我国文化产业海外并购绩效研究(硕士)

我国文化产业海外并购绩效研究(硕士)(论文26000字)
摘 要
从2002年党的十六大召开，我国正式进入了文化产业的高速发展阶段。我国文化产业及相关产业所创造的经济增加值在2003年时只有3577亿元，而经过十年的发展，2013年我国文化产业及相关产业的经济增加值达到了2.1万亿元，是2003年的六倍。文化产业快速发展的同时，行业内的企业数量不断增多，激烈的竞争导致企业通过并购的形式打败对手，扩张自己。并购是推动企业飞速发展的动力，但是许多研究都表明并购的风险很大，特别是跨国并购。中国企业虽然也在快速发展，但相对于欧美企业来说还是有一定距离的，中国企业海外并购的成功率还是比较低的。虽然我国企业海外并购的成功率很低，但是海外并购的数量却是逐年增加。
本文首先介绍了并购的相关概念，为本文案例的研究提供理论基础。其次，详细介绍了文化产业海外并购的现状，包括其海外并购的现状、动因和并购模式。然后本文通过对凤凰传媒并购PIL的案例介绍，叙述了凤凰传媒并购PIL的过程和原因。通过对凤凰传媒并购前后绩效的研究，得出结论，并对提高我国海外并购的绩效提出了建议。本文在写作过程中，运用的文献研究法收集理论资料，运用会计指标法进行绩效评价，运用归纳演绎法对我国文化产业的并购动因和并购模式进行了总结，运用案例研究法详细介绍了海外并购对于我国文化产业绩效的影响。本文希望通过对凤凰传媒并购PIL案例的研究，发现海外并购对于我国文化企业的绩效有何影响，并对如何提高我国文化产业海外并购的绩效提出建议。

[来源：http://www.think58.com]

本文主要贡献在于，结合我国文化产业的海外并购问题的理论分析，通过凤凰传媒并购PIL的案例研究，发现并购前后在财务数据和EVA上的变化，并试图找出导致这种变化的原因，最后针对文化产业海外并购财务整合上的存在的问题提出相应的改进意见。由于现在国内对于文化产业海外并购绩效研究的数量较少，希望通过本文的研究，可以给我国文化产业海外并购提供借鉴。
关键词：海外并购，绩效评价，文化产业

ABSTRACT
From 2002, the party's 16 big formally in our country has entered the phase of the rapid development of cultural industry.China's cultural industry and related industry creates economic value only 357.7 billion yuan added in 2003,and after 10 years of development, in 2013 China's cultural industry and related industry economic added value reached 2.1 trillion yuan,which is six times that of 2003.Although Culture industry is rapid development ,the growing number of companies in the industry, fierce competition leads to companies through mergers and acquisitions in the form of a defeated opponent,expanding yourself.Mergers and acquisitions is the motive force of promoting enterprise rapid development, but many studies have shown that m&a risk is very big, especially transnational mergers and acquisitions. Chinese enterprises are in rapid development, but are still a certain distance relative to the European and American enterprises.The success rate of Chinese enterprises overseas m&a is low. Although our country enterprise overseas m&a success rate is very low, but the number of overseas m&a is increasing year by year.
This paper first introduces the related concepts of m&a, which provides the theoretical foundation for the research of this case.Secondly, the paper introduces the present situation of the cultural industry overseas mergers and acquisitions, including its present situation, the reason of overseas mergers and acquisitions and mergers and acquisitions mode. Then this article through to the phoenix media mergers and acquisitions of PIL cases introduction, describing the process and reasons of phoenix media merger PIL. Based on the research of the phoenix media before and after m&a performance, it comes to the conclusion, and improves China's overseas m&a performance which are proposed. In this paper,in the process of writing,the author uses the theory of literature research to collect data, uses the accounting index method for performance evaluation,uses inductive deductive method to summary our country culture industry mergers and acquisitions motivation and m&a mode, uses the case method introduced the overseas m&a effects on the performance of China's cultural industry.This paper hope through the study of phoenix media merger PIL cases and find that  the overseas mergers and acquisitions affect he performance of the culture enterprises in our country and  improve the cultural industry in our country which are to put forward on the performance of overseas m&a.
By the case study of phoenix media merger PIL, this article main contribution is to find the change of the before and after mergers and acquisitions on the financial data and EVA, combing with the our country culture industry of the theoretical analysis on the problem of overseas mergers and acquisitions,and tries to find out the cause of the change.At last,the paper promotes advice  on the existing problems of cultural industry overseas m&a;s financial integration.Because now for domestic cultural industry the number of overseas m&a performance study is few.Hoping that through this article research, I can provide reference to the cultural industry in our country overseas m&a.
    Keywords：Overseas mergers and acquisitions，The performance evaluation，The cultural industry

