【作者】 张弛；

【导师】 张秋生；

【作者基本信息】 北京交通大学 ， 审计硕士（专业学位）， 2017， 硕士

【摘要】 随着“互联网+”战略上升至国家战略,互联网行业的发展备受瞩目并已然成为推动我国经济发展的重要力量。在中国并购市场日渐活跃的大背景下,我国互联网行业的并购亦风起云涌,而网络游戏行业作为一种新兴的互联网细分行业,近年来网络游戏的用户数量和产业规模都大幅上升,在激烈的市场竞争面前,网络游戏行业的内部整合逐渐兴起,网络游戏企业之间横向并购日渐频繁。本文选择我国A股上市的首家主营业务为移动网络游戏的专业网络游戏公司,北京掌趣科技股份有限公司(简称“掌趣科技”)作为案例研究对象。通过对掌趣科技横向并购战略进行研究,本文结合并购动因理论和掌趣科技并购公告总结出掌趣科技实施横向并购战略的动因,即:实现协同效应、市场势力的开拓与产业组织、技术品牌等优质资产的互补以及资本市场的认可,具体表现为获取盈利能力的提升、经营成本的降低、运营效率增强、市场份额的增长、研发能力的提升、品牌价值的增值以及股东收益上升等方面。本文随后根据并购动因并结合现有并购动因理论构建基于并购动因的并购绩效评价体系,借助评价体系,选取博雅互动国际有限公司(简称“博雅互动”)作为对比企业(博雅互动实施自主研发、内源增长的稳定型公司层战略),采用经营业绩对比法和事件研究法对掌趣科技实施横向并购战略前后的并购绩效进行评价,并从盈利能力、成长能力、经营成本、运营效率、市场份额、技术品牌以及股东收益等角度得出结论:横向并购战略对掌趣科技并购绩效产生了一定的积极影响,对于主营业务的盈利能力提升和成本节约作用尤其显著,对掌趣科技的市场份额具有积极作用,在实施横向并购战略之后,掌趣科技在海外业务的开拓上则呈现出较好的成长性,掌趣科技的研发能力和品牌价值皆呈现趋好的态势。资本市场对于掌趣科技的横向并购活动持看好的态度,基于CAR值的测算,并购活动为掌趣科技的股东带来了一定的收益。但是,掌趣科技还应进一步做好并购后的整合工作,并购使得掌趣科技总资产规模大幅提升,其应当进一步提升总资产的盈利能力和运营效率,实现并购绩效的全面提升和持续增长。本文希望通过分析掌趣科技横向并购战略为我国的互联网企业,特别是网络游戏企业的发展战略带来一定的借鉴意义。更多还原

【Abstract】 With the "Internet +" strategy to rise to the national strategy,the development of the Internet industry has attracted attention and has become an important force to promote China’s economic development.In the context of China’s mergers and acquisitions market increasingly active,China’s Internet industry mergers and acquisitions are surging,and the online game industry as a new Internet segmentation industry,in recent years,the number of online games and industry scale has increased significantly in the fierce Market competition in front of the online game industry,the gradual integration of internal integration,online games between horizontal mergers and acquisitions increasingly frequent.This article chooses China’s A-share listed the main business for the mobile online game professional online game company,OURPALM CO.,LTD.as the case study object.Through the research on the strategy of cross-merging M&A,this paper combines the motivational theory of M&A and the M&A announcement to summarize the motivations of the implementation of horizontal mergers and acquisitions,namely,the realization of management and management,market forces and industrial organizations,Technology brands and other high-quality assets complement and the recognition of the capital market.Specific performance as the upgrade of profitability,lower operating costs,operational efficiency,market share growth,access to quality assets and shareholder gains and so on.This paper then constructs the M&A performance evaluation system based on the existing M&A motive theory.By using the evaluation system,Boyaa.LTD is selected as the comparative enterprise,and the operating performance comparison method and the case study method are used.And from the perspective of the profitability,operating costs,operating efficiency,market share,technology brand and shareholder returns,we get the conclusion:The strategy of horizontal mergers and acquisitions has had a positive effect on the performance of M&A,which has made a significant effect on the promotion of the main business.In the implementation of horizontal mergers and acquisitions strategy,the market share of OURPALM CO.,LTD showed a steady upward trend,and the overseas business development is showing a better growth,research and development capabilities and brand value are showing a good situation.The capital market is optimistic about the horizontal M&A activity of OURPALM CO.,LTD,and the M&A activity brings some benefits to the shareholders of the company,based on the value of the CAR.But OURPALM CO.,LTD should also do a better job on the M&A integration work.M&A makes the total assets of OURPALM CO.,LTD large-scale increase,which should further enhance the total assets of the profitability and operational efficiency,and achieving the overall performance of mergers and acquisitions and sustained growth.This paper hopes to analyze the strategy of cross-border mergers and acquisitions for China’s Internet companies,especially the development strategy of online game companies to bring some reference.更多还原