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论文编号：	5399
作者编号：	2220110278
上传时间：	2013/6/7 11:34:42
中文题目：	互联网视频企业并购的财务绩效研究——以优酷土豆并购为例
英文题目：	Research on the Financial Performance of Internet Video Enterprise M&A——A Case Study on Youku Inc. And Tudou Inc. Merger
指导老师：	王全喜
中文关键字：	互联网视频企业，并购，财务绩效
英文关键字：	Internet Video Enterprise, Merger and Acquisition, Financial Performance
中文摘要：	随着信息网络的普及，用户规模增长突出，中国互联网视频企业数量发展迅猛，行业竞争激烈。为了在竞争中抢占先机，企业只有尽快拓展市场，增加细分市场份额，才能不断发展壮大，成为在残酷市场竞争下的幸存者。并购是快速提升自身竞争力的有效途径，但是并购之后是否能够达到预期效果具有很强的不确定性，这是由市场和企业自身并购整合的情况所决定的。　　　　　　　企业并购以创造价值为目的，是企业获得战略性成长的重要方式。并购建立在并购双方各自核心竞争优势基础之上，同时又结合企业自身发展战略需要，通过优化资源配置，强化企业核心竞争力，并产生协同效应，从而实现1+1>2的并购目标。本文以部分国内外学者的并购理论研究成果为基础，进行了并购相关理论梳理，针对中国互联网视频行业中的并购活动，以互联网视频行业龙头企业优酷股份有限公司和土豆股份有限公司并购为例，采用案例研究方法展开分析。文中介绍了该并购案例的基本概况和具体发展过程，在此基础上分析了案例公司的财务绩效，并为企业高层管理者提供企业管理的建设性建议。探讨了并购对于企业深层次的影响，展望企业未来的发展前景，其研究成果对于我国互联网视频企业并购水平的提升等方面有一定的参考价值。论文共分5个部分。第一部分为绪言。简要介绍了本文的研究背景，互联网视频行业迎来了发展的机遇，同时激烈的竞争也给企业带来了挑战。通过对行业龙头企业并购的案例分析，能够更加深入理解并购在该行业的影响。第二部分为理论综述。通过对于并购相关理论的梳理，更好地明确了并购的有关概念，并从不同角度归纳了并购动因。研究了财务整合必要性等相关问题，并购财务整合成功与否，关系到并购活动的成败，财务整合至关重要。第三部分介绍了优酷土豆并购案例的基本概况及发展过程。详述了优酷土豆的行业背景，各自成长历程，并根据并购前两家案例企业的财务状况，分析了并购目标的实现途径。第四部分进行了企业并购的绩效研究。通过案例企业合并前后的财务绩效分析，判断并购目标的实现状况及企业的发展趋势。第五部分为研究结论与建议。综合前面的研究成果，结合企业战略发展中的实际情况，总结了优酷土豆并购成果，并由此深入，提出若干有效的管理建议。本文的研究方法主要采用了理论分析、案例分析相结合的方法，对优酷土豆并购案例做了深入分析，并为该行业企业并购管理水平的提升提供参考建议。
英文摘要：	With the popularity of information networks, the user scale has been largely expanded, the number of Chinese Internet video industry has been increased rapidly, and the industry competition is intense. In order to seize the initiative in the competition, enterprises need to expand the market, increase market share, to keep on growth and development, and to survive the cruel market competitions. M & A is an effective way to improve the competitiveness of enterprises, but whether or not it could achieve the expected effect after the merger has very strong uncertainty, which is determined by the market and the enterprise M & A integration. M & A of enterprises to create value for the purpose is the enterprise obtains the important way of the strategic growth. M & A based on their core competitive advantages, but also with their own development needs, through optimizing the allocation of resources, enhance the core competitiveness of enterprises and achieve the synergistic effect, so as to realize the target of 1+1>2. This paper is based on the theory of M & A part of research results of scholars at home and abroad, for the acquisition of relevant theory, according to the China Internet video industry mergers and acquisitions, Internet video industry leading enterprises, Youku Inc. and Tudou Inc. M & A as an example, using case study method to analyze. This paper introduces the basic situation of the case and the specific development process, based on the analysis of the case company's financial performance, to propose enterprise management of constructive suggestions for business executives. To investigate the effect of M & A on the deep, the prospects for the development of enterprises in the future, the research results have a certain reference value for the horizontal M & A of Internet video enterprises in China such as the promotion of. The paper is divided into 5 parts. The first part is introduction. This paper briefly introduces the research background of this paper, the Internet video industry ushered in opportunities for development, at the same time, and competition also brings challenge to enterprise. Analysis of the industry leading enterprises through M & A cases can be more in-depth understanding of effects of mergers and acquisitions in the industry. The second part is the summary of the theory. Through the merger and acquisition related theories, clear the concept of M & A better, and summarizes the M & A from different angles. Research on the problems related to the need for financial integration, financial integration, and M & A success or not, related to the success or failure of M & A activities, so financial integration is critical. The third part introduces the basic situation and the development process of the Youku and Tudou M & A case. Describe the Youku Tudou industry background, their growth process, and according to the financial situation of the two enterprises before the acquisition, analyze the way to realize the merger targets. The fourth part is the research on the M&A performance of enterprises. Through the analysis of the case financial performance, realize the enterprise M&A targets and development trend. The fifth part is the conclusion of the study and suggestions. Research results based on above, combining the actual conditions of the enterprise strategy development, summarizes the Youku and Tudou M & A results, and thus further, put forward some management suggestions and effective. This thesis mainly adopts the method of theoretical analysis, and case analysis, on the Youku and Tudou M & A to do in-depth analysis, and provides reference suggestions for promoting the management level of the enterprise.
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