奥飞娱乐转型的动机及其财务后果研究

On the Motivation of Transformation of Alpha Group and Its Financial Consequences

近年来,传统制造业遭受"互联网+"战略冲击,为了适应经济新常态与消费升级趋势,企业需要进行转型升级,构建新的优势业务。以奥飞娱乐股份有限公司2013-2017年并购式转型为例,主要根据上市公司的财报数据、公司概况及相关渠道获得的信息对奥飞娱乐的第三次转型升级进行动机、过程与后果分析,并进一步通过对奥飞娱乐在转型中存在的投资并购低效、营收结构不佳及财务能力下降等问题的研究,加深对制造型企业如何通过并购式转型向内容驱动型企业转型的认识。

In recent years, the traditional manufacturing industry has suffered from the strategic impact of the “Internet plus”. In order to adapt to the new economic normal and the trend of consumption upgrading, enterprises need build new competitive business through transformation and upgrading. Taking the Alpha Group’s M&A in 2013-2017 as an example, and based on the main data from the financial reports and the company profile of the listed company, the present paper analyzes the motivation, process and consequences of the three turns of transformation and upgrading of the Alpha Group. Through the study of the low efficien- cy of investment and acquisition, the poor revenue structure and the decline of financial ability in the transformation of the Alpha Group, the paper maintains that the understanding can be deepened regarding the transformation of the manufacturing enterprises from an M&A mode to a content-driven one.