最后,本文從資本市場(chǎng)制度建設(shè)、影視產(chǎn)業(yè)發(fā)展制度建設(shè)等方面對(duì)并購(gòu)明星空殼公司的行為提出了建議。
[Abstract]:In recent years, China's film and television industry has developed rapidly, and mergers and acquisitions in the industry continue to be active.With the continuous penetration of capital into various links of film and television industry, the influence of capital on film and television creation, the balance between commercial interests and artistic pursuit has also become the focus of attention and debate inside and outside the industry in recent years.Among them, some domestic listed film and television companies choose shell companies established by stars as M & A objects.Due to the obvious differences between this kind of M & A object and the traditional movie and TV industry M & A target in operation cycle, historical achievement, M & A mode and so on, the merger and acquisition behavior of star shell company has caused widespread controversy in the society.Under the guidance of Porter's five-force model and on the basis of the five-force analysis of the film and television industry, this paper makes a comprehensive analysis and research on the case of the listed film and television companies' merger and acquisition of star shell companies.From the point of view of Porter's five-force model, the merger and acquisition of star shell company can enhance the control ability of the film and television company to the scarce star resources, and then enhance the bargaining power of the film and television company in the buyer's price and the purchasing party's bargaining power.Competitive advantage of competitors and other aspects of the industry competitiveness.At the same time, the above-mentioned mergers and acquisitions can realize the wealth appreciation of both shareholders and star shareholders of listed companies.However, the merger and acquisition of star shell companies also leads to the excessive commercialization of film and television industry, the value bubble of related listed companies, the large fluctuation of profit and valuation, and so on.According to the above study, this paper holds that although the merger and acquisition of star shell companies from the point of view of the five-force model is conducive to enhancing the competitiveness of relevant listed companies in the industry in the short term, the protection of the rights and interests of public investors,In view of the sustainable development of film and television industry and the orientation of national industrial policy, the merger and acquisition behavior of star shell company is more harmful than good, and should be restricted and standardized.Finally, this paper puts forward some suggestions on the merger and acquisition of star shell companies from the aspects of capital market system construction, film and television industry development system construction and so on.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：J943;F271

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