摘要
近年来，国家对文化传媒领域的发展与改革力度持续增强，相关的措施越来越明确和具体，大大促进了文化产业的相关发展，推动了文化金融的相关合作。随着 2015年《关于加快构建现代公共文化服务体系的意见》与《国家基本公共文化服务指导标准》的相继出台，文化政策红利将更为明确，文化消费的前景极为广阔，文化产业将迎来黄金期。从中长期角度来看，文化传媒行业相对传统行业来说，盈利能力强、成长性高、前景广阔。从行业发展周期来看，文化传媒行业目前依然处在扩张期和成长期，还将继续保持高速的成长，投资回报率可观。文化媒体企业通过上市，借助资本市场力量建立现代企业所必需的治理结构、激励和约束机制，全面提升竞争力，这是党和国家对文化传媒企业提出的最新要求，也是提高中国文化企业全球竞争力的有力保证。我国企业上市途径主要有两种：IPO 上市和借壳上市，而借壳上市也是资产重组的形式之一。虽然目前证监会已经将借壳上市的标准同趋近 IPO 更改为等同于 IPO标准，将借壳上市的标准门槛提升了很多，但市场对此热度仍然不减，反而有增加的趋势，因此借壳上市仍然有很高的研究价值。
伴随文化传媒企业借壳上市的热潮，相关公司的财务绩效情况引起了社会各界的关注。本文在论述借壳上市特征、动因及财务绩效相关理论与研究方法的基础上，结合文化传媒行业特有属性，运用统计分析的方法，对文化传媒企业中的相关样本特征进行描述性统计，对文化传媒企业借壳上市现状、动因等进行研究，揭示其规律特征，研究发现：文化传媒公司的相关借壳上市企业与日俱增，一直呈现上升态势；借壳上市的运作流程中定向增发、股权协议转让和资产置换是最普遍的方法操作；借壳上市主并方与目标方在地点选择方面大多聚集于在物质优越经济条件较好地区与基础深厚的文化资源大省。在文化传媒企业借壳上市总体情况的研究基础之上，本文选取印纪传媒借壳高金食品案例，从案例展开论述，细化剖析其借壳上市动因与财务绩效分析，力图整体把握、剖析具体问题。笔者研究认为对于文化传媒企业借壳上市的原因不仅仅局限于 IPO 的高门槛等因素，更大程度上是受到国家相关鼓励政策的扶持与拓宽融资渠道，提高企业品牌知名度等多重因素的共同作用而导致的。与此同时，笔者还通过事件研究法与财务指标研究法的双重结合对印纪传媒（DMG）进行财务绩效分析发现借壳上市后公司的股东价值在较短时间之中得到一定的提高，公司获得利润的能力有所提高，显示出了一定的盈利能力、偿债能力与治理能力。总而言之，借壳上市这一行为可以给企业带来许多有力改变并且具有相当的正效应。通过对上述问题进行研究解读，文章最后具体阐述了笔者对于文化传媒企业有关借壳上市等并购事宜的相关建议与启示，以期对有关文化传媒企业借壳上市日后的发展提供一定的参考价值。一是从微观层次而言，企业要摒除消极懈怠心理，及时抓住时机，主动积累借壳上市的物质与人力基础，探求与公司情况相匹配的壳资源。以此同时，从内向外，不断提高自身的产品实力，在市场上竖起品牌的旗帜，赢得市场的黄金位置与话语权，避免品牌形象的破坏与崩塌；二是从宏观层次而言，我国政府应从企业切身利益着眼，统一出台一系列贴合文化传媒企业实际情况的、符合文化传媒企业实际利益的相关上市统一条件，形成保文化、重传媒的和谐氛围，不断加强对文化传媒企业的行业保护，尤其是涉及知识产权的相关纠纷，这些对于文化传媒产业未来的借壳上市等并购行为都具有很大的帮助。
关键词：借壳上市；文化传媒企业；动因；财务绩效
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
目录
第 1 章 绪论
1.1 选题背景与意义
1.1.1 选题背景
1.1.2 研究意义
1.2 研究方法
1.3 研究思路与框架
1.4 创新点
1.5 研究局限性
第 2 章 理论基础与文献综述
2.1 概念界定
2.1.1 壳与壳公司
2.1.2 借壳上市
2.2 理论基础
2.3 文献综述
2.3.1 借壳上市概况研究
2.3.2 借壳上市动因研究
2.3.3 借壳上市绩效研究
2.3.4 文化传媒企业借壳上市的相关研究
2.4 评述
第 3 章 文化传媒企业借壳上市描述性分析
3.1 文化传媒企业借壳上市现状
3.1.1 借壳上市企业逐年增加
3.1.2 模式选择集中于定向增发、股权转让和资产置换
3.1.3 地域分布差异性大
3.2 文化传媒企业借壳上市的财务绩效分析
3.2.1 盈利能力分析
3.2.2 偿债能力
3.2.3 营运与成长能力分析
3.3 本章小结
第 4 章 印纪传媒借壳上市案例分析
4.1 借壳上市交易双方基本情况
4.1.1 壳公司的基本概况
4.1.2 借壳方的基本概况
4.2 借壳上市动因分析
4.2.1 壳公司角度
4.2.2 借壳主体角度
4.3 借壳上市过程概述
4.4 借壳上市前后的财务绩效分析
4.4.1 事件研究法
4.4.2 财务指标分析
4.5 本章小结
第 5 章 研究结论与启示
5.1 研究结论
5.2 启示与建议
5.2.1 提高自身实力
5.2.2 选择合适的上市方式
5.2.3 紧跟国家、地方相关政策
5.2.4 加强对财务情况的关注
5.2.5 注意防范隐性风险
5.2.6 制定符合文化传媒企业的上市标准
参考文献
致谢
