传媒上市公司技术并购绩效研究－以中文传媒为例
Research on technology M&A Performance of listed media
companies -A case study of Chinese Media
陈雪
CHEN XUE
分类号密级
U D C 编号
硕士学位论文
学位论文题目：传媒上市公司技术并购绩效研究
－以中文传媒为例
姓名陈雪
学号2021211082
学院商学院
学位类别：□学术硕士专业硕士□同等学力
学科专业工商管理
指导教师钱程
第二导师
提交论文日期：2023年5月20日
传媒上市公司技术并购绩效研究－以中文传媒为例
论文摘要
党的二十大报告强调“必须坚持科技是第一生产力、创新是第一动力”，提
出“要大力发展文化事业、文化产业，推进文化自信自强，铸就社会主义文化新
辉煌”。随着数字时代的到来，传统传媒产业与新兴技术产业融合是大势所趋。
从宏观上来看，技术创新不断颠覆传媒产业格局；从微观上来看，技术创新不断
冲击传媒公司传统业务的运营。传媒公司原有业务模式已无法适应新形势下数字
化发展要求，技术变革势在必行，从而推动了传媒行业技术并购的步伐。本文以
中文传媒技术并购事件为研究客体，通过梳理并购事件、分析并购动因、评价并
购绩效等，总结技术并购过程中有益经验，为传媒公司提供借鉴。
首先，本文通过查阅整理国内外学者关于技术并购的研究，梳理相关研究历
程及最新进展，形成了相关文献综述；其次，结合技术并购相关概念及理论，形
成研究理论框架。再次，详细介绍中文传媒的基本情况、并购背景、并购方案及
历程，结合相关理论分析其并购动因；最后，采用事件研究法，分析技术并购后
中文传媒股票市场反应，评价其短期财务绩效。采用财务指标法，选取适当的财
务指标，从盈利、运营、偿债、发展等4个方面全面评价中文传媒技术并购后的
长期财务绩效。同时，深入分析中文传媒技术并购前后吸收能力、创新能力及业
务结构等非财务指标变化情况，从而全面评价中文传媒技术并购绩效。
本文研究发现：一是中文传媒在数字化发展浪潮下，稳抓机遇，通过技术并
购成功实现了数字化转型；二是中文传媒技术并购的动因是多角度的，主要包括
获取新技术、数字化转型、进入新市场等三方面；三是在短期财务绩效上，市场
反应良好，为正效应；四是在长期财务绩效上，中文传媒盈利能力显著提升，且
远高于行业平均水平。运营能力小幅下降，但高于行业平均水平。偿债能力明显
增强，抵御风险能力提升。成长能力明显增强，持续发展能力提升；五是创新能
力及业务结构上，中文传媒的研发开支从无到有并不断增长，申请专利数持续增
长，创新能力逐步增强，业务结构持续优化。
最后，本文基于研究结论对我国传媒上市公司技术并购提出相关建议：一是
选择合适技术并购目标；二是注重技术并购后业务重组；三是加大内部研发力度。
关键字：传媒上市公司；技术并购；并购动因；财务绩效
Abstract
The report to the Party's 20th National Congress stressed that "we must maintain
that science and technology are the primary productive forces and innovation is the
primary driving force",and proposed that "we must vigorously develop cultural
undertakings and industries,promote cultural confidence and self-improvement,and
create new glory in socialist culture".With the advent of the digital age,the
integration of traditional media industry and emerging technology industry is an
irresistible trend.From the macro point of view,technological innovation constantly
subverts the pattern of media industry;From the micro point of view,technological
innovation constantly impacts the traditional business operation of media companies.
The original business model of media companies has been unable to adapt to the
digital development requirements under the new situation,and technological change
is imperative,thus promoting the pace of technology M&A in media industry.Taking
Chinese media technology M&A events as the research object,this paper summarizes
beneficial experience in the process of technology M&A by sorting out M&A events,
analyzing M&A motivation and evaluating M&A performance,etc.,and provides
reference for media companies.
First of all,this paper forms a literature review by referring to and sorting out the
research of domestic and foreign scholars on technology M&A,sorting out the
relevant research process and the latest progress.Secondly,combining the related
concepts and theories of technology M&A,the theoretical framework of the research
is formed.Thirdly,it introduces the basic situation of Chinese media,M&A
background,M&A scheme and process in detail,and analyzes the motivation of
M&A based on relevant theories.Finally,using the event study method,we analyze
the stock market reaction of Chinese media after the technology acquisition,and
evaluate its short-term financial performance.The financial index method is adopted
to select appropriate financial indicators to comprehensively evaluate the long-term
financial performance of Chinese media technology after merger from four aspects,
including profit,operation,debt repayment and development.At the same time,this
paper deeply analyzes the changes of non-financial indicators such as absorptive
capacity,innovation capacity and business structure before and after Chinese media
technology M&A,so as to comprehensively evaluate the performance of Chinese
media technology M&A.
The findings of this paper are as follows:First,under the tide of digital
development,Chinese media steadily seized the opportunity and successfully realized
digital transformation through technology M&A;Second,the motivation of Chinese
media technology M&A is multi-angle,including acquisition of new technology,
digital transformation,entering new market and so on.Third,in the short-term
financial performance,the market response is good,is a positive effect;Fourth,in
terms of long-term financial performance,the profitability of Chinese media has been
significantly improved,and is far higher than the average level of the industry.
Operating capacity declined slightly,but above the industry average.The ability to
repay debts has been significantly enhanced,and the ability to resist risks has been
enhanced.The capacity for growth and sustainable development has been significantly
enhanced;Fifth,in terms of innovation ability and business structure,the R&D
expenditure of Chinese Media has been growing from scratch,the number of patent
applications has been increasing,the innovation ability has been gradually enhanced,
and the business structure has been continuously optimized.
Finally,based on the research conclusions,this paper puts forward some
suggestions on the technology M&A of Chinese listed media companies:first,choose
the appropriate technology M&A target;Second,focus on business reorganization
after technology M&A ;Third,increase internal research and development efforts.
Key words:media listed company;Technology M&A;M&A motivation;
Financial performance