汤姆森-路透并购案对中国传媒业并购的启示.pdf

摘 要 从全球范围来看,传媒业正成为21世纪世界经济新的增长点。与发达国家 相比,中国传媒业规模小,竞争力较弱。在经济全球化的背景下,急需通过集 中化的发展战略,做大做强,提升国际竞争力。采取并购扩张的方式是当前中 国传媒业发展的必然选择。然而,世界传媒并购的失败率非常高,且中国传媒 企业鲜有并购的经验。在这种情况下,借鉴国际传媒业并购的成功经验,非常 有助于中国在传媒并购方面的成长和经验的积累。汤姆森-路透并购案作为国际 传媒业并购的经典案例,从运作到完成到现阶段整合都运转良好,对中国传媒 企业有重要的指导和借鉴意义。 本文借用并购经济学的理论框架,采取文献分析法和对比分析法,在分析 汤姆森-路透并购案的并购环境、并购动因、并购行为、整合的基础上,结合中 国实际情况,得出其对中国传媒业并购的启示。从并购环境来看,中国需要加 强传媒业并购的市场机制建设,一方面放松政府管制,允许市场化并购行为的 发生,另一方面,完善资本市场,为并购提供充足的资金和更便捷的途径。从 并购动因来看,中国传媒企业需要有明确的并购战略规划,主动调整自身的发 展战略,还要掌握传媒业并购的趋势。从并购行为来看,需要确定并购的目标 企业,从企业规模、发展战略、业务和渠道的互补性、无形资产等方面加以考 量,还要进行审慎的调查和评估;把握并购的时机,选择企业价值被低估时进 入;丰富并购的支付方式,了解股权支付的好处和风险,及其对中国传媒业并 购发展的积极意义。从整合来看,应重视传媒并购后的战略整合、业务整合、 人力资源整合和文化整合。【关键词】 汤姆森-路透;并购;启示Abstract Since the 21st century, media industry has become a new growth point of world economy. Compared to developed countries, China’s media industry still stay on a small scale and with relatively weak competitiveness. In the background of economic globalization, it is urgent to implement centralization developing strategy to make Chinese media companies bigger and stronger and to improve their international competitiveness. The way that mergers and acquires is currently an inexorable choice for development of China’s media industry. Nevertheless, the failure probability of world media merger has remained quite high, and Chinese media companies have had little experience on MA. On this condition, learning successful experience from international media MA will help China to accumulate experience and grow up in media merger. As a classical case of international media industry, Thomson-Reuters merger has been going well from operation of merger to completion to integration to date, which can give guidance and reference to Chinese media companiesThis research borrowed the theoretical framework of merger economics and used documentary analysis and contrastive analysis. Based on analyzing merger environment, merger motive, merger behavior and integration of Thomson-Reuters merger, com