《并购轻资产企业探究-以蓝色光标为例》由会员分享，可在线阅读，更多相关《并购轻资产企业探究-以蓝色光标为例（55页珍藏版）》请在金锄头文库上搜索。
1、内容摘要自 20 世纪 90 年代以来，企业并购活动一直方兴未艾。而在整个并购流程中，对并购标的企业的估值无疑是最重要的环节。随着经济改革的深入和产业转型的加速，影视传媒行业、广告行业、IT 行业、科技行业等新兴行业迅速崛起，众多轻资产企业应运而生。轻资产企业一般是那些在物质性、生产性的投入上，相对较少的企业，如在设备、基建、生产资料等物质方面，相反，对那些在隐性的方面，如团队建设、销售渠道、经营模式、技术研发等方面，投入的相对较多。这样的企业在很多“硬件”方面显得非常有限，较少的固定资产较少，但是，在技术、专业、品牌、客户、团队等“软件”方面，他们的强劲竞争力正在于其“软件”方面。由于轻资产
2、企业呈现出爆发式发展的态势，利润增长迅速，前景普遍看好，故而受到众多投资者的青睐，但是轻资产企业的并购估值问题也逐渐浮现，受到了投资者和业内研究者的关注。轻资产企业并购高溢价、高商誉、估值方法固有缺陷带来的高估值风险为并购后双方顺利协同发展创造利润埋下了隐患。为了降低轻资产企业的高估值风险，交易双方往往会签订对赌协议，但是对赌协议是否能够有效地防控估值风险、保障并购方利益仍存在疑问。本文选择蓝色光标并购博杰广告的案例作为研究对象，以并购活动中的估值过程及其对赌期作为研究过程，分析蓝色光标并购博杰广告的估值过程、估值风险、对赌协议设计、对赌协议对估值风险的防控效果，试图吸取其失败的经验教训，找出
3、有效防控轻资产企业估值风险的手段。本文由六个部分组成：第一部分为绪论，从要研究的目的、对象、方法、意义和价值等方面进行论述，并指出了论文的创新之处，继而进行了文献综述；第二部分理论基础介绍并购动因理论、估值理论、对赌协议相关理论，以及轻资产企业估值普遍性特点；第三部分案例背景介绍并购双方企业基本情况、并购动因和并购环境；第四部分案例描述介绍蓝色光标并购博杰广告的并购过程和估值过程；第五部分案例分析，首先分析并购过程中的估值风险，然后介绍交易双方签订的对赌协议的有关条款，最后分析对赌协议对估值风险的防控效果以及对并购方蓝色光标的业绩产生的影响；第六部分案例启示总结案例的经验，并提出相应的建议。通
4、过案例分析,本文认为并购轻资产企业时，若对于被并购企业未来业绩过于乐观则会导致估值过进而为并购方带来较大的估值风险，而交易双方签订的对赌协议如果过于简单则不能完全防控估值风险，若被并购企业业绩出现大幅下滑将会使并购方遭受巨大损失。所以，并购轻资产企业不能只顾一时之利，更要正视风险，完善对赌条款防控估值风险。 关键词：轻资产企业 估值风险 估值风险防控 对赌协议 AbstractSince the 1990s, enterprise mergers and acquisitions activities have been in the ascendant. In the merger acti
5、vity, the valuation of the target enterprise is one of the most crucial links. With the deepening of economic reform and the acceleration of industrial transformation, film and television media industry, advertising industry, IT industry, technology industry and other emerging industries rise rapidl
6、y, many light asset enterprises came into being. The light asset enterprise usually refers to the enterprise which invests relatively more in the technology innovation, the brand construction, the team training, the channel management, the business model development and so on, but in the plant, the
7、production equipment, the raw material and so on physical assets. Its most notable characteristic is the company fixed assets are few, the net assets scale is small, but has the core competition ability in the brand, the patent, the qualification, the channel, the team and so on soft power aspect. A
8、s the light asset enterprises show the trend of explosive development, the profit growth is rapid, the prospects are generally optimistic, so many investors favor, but the merger and valuation of light asset enterprises has gradually surfaced, light assets mergers and acquisitions of high premiums,
9、high goodwill, The high valuation risk caused by the inherent defect of valuation method is a hidden danger for the two sides to create profits after the merger and development. In order to reduce the high valuation risk of the light asset enterprises, the parties often sign the agreement on gamblin
10、g, but there is still doubt whether the agreement can effectively control the valuation risk and protect the interests of the acquirer.This article chooses the Blue Focus acquisition Bojie Advertisement case as the research object, this paper analyzes the valuation process of the Blue Focus acquisit
11、ion and the Bojie, analyses the valuation process of the Bojie, the valuation risk, the design of the gambling agreement, the control effect of the gambling agreement on the valuation risk, and tries to draw lessons from its failure. , find out the means to effectively control the valuation risk of
12、light assets enterprises. This article is divided into six parts: The first chapter introduces the research background and significance of this paper, research content and research methods, innovation points and limitations, and carries on the literature review; the second part of the theoretical ba
13、sis of the theory of mergers and acquisitions motivation theory, valuation theory, and the general characteristics of valuation of light assets enterprises The third part of the case background of the merger and acquisition of enterprises, mergers and acquisitions and environment; Part IV describes
14、the process and valuation process of the Blue Focus merger and acquisition of Bojie; The first part analyzes the risk of the valuation in the Blue cursor acquisition Bojie, and then introduces the relevant clauses of the gambling agreement, Finally, it analyzes the effect of the gambling agreement o
15、n the risk of valuation and the effect on the performance of the blue cursor of the acquirer. Part VI summarizes the experience of the case and puts forward the corresponding suggestions.Through case analysis, this paper argues that the acquisition of light-asset enterprises due to high valuations w
16、ill bring valuation risk, and the two sides of the deal if the agreement is too simple can not fully control the risk of valuation, if the acquisition of the companys performance of a sharp decline will cause the merger party suffered huge losses. Therefore, the acquisition of light assets enterprises can not only be a temporary benefit, but also face the risk, improve the risk of gambling provisions to prevent and control va