目  录
学位论文原创性声明    1
学位论文版权使用授权书    1
摘 要    1
ABSTRACT    2
第1章 导论    1
1.1 研究背景和意义    1
1.1.1 研究背景    1
1.1.2 研究意义    1
1.2 研究内容和方法    2
1.2.1 研究方法    2
1.2.2 研究内容    2
1.3 国内外文献综述    3
1.3.1 国外文献综述    3
1.3.2 国内文献综述    4
1.3.3 国内外文献评述    5
1.4 本文创新点    5
第2章 企业并购理论    6
2.1 并购的相关概念界定    6
2.1.1 并购的含义    6
2.1.2 跨国并购的含义    6
2.2 企业并购绩效理论    7
2.2.1 规模经济理论    7
2.2.2 效率理论    7
2.2.3 代理理论    8
2.2.4 交易费用理论    9
2.3 小结    9
第 3 章 我国文化产业并购现状    10
3.1我国文化产业发展现状    10

[来源：http://www.think58.com]

3.1.1 我国文化产业迎来黄金发展时期    10
3.1.2 数字文化产业将成为主流文化产业    11
3.1.3 国家政策大力扶持    12
3.1.4 理论创新落后于实践发展    12
3.1.5 外国文化产业的威胁    13
3.2 我国文化产业并购动因    13
3.2.1 经济和金融全球化    13
3.2.2 中国文化在世界遍地开花    14
3.2.3 人民币的升值    15
3.2.4 金融危机提供机会    15
3.3 我国文化产业的并购模式    16
3.3.1 现金收购    16
3.3.2 换股收购    16
3.3.3 合资控股并购    16
3.3.4 资产收购    17
3.3.5 资产置换    17
3.4 小结    17
第4章 凤凰传媒并购PIL案例介绍    18
4.1 凤凰传媒并购PIL案例背景介绍    18
4.1.1 凤凰传媒和PIL发展状况    18 [来源：http://www.think58.com]
4.1.2 凤凰传媒和PIL双方的现状和地位    19
4.2 凤凰传媒并购动因    20
4.2.1 凤凰传媒发展的需要    20
4.2.2 凤凰传媒并购美国出版国际公司SWOT分析    21
4.3 凤凰传媒并购PIL的过程    23
4.3.1 PIL出售童书业务    23
4.3.2 凤凰传媒高度重视    23
4.3.3 凤凰传媒与PIL在并购过程中的博弈    24
4.4 小结    24
第 5 章 凤凰传媒并购PIL绩效评价    25
5.1 财务能力分析    25
5.1.1 盈利能力分析    25
5.1.2 偿债能力分析    27
5.1.3 营运能力分析    29
5.1.4 发展能力分析    30
5.2 基于EVA的绩效分析    32
5.2.1 EVA计算公式的调整    32
5.2.2 凤凰传媒EVA的行业比较    33
5.3 小结    35
第6章 提高我国文化产业海外并购绩效的建议    36

[资料来源：http://think58.com]

6.1 合理选择并购目标    36
6.1.1 明确交易得主题    36
6.1.2 实现业务互补    36
6.2 重视并购后续整合    37
6.2.1 企业文化整合    37
6.2.2 经营管理的整合    37
6.2.3 人力资源整合    38
6.3 吸纳和培养专业人才    38
6.4 小结    39
第 7 章 研究结论和研究展望    40
7.1 研究结论    40
7.2 研究局限及研究展望    40
参考文献    42
致谢    44 [资料来源：http://THINK58.com]