【作者】 李洁；

【导师】 杨艳； 毛育晖；

【作者基本信息】 湖南大学 ， 会计硕士（专业学位）， 2018， 硕士

【摘要】 近几年我国文化企业的并购活动异常活跃,互联网游戏公司、手游公司、电影公司等轻资产公司被传统文化企业并购的事件尤其突出。文化企业并购活动却往往伴随着近十倍或几十倍的溢价,这在中国的并购市场上并不常见,如此不“正常”的溢价究竟受哪些因素影响,又是否合理呢?本文以文化企业并购的典型案例——天舟文化并购游爱网络作为研究对象进行探讨。通过分析并购后的绩效表现,结果显示天舟文化后期冲力不足,股价大幅度下降,反映出游爱网络的高溢价并购带来负面市场反应;另外,协同效果也不明显,与预期相差甚远,这表明天舟文化为此并购活动支付的溢价没有得到补偿。为了分析天舟文化并购溢价不合理的原因,本文总结了文化企业宏观环境中的政策影响和行业特征,得出互联网游戏公司的轻资产属性是文化企业并购产生高溢价的根本原因。在天舟文化并购游爱网络的案例中,影响溢价的因素存在诸多不合理之处,主要包括评估方案不精准、协同效应理想化、管理层过度自信、风险意识薄弱等方面。本文从天舟文化的决策层、管理层和执行层三个层面提出建议,主要包括以下:精准把握战略定位、准确分析宏观环境;谨慎选择评估机构、避免夸大并购协同作用、提高管理层专业素养与正视风险管理作用;高度参与并购前尽职调查和深度挖掘被并购方信息,以达到提升天舟文化后续并购溢价合理性的目的。更多还原

【Abstract】 In recent years,the M&A activities of Chinese cultural enterprises are very active.The events of light assets companies such as Internet game company,mobile phone game company,film company and so on are especially prominent.However,M&A activities of cultural enterprises are often accompanied by nearly 10 times or tens of times premium,which is not common in the M&A market in China.What factors affect such an abnormal premium,and is it reasonable?In this paper,the typical case of cultural M&A-TianZhou Cultural M&A network is discussed.By analyzing the performance of the merger and acquisition,the results show that the impact of TianZhou Culture in the later period is insufficient,the stock price drops sharply,which reflects the negative market reaction caused by the high premium M&A of travel love network;in addition,the synergistic effect is not obvious.That was far from expectations,suggesting that the premium paid by TianZhou Culture for the M&A had not been compensated.In order to analyze the reason why the premium of the merger and acquisition of TianZhou Culture is unreasonable,this paper summarizes the policy influence and industry characteristics in the macro environment of the cultural enterprises,and concludes that the light assets attribute of the Internet game company is:Cultural enterprise merger and acquisition produces the root cause of high premium.In the case of TianZhou Culture merger and acquisition of Youai Network,there are many unreasonable factors affecting the premium,including inaccurate evaluation scheme,idealized synergy effect,overconfidence of management,weak risk consciousness and so on.This paper puts forward some suggestions from the three levels of decision-making,management and executive level of TianZhou Culture,including the following:accurate strategic positioning,accurate analysis of macro environment,careful selection of evaluation institutions to avoid exaggerating the synergy of mergers and acquisitions,Improve the management professional quality and face up to the role of risk management,participate in the pre-merger due diligence and deep mining of the party information,to achieve the purpose of enhancing the rationality of M&A premium.更多还原