论文总字数：23427字

摘 要

影视业正是文化生活不可或缺的一部分，与人们的精神文化生活休戚相关。随着科技发展，人们生活水平不断提高，对于文化的追求也越来越高，影视业为了利益需要不断发展抢占市场，并购是达到该目的的重要手段。然而随着并购活动日益频繁，影视业并购的竞争逐渐激烈，高溢价并购成为普遍现象的背后反应了优质资源的稀缺。对赌协议作为估值调整工具的一种，可以保护双方利益，可以让使并购双方更加理性估值，以便在未来更容易地调整估值。在利益的驱使下企业并购中滥用对赌协议的情况越来越严重。影视文化是社会文化的重要组成部分，影视业并购的环境也会影响到整个行业的并购环境，因此想要评估并购中滥用对赌协议的财务状况，就先要从源头即了解上市公司并购信息披露入手，才能对症下药，采取相应措施。

本文的研究主旨是探讨影视业上市公司在并购方面的发展实情。首先介绍了相关的科学理论，如博弈理论、信息不对称理论，接着先从宏观角度对并购提出建议，然后借助理论分析、案例分析和数据分析的方法具体分析华谊兄弟公司并购东阳美拉企业的相关报告中的数据信息，找出了过程中存在的估值风险、融资风险和偿债风险。最后指出影视业上市公司并购中滥用对赌协议，导致的财务风险及造成这些风险的原因。所选案例中滥用对赌协议，对赌协议产生的高溢价给并购方带来了沉重的财务负担，致使其承担了巨大的财务风险，并最终导致了并购活动的失败。从此案例出发，文章认为合理地使用对赌协议，确实有利于促成并购双方取得双赢。但是企业使用对赌协议必须保持客观，谨慎的态度，要合理适度地运用对赌协议，建立完整的风险防控体系，为日后的资本市场使用提供参考意见。

关键词：并购；对赌协议；影视业 ；财务风险

Financial Risks and Prevention and Control of Abusive Betting Agreements in Mamp;A in the Film and TV Industry

Abstract

The film and television industry is an integral part of cultural life and is closely related to people"s spiritual and cultural life. With the development of science and technology, people"s living standards are improving and their pursuit of culture is getting higher and higher, so the film and television industry needs to develop and capture the market for the sake of profit, and Mamp;A is an important means to achieve this purpose. However, with the increasing frequency of Mamp;A activities, the competition in the film and television industry has become increasingly fierce, and the high premiums behind Mamp;A have become a common phenomenon, reflecting the scarcity of quality resources. Betting agreements, as a valuation adjustment tool, can protect the interests of both parties and allow for more rational valuations for both Mamp;A parties so that valuations can be more easily adjusted in the future. The abuse of betting agreements in Mamp;A is becoming more and more serious due to the profit motive. Film and television culture is an important part of social culture, and the environment of Mamp;A in film and television industry also affects the Mamp;A environment of the whole industry. Therefore, if we want to evaluate the financial situation of abusive betting agreements in Mamp;A, we have to start from the source, that is, to understand the disclosure of Mamp;A information of listed companies, in order to prescribe the right remedy and take appropriate measures.

The main objective of this paper is to explore the development of listed companies in the film and television industry in terms of mergers and acquisitions. It first introduces the relevant scientific theories, such as game theory and information asymmetry theory, and then suggests the Mamp;A from a macro perspective, and then specifically analyzes the data information in the report related to the Mamp;A of Dongyang Mira Enterprises by Huayi Brothers with the help of theoretical analysis, case study and data analysis, and identifies the valuation risk, financing risk and debt service risk in the process. Finally, the financial risks resulting from the abuse of the betting agreement in the Mamp;A of listed companies in the film and television industry and the reasons for these risks are pointed out. The abuse of the betting agreement in the selected case and the high premium generated by the betting agreement imposed a heavy financial burden on the Mamp;A party, causing it to bear a huge financial risk and ultimately leading to the failure of the Mamp;A activity. Based on this case, the article argues that the reasonable use of the betting agreement is indeed conducive to achieving a win-win situation for both parties. However, enterprises must maintain an objective and cautious attitude in using the betting agreement, and should use the betting agreement reasonably and appropriately to establish a complete risk prevention and control system to provide reference for future capital market use.

Keywords: mergers and acquisitions; betting agreements; film and television industry; Financial risks

目 录

摘 要 2

Abstract 3

第一章 绪 论 5

1.1 研究背景和意义 5

1.2 研究目的和内容 5

1.3 研究方法和思路 6

第二章 文献综述 7

2.1 国外研究现状 7

2.2 国内研究现状 7

2.3 文献评述 8

第三章 影视业并购滥用对赌协议的理论基础 10

3.1并购估值理论 10

3.2对赌协议 10

3.3信息不对称理论 10

3.4博弈论 10

第四章 影视业滥用并购对赌协议的概况 12

4.1影视行业发展概况 12

4.2 影视业并购的概况 12

4.3滥用对赌协议在影视业中应用的概况 12

4.4滥用对赌协议并购的财务风险防控措施 13

4.4.1合理评估企业价值 13

4.4.2合理设置对赌协议条款 13

4.4.3 完善管理制度 13

4.4.4 持续加强监管，防范商誉减值 13

第五章 华谊兄弟并购东阳美拉滥用对赌协议案例分析 15

5.1华谊兄弟基本概况及发展战略 15

5.2 华谊兄弟并购东阳美拉历程 15

5.3 通过财务指标分析并购滥用对赌协议的财务风险 16

5.3.1对赌协议签订前的估值风险 16

5.3.2对赌协议签订中的融资风险 17

5.3.3对赌协议签订后的偿债风险 17

第六章 针对华谊兄弟并购东阳美拉的财务风险防控建议 22

6.1 对赌协议签订前的估值风险防控 22

6.2 对赌协议签订中的融资风险防控 22

6.3 对赌协议签订后的偿债风险防控 23

6.4 结论与不足 23

参考文献 24

致 谢 26

第一章 绪 论

1.1 研究背景和意义

互联网经济在经济一体化进程中逐渐成为主流，影视业发展离不开传媒技术，电子信息技术，技术的发展带来优势的同时也带来了激烈的市场竞争。而十九届五中全会提出的文化强国战略和中国电影内在结构性调整的动力，促使中国电影呈现一个新的、多维发展格局，将高质量、可持续发展放在首位。此时的内生性需求变成了市场扩容和格局提升，跨界融合和纵向重塑成了影视业改进的重要方向，多元化创新理念改变着中国电影的发展理念和产业逻辑。新冠疫情的新背景更是冲击着影视业和影视人，不过也同时为影视行业带来新的机遇与可能性。“疫后”的电影产业想要复苏重振，需要重新审视当下的影视语境，并开辟出全新的发展道路。影视业是文化产业中不可或缺的一部分，随着文化产业的逐步发展，中国人的文化消费实力逐步增强。居民文化消费支出的增加在一定程度上促进了我国经济的发展。发展文化产业，有利于我国产业结构调整和经济平稳有序发展。

影视业为了实现规模扩张，扩充现有业务，集中获取优质资源，制作出高质量的作品等经常会采取并购等手段。影视业并购时，签订对赌协议常常会带来高溢价，且这种现象十分普遍。高溢价、高承诺虽然能吸引中小股东投资,但是由于后期业绩无法达标，反而损害中小股东利益。华谊兄弟公司有大量不能实际计算的资产,如影视产权、明星流量等,并购更加存在着不确定性,因此想要对冲风险，更会选择使用对赌协议。

剩余内容已隐藏，请支付后下载全文，论文总字数：23427字