摘要
根据中国互联网信息中心发布的第 49次《中国互联网络发展状况统计报告》显示，
我国网民规模在 2021年底已达到 10.32亿，与此同时，我国互联网普及率高达 73%，拥
有 1.19亿的 60岁以上老年网民，老年网民互联网普及率达到 43.2%，人均上网时间不断
增加，在线办公、在线医疗规模大幅度增长，分别达到 4.69亿和 2.98亿。网民人数的增
多以及互联网普及率的提高为直播欧亿·体育（中国）有限公司的发展奠定了基础，直播欧亿·体育（中国）有限公司蒸蒸日上。
百度作为我国老牌互联网企业，资金实力雄厚，在互联网普及率提高的情况下，以及
抖音、快手的冲击下，百度想通过并购 YY直播，进军直播市场。本研究通过阅读大量文
献，对并购动因理论进行阐述，采用事件研究法、财务指标法以及 EVA指标调整法，对
百度并购 YY直播的绩效进行长短期分析。最终得出以下结论：采用事件研究法对百度并
购 YY直播的绩效进行短期分析，其认为百度并购 YY直播短期效应并不明显，现金流回
收周期较长；采用财务指标法与经济附加值调整指标法对百度并购 YY直播的绩效进行中
长期分析，二者结论基本一致，认为并购对百度收益产生了正向作用。因此，对于上市公
司的并购事件，为了可以对并购绩效有一个完整的认识，可以采用事件研究法对并购绩效
进行短期分析，采用财务指标法以及 EVA指标评价法对并购绩效进行中长期分析，进而
动态地观察并购效果。此外，关于直播欧亿·体育（中国）有限公司的并购案例较少，希望通过研究百度并购 YY
直播的案例，可以为以后直播欧亿·体育（中国）有限公司的并购提供借鉴意义。最终，百度并购 YY直播长期绩
效如何，还需要时间来验证。
关键词：
企业并购；并购绩效；事件研究法；财务指标法；EVA指标分析法
I

Abstract
According to the 49th statistical report on China's Internet Development released by the
China Internet Information Center, the number of Internet users in China has reached 1.032
billion by the end of 2021. At the same time, China's Internet penetration rate is as high as 73%,
with 119 million elderly Internet users over the age of 60, the Internet penetration rate of elderly
Internet users has reached 43.2%, the per capita online time is increasing, and the scale of online
office and online medical treatment has increased significantly, Reached 469 million and 298
million respectively.The increasing number of Internet users and the improvement of Internet
penetration rate have laid a foundation for the development of the live broadcast industry, which
is thriving.
As an established Internet enterprise in China, Baidu has strong financial strength. Under
the situation of increasing Internet penetration rate and the impact of Douyin and Kuaishou,
Baidu intends to enter the live broadcast market by acquiring YY Live. By reading a large
number of literature, this study elaborates the motivation theory of M&A, and adopts the
financial event study method, index method and EVA index adjustment method to conduct
short-term and long-erm analysis on the performance of BAIDU's M&A of YY Live. The
following conclusions are finally drawn: The event study method is used to analyze the
short-term live broadcast of Baidu's merger and acquisition of YY. It believes that the live
broadcast effect of Baidu's merger and acquisition of YY is not obvious, and the cash flow
recovery cycle is long, and the financial index method and economic value-added adjustment
index method are used to analyze the medium and long-term live broadcast of Baidu's M & A
YY. The two conclusions are basically the same, and they believe that M & A has a positive
effect on Baidu's revenue.Therefore, for the M & A events of listed companies, in order to have
a complete understanding of the M & a performance, the event research method can be used to
analyze the M & a performance in the short term, and the financial index method and EVA index
evaluation method can be used to analyze the M & A performance in the medium and long term,
so as to dynamically observe the M & A effect.Besides, there are few m&a cases in the live
broadcast industry. It is hoped that the case study of Baidu's acquisition of YY live broadcast can
provide reference for future mergers and acquisitions in the live broadcast industry.Ultimately, it
will take time to verify the long-term performance of Baidu's acquisition of YY Live.
Key words:
Merger and acquisition； Merger and acquisition performance； Event study
methodology;Financial index method;EVA index analysis method
II

目录
摘要................................................................................................................................................I
Abstract......................................................................................................................................II
第1章绪论..................................................................................................................................1
1.1选题背景..............................................................................................................................1
1.2选题目的..............................................................................................................................2
1.3选题意义..............................................................................................................................2
1.3.1理论意义......................................................................................................................2
1.3.2现实意义......................................................................................................................3
1.4研究方法..............................................................................................................................3
1.4.1案例分析法..................................................................................................................3
1.4.2事件研究法..................................................................................................................3
1.4.3财务指标法..................................................................................................................3
1.4.4EVA指标评价法..........................................................................................................3
1.5本研究可能的创新点..........................................................................................................4
1.5.1研究视角的新颖性......................................................................................................4
1.5.2研究方法的适用性和拓展性......................................................................................4
1.6文献综述.............................................................................................................................4
1.6.1并购动因的相关研究..................................................................................................4
1.6.2并购绩效的相关研究..................................................................................................6
1.6.3直播欧亿·体育（中国）有限公司相关研究......................................................................................................9
1.6.4文献述评....................................................................................................................10
第2章相关概念界定与理论基础............................................................................................11
2.1并购的概念........................................................................................................................11
2.2并购理论基础....................................................................................................................12
2.2.1协同效应理论............................................................................................................12
2.2.2市场势力理论............................................................................................................13
2.2.3委托-代理理论..........................................................................................................13
第3章百度并购YY直播案例介绍............