【作者】 田园；

【导师】 张岩； 郭洪伟；

【作者基本信息】 北京林业大学 ， 会计（专业学位）， 2020， 硕士

【摘要】 在过去的30年间,我国经济得到了前所未有的快速发展。与此同时,中国的消费观念与消费结构也发生了深刻的变化。电子技术的发展和电子产品的应用,使越来越多的人接触到了互联网游戏。在中国加入WTO后,中国与世界的联系更加密切,但是我国游戏产业在发展的过程中,也面临着技术创新和品牌服务等问题,合理地开展海外并购是一项有利之举。在2008年国际金融危机后,一些欧美国家的企业面临资金运营困难,这是我国游戏行业并购高质量公司的契机。中国互联网企业抓住“走出去”的时机,积极进行海外并购。本文在阅读大量的文献的基础上,对资料进行整理分析,介绍了国内外并购发展的历程,互联网整个行业的现状,并对互联网游戏影响因素进行了分析。通过事件研究法具体以腾讯并购Riot Games公司为例,重点对腾讯公司并购Riot Games公司后的长期绩效进行了分析,通过对经济增加值绩效指标的计算,进行市场效应和财务分析的研究。研究结果表明,一是此次并购有利于腾讯公司实现规模经济,扩大市场份额。二是腾讯公司并购Riot Games交易虽然在短期内对腾讯公司的财务绩效提升效果不显著,不过,随着市场规模的不断扩大和更多痴迷电子网络游戏玩家的加入,从长期角度来看,能够给腾讯公司带来可观的收益。基于此研究结论,从多个角度提出了关于海外并购相关的启示,以期为其他互联网游戏公司的并购提供一定的借鉴意义。更多还原

【Abstract】 In the past thirty years,our economy has developed at an unprecedented speed.At the same time,China’s consumption concept and consumption structure has also undergone profound changes.With the development of electronic technology and the application of electronic products,more and more people have been exposed to Internet games.After China’s accession to the WTO,China has become more closely connected with the world.However,in the development process of China’s game industry,it is also faced with such problems as technological innovation and brand service.Therefore,reasonable overseas m&a is a favorable move.After the international financial crisis in 2008,some European and American enterprises were faced with financial difficulties,which was an opportunity for China’s game industry to acquire high-quality companies.Chinese Internet companies seize the opportunity of "going out" and actively carry out overseas mergers and acquisitions.On the basis of reading a large number of literatures,this paper collates and analyzes the data,introduces the development process of m&a at home and abroad,the status of the entire Internet industry,and analyzes the influencing factors of Internet games.Taking The acquisition of Riot Games by Tencent as an example,this paper focuses on the analysis of Tencent’s long-term performance after the acquisition of Riot Games,and studies the market effect and financial analysis by calculating the performance indicators of Eva.The results show that the acquisition is conducive to Tencent to achieve economies of scale and expand market share.Second,although the acquisition of Riot Games by Tencent does not significantly improve its financial performance in the short term,it will bring considerable benefits to Tencent in the long term with the continuous expansion of the market.The addition of more players addicted to online Games.Based on the research conclusion,this paper puts forward some inspirations related to overseas mergers and acquisitions from multiple perspectives,in order to provide some reference for other Internet game companies’ mergers and acquisitions.更多还原