摘要：本文从近年来在投资界以及整个资本市场都越来越受到关注的“轻资产”作为切入点,梳理国内外相关的文献资料，将轻资产的定义以及理论综述清晰呈现；并以企业并购作为导引，从财务管理的角度出发，分析并购行为对轻资产企业的影响，探索轻资产企业在并购过程中可能面临的问题。课题选取近年并购热潮中的代表企业——蓝色光标为例，以蓝色光标2010年上市后近5年以来的并购历程为研究对象,主要通过盈利能力、偿债能力、运营能力和现金产生能力四个方面的数据，对这家轻资产企业的并购进行财务研究。经过纵向与横向的比较，结果显示蓝色光标在大举并购过程中逐渐褪去了其轻资产企业的理应有的高现金流占有、高偿债能力、高资产周转等等优势，除依然不错的盈利性之外，其偿债能力与现金产生能力均由优秀趋向于平庸，其并购行为并没有做到很好的整合，需要加强整合资产的管理。蓝色光标的前景需要留待时间去验证。57937

毕业论文关键词: 轻资产；并购；财务研究；蓝色光标 

Financial Analysis on the Merge and Acquisition of Asset-light Companies -- Based on the Case of BlueFocus

Abstract: This article from the investment community in recent years, as well as the entire capital market is more and more attention of the "asset light" as the breakthrough point, combing the domestic and foreign related literature, the definition and theory of asset light review show clearly; And using the enterprise mergers and acquisitions as the guidance, from the perspective of financial management, analyzed the influence of the behavior of light assets during m&a, explore the problems that then assets-light companies may face in the process of m&a. The topic selected Blue Focus, which is boom in the recent m&a, on behalf of the enterprise as an example, regarding its five-year m&a process since it went public in 2010 as the research object, mainly through the profit ability, debt paying ability, operation ability and cash generating ability from four aspects of data, corporate mergers and acquisitions on the light assets in financial research. Through longitudinal and transverse comparison, the results show that Blue Focus gradually faded its advantages in the process of m&a, such as high cash flow, high solvency, high asset-turnover rate, etc. In spite of good profitability, its debt paying ability and the ability to produce cash all tend to be mediocre from excellent, its m&a did not achieve very good integration, which need to strengthen the integration of assets management. Only the time can see the prospect of Blue Focus.

Key words: Light Asset； Merge and Acquisition； Financial Analysis； Blue Focus 

目  录

一、引言  1

（一）研究背景、目的及意义 1

（二）研究方法 1

二、轻资产的定义及理论运用  3

（一）轻资产的定义3

（二）轻资产的理论应用及探索性研究3

三、 轻资产企业并购的特点 5

（一）并购先锋以上市公司为主，文化传媒产业资本大量流入5

（二）价值链拓展完善是主要目的，跨行业、跨地域并购特点突出5

（三）企业的估值成为并购中的难点6

四、蓝色光标企业并购的财务研究  7

（一）蓝色光标公司简介7

（二）蓝色光标的并购历程8

（三）蓝色光标并购的财务分析9

1、盈利能力 9

2、偿债能力12

3、营运能力13

4、现金产生能力13

（四）蓝色光标的经验和教训  15

五、结论 16

致谢    17

参考文献  18

 一、引言