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| 论文编号： | 9605 | |
| 作者编号： | 2120142932 | |
| 上传时间： | 2017/12/7 19:04:25 | |
| 中文题目： | 文化传媒公司并购融资方式选择的比较研究——以A公司和B公司为例 | |
| 英文题目： | Comparative Study on Mergers Financing Options of Culture and Media Companies A and B | |
| 指导老师： | 覃家琦 | |
| 中文关键字： | 并购；文化传媒；融资方式；公司特征 | |
| 英文关键字： | mergers; cultural and media; financing methods; corporate characteristics | |
| 中文摘要： | 上市公司的并购是其发展和扩张的重要方式和主要手段。上市公司并购的规模和数量呈现出逐年增长的态势。近年来，越来越多的文化传媒公司依靠资本市场支持，也通过并购得到了大力的发展。公司并购成功的关键在于是否能在有限的时间里筹集到足够的资金完成并购。由于文化传媒行业的特殊性，使得其在实施并购的过程中，更要系统考虑影响并购融资方式选择的重要因素，对并购融资方式进行慎重选择。 本文以文化传媒行业的A公司和B公司为研究对象，首先阐明了研究的背景、意义，总结了相关理论，指出文化传媒行业的特殊之处，找到本文研究的出发点和理论基础。进而针对A公司和B公司的并购融资案例进行比较分析，指出A公司和B公司在并购融资方式选择中存在的不同问题及产生的不利影响，进而通过对A公司和B公司相关情况与财务指标等公司特征的对比分析，研究二者存在问题的内部成因，包括有盈利能力不足影响内部积累，资本结构不合理及偿债能力较差限制了债务融资，管理层缺少对目标资产规模过大的研判，成长能力较差增大了融资难度，股市表现不佳影响投资者预期等。 本文针对上述问题，分别就A公司和B公司在并购融资选择中存在的不同情况，提出相关意见与建议。对于A公司，应该在转变融资观念拓宽融资渠道，实现融资选择多元化上做出努力，同时，重视企业内部积累，关注自身资本结构；对于B公司，应该充分重视科学合理的融资规划，增强公司成长能力，控制融资风险。 | |
| 英文摘要： | As an important way and means for the development and expansion of listed companies, mergers are increasing year by year in scale and quantity. In recent years, more and more cultural media companies rely on capital market support. The key to successful merger and acquisition is whether it can raise enough funds in a limited period of time to complete the merger. This paper takes cultural media company A and B as the research object, first of all, clarifies the background and significance of the research, summarizes the relevant theories, points out the particularity of the cultural media industry. According to the company A and B mergers financing case comparative analysis, pointed out the adverse effects of A and B different choice of financing method .And then through the comparative analysis of company characteristics related with the financial indicators of A company and B company, point out the problems and reasons. In view of the above problems, this paper puts forward relevant opinions and suggestions on the different situations of A company and B company in the choice of mergers financing. For A company, efforts should be made to change financing concepts and broaden financing channels. At the same time, it should pay attention to internal accumulation of enterprises and to its own capital institutions; for B company, it should pay attention to financing planning, enhance the growth ability of the company, and control the financing risk. | |
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