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    文化傳媒企業借殼上市驅動因素探究

    時間:2017-03-27 來源:山東財經大學 作者:盛娜 本文字數:4842字
      摘要
      
      近年來,國家對文化傳媒領域的發展與改革力度持續增強,相關的措施越來越明確和具體,大大促進了文化產業的相關發展,推動了文化金融的相關合作。隨著 2015年《關于加快構建現代公共文化服務體系的意見》與《國家基本公共文化服務指導標準》的相繼出臺,文化政策紅利將更為明確,文化消費的前景極為廣闊,文化產業將迎來黃金期。從中長期角度來看,文化傳媒行業相對傳統行業來說,盈利能力強、成長性高、前景廣闊。從行業發展周期來看,文化傳媒行業目前依然處在擴張期和成長期,還將繼續保持高速的成長,投資回報率可觀。文化媒體企業通過上市,借助資本市場力量建立現代企業所必需的治理結構、激勵和約束機制,全面提升競爭力,這是黨和國家對文化傳媒企業提出的最新要求,也是提高中國文化企業全球競爭力的有力保證。我國企業上市途徑主要有兩種:IPO 上市和借殼上市,而借殼上市也是資產重組的形式之一。雖然目前證監會已經將借殼上市的標準同趨近 IPO 更改為等同于 IPO標準,將借殼上市的標準門檻提升了很多,但市場對此熱度仍然不減,反而有增加的趨勢,因此借殼上市仍然有很高的研究價值。
      
      伴隨文化傳媒企業借殼上市的熱潮,相關公司的財務績效情況引起了社會各界的關注。本文在論述借殼上市特征、動因及財務績效相關理論與研究方法的基礎上,結合文化傳媒行業特有屬性,運用統計分析的方法,對文化傳媒企業中的相關樣本特征進行描述性統計,對文化傳媒企業借殼上市現狀、動因等進行研究,揭示其規律特征,研究發現:文化傳媒公司的相關借殼上市企業與日俱增,一直呈現上升態勢;借殼上市的運作流程中定向增發、股權協議轉讓和資產置換是最普遍的方法操作;借殼上市主并方與目標方在地點選擇方面大多聚集于在物質優越經濟條件較好地區與基礎深厚的文化資源大省。在文化傳媒企業借殼上市總體情況的研究基礎之上,本文選取印紀傳媒借殼高金食品案例,從案例展開論述,細化剖析其借殼上市動因與財務績效分析,力圖整體把握、剖析具體問題。筆者研究認為對于文化傳媒企業借殼上市的原因不僅僅局限于 IPO 的高門檻等因素,更大程度上是受到國家相關鼓勵政策的扶持與拓寬融資渠道,提高企業品牌知名度等多重因素的共同作用而導致的。與此同時,筆者還通過事件研究法與財務指標研究法的雙重結合對印紀傳媒(DMG)進行財務績效分析發現借殼上市后公司的股東價值在較短時間之中得到一定的提高,公司獲得利潤的能力有所提高,顯示出了一定的盈利能力、償債能力與治理能力。總而言之,借殼上市這一行為可以給企業帶來許多有力改變并且具有相當的正效應。通過對上述問題進行研究解讀,文章最后具體闡述了筆者對于文化傳媒企業有關借殼上市等并購事宜的相關建議與啟示,以期對有關文化傳媒企業借殼上市日后的發展提供一定的參考價值。一是從微觀層次而言,企業要摒除消極懈怠心理,及時抓住時機,主動積累借殼上市的物質與人力基礎,探求與公司情況相匹配的殼資源。以此同時,從內向外,不斷提高自身的產品實力,在市場上豎起品牌的旗幟,贏得市場的黃金位置與話語權,避免品牌形象的破壞與崩塌;二是從宏觀層次而言,我國政府應從企業切身利益著眼,統一出臺一系列貼合文化傳媒企業實際情況的、符合文化傳媒企業實際利益的相關上市統一條件,形成保文化、重傳媒的和諧氛圍,不斷加強對文化傳媒企業的行業保護,尤其是涉及知識產權的相關糾紛,這些對于文化傳媒產業未來的借殼上市等并購行為都具有很大的幫助。
      
      關鍵詞:借殼上市;文化傳媒企業;動因;財務績效
      
      Abstract
      
      In recent years, the government has made more and more effort both on developmentand refem for cultural media field .And the related measures are more and more specificand exact,which is greatly promoted to the related development for cultural industry andcultral&financial closed cooperation. With the year of 2015,our country decreeded twocomments ,one is《the views on speeding up the construction of modern public culturalservice system 》 ,another is 《 the guidelines of the basic public cultural service forState》。That two views will make the suppporting cultural policy become more and moreclear, and will extremely broad the consumption of cultral. In china,there will be a goldenage for cultral industry. From a midium and long-term view, compared with traditionalindustry, the cultral media industry has higher profitability,more growth-rate and broaderprospects. From the points of industry development cycle, cultural media industry is still ina period of expansion and growth, will also continue to maintain rapid growth, and has aconsiderable return on investment.With the power of capital markets,cultral media industrythrough the method of listing can enhance the competitiveness and establish themanagement structure, incentive mechanism and constraint system, which is necessary forthe establishment of modern enterprise management.This is not only the party and thecountry's latest requirements on the cultural media companies, but also the powerfulguarantee for improving the global competitiveness of Chinese cultural enterprises. Thereare two main methods for Chinese enterprises to be listed: IPO listing and backdoorlisting.And backdoor listing is one of the forms of asset reorganization.Although theCSRC(China Securities Regulatory Commission) has varied the standard of backdoorlisting,which is changed from closed to the standards of IPO to equal with IPO standards,the heat remains undiminished,insteadly there is an increasing trend.So the backdoorlisting still has a high value for study.
      
