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论文编号：	11992
作者编号：	2320180817
上传时间：	2020/12/9 9:59:14
中文题目：	奥飞娱乐并购四月星空风险管理研究
英文题目：	Research on the Risk Management of Alpha Group Acquisition of April Sky
指导老师：	梅丹
中文关键字：	并购；风险；风险管理
英文关键字：	Mergers and Acquisitions；Risk；Risk Management
中文摘要：	2013年以来，在国家连续出台了一系列支持文化产业发展的政策背景下，文化传媒领域的企业并购数量逐年增加，并购交易额也在不断攀升。受这一波并购热潮的推动，我国网络文学、动漫影视等相关行业迅速发展壮大，覆盖泛娱乐产业上下游的综合性企业模式也初见端倪。但由于泛娱乐企业普遍存在前期投资高、投资风险大以及回报周期长的问题，这类企业在并购过程中面临的风险通常较为突出。而且并购目标企业的资产构成中无形资产所占比重往往较大，由此产生的高溢价并购还会导致风险进一步增大。如果这类企业在并购过程中没有很好地管控各类风险，则很可能出现资金链断裂、债务负担显著增加等严重问题。 本文以奥飞娱乐并购四月星空作为案例，采用文献研究与案例研究相结合的方法，对此次并购中采取的风险管理措施及其存在的问题进行综合分析并提出改进的对策。首先，本文在对当前国内外研究文献进行梳理总结的基础上，明确了研究目的和研究思路；然后，本文对企业并购、并购风险及并购风险管理的概念进行了界定，对多元化经营理论、信息不对称理论、协同效应理论及并购风险管理的相关理论进行了整理综述，为后续案例研究奠定了理论基础；紧接着本文阐述了此次并购的动因，详细介绍了奥飞娱乐对并购风险进行识别的情况以及在并购估值、支付、融资和整合过程中所采取的相应的风险管理措施。然后对奥飞娱乐风险管理的效果进行了评价，指出了其中存在的缺陷和不足，进而提出针对这些缺陷提出改进建议。最后，对全文进行了总结提升，为今后类似的企业并购案例提供借鉴，从而提高整个行业并购活动的成功率，促进我国泛娱乐相关产业的健康发展。 从本文的研究中可以得出，在泛娱乐企业的并购过程中必须对目标企业要加强信息收集，完善估值方法，设计恰当的支付与融资安排；注重绩效目标和激励措施，制定全面的发展规划，加强组织人员整合管理，打通各产业链环节，通过强化风险管理来进一步提高企业并购的成功率，确保企业的并购目标的实现和并购协同效应的充分发挥。
英文摘要：	Since 2013, under the background of a series of national policies to support the development of cultural industry, the number of mergers and acquisitions in the field of cultural media has been increasing year by year, and the turnover has also been rising. Driven by this wave, China's online literature, animation, film and television and other related industries develop rapidly, and the comprehensive enterprise model covering the upstream and downstream of the pan-entertainment industry has also begun to emerge. However, due to the common problems of high investment in the early stage, high investment risk and long return cycle in the pan-entertainment enterprises, the risks faced by such enterprises in the acquisitions process are usually more prominent. In addition, the proportion of intangible assets in the asset composition of the target enterprise is often large, and the resulting high premium merger will lead to further increase of merger risk. If such enterprises do not properly manage all kinds of risks in the process of acquisitions, they are more likely to have serious problems such as broken capital chain and significantly increased debt burden. This paper takes Alpha Group acquisition of April Sky as a research case, adopts the method of combining literature research and case study, conducts a comprehensive analysis of the problems of the risk management measures adopted in this acquisition and puts forward the corresponding improvement countermeasure. First of all, on the basis of reviewing and summarizing the current research literature at home and abroad, this paper clarifies the research objectives and ideas. Then, this paper defines the concepts of enterprise acquisitions and merger risk, summarizes the diversification theory, information asymmetry theory, synergic effect theory and merger risk management theory, and lays a theoretical foundation for the follow-up case study. Then this paper expounds the motivation of this case, introduces Alpha Group's identification of risks and the corresponding risk management measures taken in the process of valuation, payment, financing and integration. Then, it evaluates the effect of risk management, points out the defects and puts forward suggestions for improvement. Then, we puts forward some suggestions for improvement to address these defects. Finally, the paper summarizes and improves the full text to provide guidance for similar acquisitions cases, so as to improve the success rate of acquisitions activities in the whole industry and promote the healthy development of animation related industries in China. From the study of this paper, it can be concluded that animation enterprises must strengthen the information collection of target enterprises, reasonably evaluate the value of intangible assets, design reasonable payment and financing arrangements; Pay attention to performance targets and incentive measures, formulate comprehensive development plans, and strengthen the integrated management of organizational ,break through the links of the industrial chain, further improve the success rate of acquisitions by strengthening the control of acquisitions risk, to ensure the realization of the enterprise's acquisitions target and the full play of the synergy effect of merger and acquisition.
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