文化传媒企业并购对价与融资方式选择：融资约束、控制权转移与风险分担--蓝色光标系列并购案例分析

摘要

In-depth analysis is performed for methods of payment and financing selection in the mergers and acquisitions ( M&A) as well as their outcomes from the prospect of financing constraint , transferring control and risk taking according to the M&A cases of the Bluefocus Communication Group Co .Ltd.from 2011 to 2015.The results show that the financing restriction is the major factor affecting the methods of M&A payment in the media and cultural industries ;external finan-cing will weigh and consider the balance between control of dilution and debt financing constraints , in the meanwhile , give full consideration to the transfer of risk from the controls with different natures ; carefully selecting the acquisition targets to achieve expected synergistic effects is the basic way to reduce the risk in the control transfer processes .%基于蓝色光标2011－2015年股权并购案例，从融资约束、控制权转移与风险分担的角度分析公司并购对价与融资方式的选择及其影响，结果表明：融资约束是影响文化传媒企业并购对价选择的主要因素；外部融资要在控制权稀释与债务融资约束之间进行权衡，充分考虑两种不同性质的控制权转移风险；审慎选择并购目标以达成并购预期协同效应是消化控制权转移风险的根本。