优酷土豆并购案例分析——基于事件分析法和会计指标分析法  

Case Study of the M&A between Youku and Tudou——Based on Event Study Methodology and Accounting Index Analysis

作　　者：云昕[1] 辛玲[1] 刘莹[2] 乔晗[3] 

机构地区：[1]中国科学院数学与系统科学研究院,北京100190 [2]北京联合大学管理学院,北京100101 [3]中国科学院大学经济与管理学院,北京100190

出　　处：《管理评论》2015年第9期231-240,共10页Management Review

基　　金：国家自然科学基金项目(71003057;71373262;71390330;71390331)

摘　　要：视频网站是近年来成长最快的互联网行业之一。虽然网络视频行业市场规模稳步扩张,但各大网络视频网站的长期亏损问题仍未得到解决。为了实现规模经济以及缓解竞争压力,视频网站间的并购事件频繁出现。而视频网站能否通过并购整合来摆脱长期亏损的困境一直是学术界的热点话题。本文以优酷土豆并购为例,应用事件分析法和主成分分析法,从短期和中长期角度分别研究了优酷与土豆的并购对企业绩效的影响,以及其对网络视频行业未来发展的启示。研究结果表明:从短期来看,优酷土豆并购为股票持有者创造了正价值;从中长期来看,此次并购事件使优酷的企业绩效呈现平稳上升态势。但由于运营成本居高不下等因素,并购无法从根本上扭转视频网站长期亏损的整体局面,视频网站现有的盈利模式仍需改变。Video site is one of the fastest growing industries of Internet in recent years. Although the market size of this industry is steadily expanding,the loss situation that video sites have long faced is still a problem to be solved. In order to achieve economy of scale,reduce costs and pressure of competition,mergers and acquisitions（ M＆A） between video sites frequently occur. Whether the video sites can get rid of the dilemma of long-term loss through M＆A has been a hot topic in the academic circle. Taking the case of the merger of Youku and Tudou as an example,this paper focuses on the deep influence of the M＆A on the enterprise performance and future development of the online video industry from the perspective of the short and long term based on event study methodology and principal component analysis. The results show that positive value has been made for stock holders in the short term and there is a stable upward trend of enterprise performance in the long run through the M＆A between Youku and Tudou. However,due to the fact of high operating costs of video sites,it is the revolutionary profit model of enterprise but not M＆A that can fundamentally reverse the overall situation of longterm loss of video sites.

关 键 词：优酷 土豆 并购 事件分析法 主成分分析 案例研究 

分 类 号：F49[经济管理—产业经济] F271