摘 要在当今激烈的市场竞争环境下，并购在中国的资本市场中变得越来越普遍。但由于并购过程中存在财务风险，这些财务风险往往能决定并购结果的成败。因此，越来越多的企业开始关注并购的财务风险，对于游戏企业也不例外。截至 2018 年年底，相关调查显示中国已成为全球最大的游戏市场。游戏企业并购的动因主要是买卖双方希望通过整合，以此提高销售、效率和能力方面的优势。游戏企业并购活动由于其行业特殊性有其独特的财务风险，此前的研究大都没有考虑区分不同行业，且仅限于定性的分析，本文的研究内容是针对游戏企业的特点，采用历史文献法和量化风险模型——F 值判别模型，对 13 家在 2016 年间进行并购的游戏企业并购的财务风险进行定性分析和实证研究评估，发现财务风险确实对并购效果产生了一定程度的影响。这将有助于游戏企业选择恰当的融资方式和开展尽职调查，为此类游戏企业在并购过程中的财务风险管理相关理论的完善提供一定的指导和建议。最后在前面分析的基础上,给出对我国游戏企业并购未来的展望,希望能对游戏企业今后的并购有所裨益。 关键词：游戏企业 并购 财务风险 F-score 模型AbstractIn today's competitive market environment, mergers and acquisitions are becoming more and more common in China's capital market. However, as there are financial risks in the process of merger and acquisition, these financial risks can often determine the success or failure of the merger and acquisition results. Therefore, more and more enterprises began to pay attention to the financial risk of mergers and acquisitions, for the game enterprises are no exception. By the end of 2018, surveys show that China has become the world's largest gaming market. The main motivation for game mergers and acquisitions is that buyers and sellers hope to improve their sales, efficiency and ability through integration. Game enterprise merger and acquisition activity due to its peculiarity industry has its unique financial risk, and most previous studies did not consider to distinguish between different industries,...
