摘要观察国内广告产业，目前存在“低集中度与泛专业化”两大核心问题。面临着上游广告主和下游媒介的双重挤压，同时还面临外资广告公司涌入中国后的激烈竞争。中国本土广告公司需要加快并购整合，迅速做大做强，实现中国广告业结构重构，改善我国广告产业高度分散和高度弱小的状况，争取与上下游博弈中的话语权，防止我国广告业被外资全面控局。2011年以来，中国内资上市广告公司及大型外资广告公司针对广告产业链整合的并购不断，新一轮的广告业整合大幕已经拉开。在此背景下，研究国内外广告业的并购案例及产业整合方式具有重要的现实意义。本文旨在从产业链的视角切入，综合运用产业经济学、管理学、营销学、广告学等相关理论进行研究，采用了案例分析、对比研究、文献分析等方法，探究了外资及中国广告公司的发展模式和并购整合模式。通过整理近十年来的对国内外广告公司并购案例，分析外资及本土广告公司并购情况特点并对经典案例进行详细分析。总结国际广告公司的发展模式和国内外广告产业链并购整合模式，探讨横向并购、纵向并购及混合并购三种不同并购整合模式的并购动因及效果。最后依据中国广告产业链和广告公司的具体情况给出产业链整合的形态及路径建议，对并购后在文化、业务、人才、品牌等问题的整合上提出相应的对策。本文是对中国广告产业链并购整合的初步探讨，旨在寻找适合中国广告公司发展和并购的模式和路径，希望通过本研究能够给中国广告业的发展提供些许参考。关键词：产业链整合；并购；广告业；广告公司AbstractObservethedomesticadvertisingindustry，thereis"lowconcentrationandprofessional"twomainproblem.Facingdoublepressureofupstreamadvertisersanddownstreammedia，alsofacesforeignadvertisingcompaniesintoChinacausekeencompetition.Chinalocaladvertisingcompaniesneedtospeeduptheacquisitionintegration，quicklybecomebiggerandstronger，andrealizeChinaadvertisingindustrystructurereconstruction，improveChinaadvertisingindustryhighlydecentralizedandhighlyweakcondition，thefightwithupstreamanddownstreamofthegameright，preventChinaadvertisingindustryforeigncontrol.Since2011，China'sdomesticlistedadvertisingcompanyandalargeforeignadvertisingcompanyinviewofadvertisingindustrychainintegrationacquisitionconstantly，anewroundoftheadvertisingindustryintegrationhasopened.Inthiscontext，theresearchoftheadvertisingindustrydomesticandabroadmergercasesindustrialintegrationwayhastheimportantpracticalsignificance.Thispaperisfromtheperspectiveofindustrychain，theintegrateduseofindustryeconomics，management，marketing，advertisingandrelatedtheoryresearch，usingacaseanalysis，comparativeresearchandliteratureanalysismethod，anddiscussestheforeignandChineseadvertisingcompanydevelopmentpatternandacquisitionintegrationmode.Throughtheconsolidationofthelasttenyearsofdomesticandforeignadvertisementscompanyacquisitions，foreignandlocaladvertisingcompanyanalysisofthesituationandcharacteristicsoftheclassicalmergercasemakesadetailedanalysis.Summarizetheinternationaladvertisingcompanymodelofdevelopmentandindustrialintegrationmodeofdomesticandforeignadvertisementsacquisition，thispaperdiscussesmerges，verticalmergerandacquisitionmixedthreedifferentmergeracquisitionintegrationmodeofagentandeffect.FinallybasedonChina'sadvertisingindustrychainandadvertisingcompanyofthespecificconditionsoftheindustrialchainaregiventheformandintegrationpathproposal,toafterthemergerinculture，businessandtalent,thebrandandsoontheintegrationoftheproblemputforwardthecorrespondingcountermeasures.ThispaperistoChinaadvertisingindustrychainintegrationacquisitionofthepreliminarydiscussion，aimstofindsuitableforChina'sadvertising...