      With the backdoor listing fever for cultural media companies,nowadays the fiinancialperformances for related companiesis has attracted the attention of all sectors in thecommunity.In this article, based on the theory for the whole overview of back doorlisting ,the study of motivation and the methods of financial performance,we first use themethod of statistical analysis.Combined with the special attributes of Chinese culturalmedia industry,the article secondly discusses related descriptive statistics sampling featureabout cultral media enterprises to reveal the characteristics and regularity. From thisstudy,we find that the number of cultural media industry's backdoor listing companies isstill inreasing,and it has a rising trend.In the process of backdoor listing, there are manymethods.And both for the main parties and the target site selection,the location is gatheredto the provinces which almst have better-off areas and solid foundation of famous andhistorical cultural resources.Based on the general research of backdoor listing in culturalmedia enterprises, the writer pick up tihe example of DMG entertainment and mediacompany for the case study. From the particularly analysis,we can have get more detailsabout many aspects of backdoor listing,especially for the motivation and the financialperformance influence.In conclusion,the writer think the reason of backdoor listing forcultral media conpaneis is not limited to the high threshold of IPO and such other factors.Itis more likely to get support from many govermennt encourage policies, expand financingchannels and to increase brand awareness in the social sciety.At the same time,the articlealso used the method of case study and financial index study to double explore the DMGentertainment and media company.After the analysis of the financial performence,we canjudge that the value of compay become more higher mostly becasuse of backdoorlisting.The DMG entertainment and media company become more easily to get enterpriseprofits,and can defend more risk afer the backdoor listing.In a word ,the behavior ofbackdoor listing can make company have a better corporate governance,and a positiveeffects.In the last but not the least,the article looked frward to the future development ofthe culture media elaborates ,and gave some valued advice and inspiration baseded on thestudy. First,from a micro-level,our company should exclude negative slack time to seizethe moment, make active effort to accumulat both physical and human resource baseand seek the company's matched shell resources. To this while, from the inside to outside,our companies must constantly improve ourselves to ensure the advantages of products,andset up the the flag of banner in the whole market.Only in this way,can win the gold locationin marker and get the right to speak. These behavior also avoid the damage of brand imageand collapse.Secondly, from macro level,Our government should have a look at the vitalinterests for large numberof enterprises,and introduce a series of pilicies fitting the fact andreality of conpanies ,especially for the cultral media company as soon as possible, to meetthe interests of this industry.Finally our society will form the insurance culture to protectthe cultral media companies,which will make a harmony atmosphere, constantly strengthenthe industry protection of cultual media companies,especially for these related to thedisputes involving intellectual property.those aboved behavior will be much helpful,andgive many great assistance to the potentially backdoor listing and other Mergers andacquisitions in the future.
      
      Key words: Backdoor Listing; Cultural Media Company ; Motivation ; FinancialPerformance


      目錄
      
      第 1 章 緒論
      
      1.1 選題背景與意義
      
      1.1.1 選題背景
      
      1.1.2 研究意義
      
      1.2 研究方法
      
      1.3 研究思路與框架
      
      1.4 創新點
      
      1.5 研究局限性
      
      第 2 章 理論基礎與文獻綜述
      
      2.1 概念界定
      
      2.1.1 殼與殼公司
      
      2.1.2 借殼上市
      
      2.2 理論基礎
      
      2.3 文獻綜述
      
      2.3.1 借殼上市概況研究
      
      2.3.2 借殼上市動因研究
      
      2.3.3 借殼上市績效研究
      
      2.3.4 文化傳媒企業借殼上市的相關研究
      
      2.4 評述
      
      第 3 章 文化傳媒企業借殼上市描述性分析
      
      3.1 文化傳媒企業借殼上市現狀
      
      3.1.1 借殼上市企業逐年增加
      
      3.1.2 模式選擇集中于定向增發、股權轉讓和資產置換
      
      3.1.3 地域分布差異性大
      
      3.2 文化傳媒企業借殼上市的財務績效分析
      
      3.2.1 盈利能力分析
      
      3.2.2 償債能力
      
      3.2.3 營運與成長能力分析
      
      3.3 本章小結
      
      第 4 章 印紀傳媒借殼上市案例分析
      
      4.1 借殼上市交易雙方基本情況
      
      4.1.1 殼公司的基本概況
      
      4.1.2 借殼方的基本概況
      
      4.2 借殼上市動因分析
      
      4.2.1 殼公司角度
      
      4.2.2 借殼主體角度
      
      4.3 借殼上市過程概述
      
      4.4 借殼上市前后的財務績效分析
      
      4.4.1 事件研究法
      
      4.4.2 財務指標分析
      
      4.5 本章小結
      
      第 5 章 研究結論與啟示
      
      5.1 研究結論
      
      5.2 啟示與建議
      
      5.2.1 提高自身實力
      
      5.2.2 選擇合適的上市方式
      
      5.2.3 緊跟國家、地方相關政策
      
      5.2.4 加強對財務情況的關注
      
      5.2.5 注意防范隱性風險
      
      5.2.6 制定符合文化傳媒企業的上市標準
      
      參考文獻
      
      致謝
      盛娜. 文化傳媒企業借殼上市的財務績效分析[D].山東財經大學,2016.
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