商务英语论文.doc

HENAN UNIVERSITY OF TECHNOLOGY河南工业大学Bachelor of Business AdministrationAssignment Cover工商管理学士学位课程MODULE CODE AND NAME科目代码及名称 Module Code 科目代码： _B3_ Module Name科目名称： _BC_ Lecturer 讲师： _LI NA_ _ Section Code专业班级： _市场营销1107班_ Student ID 学生证号码： _201120030701_ Student Name学生姓名： _王汉杰 _Announcement: I declare that this assignment is ENTIRELY my independent work except where referenced. I have marked any Reference sources and am aware of programme regulations concerning plagiarism and referencing.Signature 签名： Lecturer Comments 讲师评语Score 分数：Receive Date Year/Month/Day 收到日期： The thesis outline1、cooperation background of Youku and Tudou（1）Youku and Tudou introduction （2）Their respective strengths and weaknesses 2、acquisition processes and rules of Youku and Tudou3、SOWT analysis of merger（1）Strengths（2）Weaknesses（3）Opportunities（4）Threats4、My view on mergers and acquisitionsThe requirements and expectations of the new products of Merged CompaniesYouku and Tudou Join hands in creating a better futureWith the economic development and the opening of the market, mergers and acquisitions have gradually been viewed as an imperative investing strategy by Chinese enterprises. As the alliance of the two leading companies in the Chinese video industry, the merger of Youku and Todou is worthy of further research and discussion. This essay, aiming at providing Chinese enterprises future mergers and acquisitions with useful information, analyses this case from the aspect of motivations and assesses it in the viewpoint of value creation. Youku and Tudou has been an old enemy, not only in copyright fight, and in the advertising business is also strong in the market, such as opponents. The so-called holds up Braves win, as we look forward to when the winner who will be the last between the two, they were unexpectedly merged! dont fire and water, or integration?, March 12, 2012, well-known video site youku and Tudou 12th announced that they have signed a definitive agreement, will be merged by 100% share swap. Under the terms of the agreement, since the merger to date, Tudou United States depository receipt listings and convertible into 1.595 shares of youku United States depository. After the merger the new company will be named youku Tudou company limited, youku United States depository receipts will continue to be on the New York Stock Exchange trading. This strategic merger have been both approved by the companys Board of Directors, but after the merger remains subject to customary closing conditions, including both youku and Tudou shareholder approval. Shareholders in their respective Board of representatives of both parties have promised to support this merge. The merger expected to be completed in the third quarter of 2012.First message on youku and Tudou merged, can be traced to before and after the 2008 financial crisis. To be criticized as a serious burn video sites when you fall down, news capital intends to bring together two companies in pursuit of long-term development. Rumours that end in youku CEO Victor Koo came forward to deny. Once again outgoing youku news of interest in mergers and acquisitions of Tudou was cool after the listing. Tudou listed blockage at that time, began going to depressed capital environment, youkus earnings on the communication, youku CEO Victor Koo was asked about this problem playing taiji, imagined space to the outside world. But it seems the Tudou has been seeking an acquisition of home. Tudou until contact with Baidu, Tencent, seeking to merge. Youku is also seeking a takeover target, and even had talks with Chi arts, but in the end because the price is not talking about long shards. Until February 2012, Tudou and youku is also because of the Emperor Kangxi to the stealing of planting fight; merge message is posted on the day, in the afternoon, Tudoues are also busy making exclusive plays of the brides how to launch. Heavy messages not expecting to-youku and Tudou announced merger.Youku is the leading video-sharing sites in China, is the Internet video industry the first brand in China. Youku to speed is King as the product concept, focus on user experience, and constantly improve the services strategy, its remarkable fast play, rapid release, fast search features, fully meet the growing demand for diversified interactive users, and make it a leading force in Chinas video site. Youku has now become an Internet gathering camps. United States Eastern time on December 8, 2010, youku successfully listed on the New York Stock Exchange. A large video-sharing site Tudou is Chinese, in which users can upload, watch, share and download video. Tudou on April 15, 2005 formally launched, as of September 2007, the station provides daily video has more than 55 million. Founder of Fujian people Wang Wei. August 17, 2011, the Tudou in the United States NASDAQ stock code TUDO. Tudou are Chinas earliest and most influential video-sharing Web site, is the leading brand of Chinese Internet video industry, is also one of the worlds first online video sharing websites. Tudou on April 15, 2005 formally launched, more than 25 million unique users per day, 150 million monthly users, has more than 80 million registered users. Since its first day in Tudou, we believe it is, everybody is a Director of life. Our goal, let the creators and distributors of creative programs were free to let your program appears before the user, at the same time, so that each user can see what they want to see any program anywhere, anytime.Two of Chinas largest online video company is going to merge, would like to take this in a growing but competition is fierce online video industry set up a profitable market leader. Youku and Tudou are two companies in the United States market. On Monday, the two sides announced that it had signed a final agreement. According to the agreement, 100% share swap after the merger, youku entity will continue to be maintained. Youkus shareholders will hold shares of the combined company 71.5%, shareholders holding 28.5% of Tudou. Thomson Reuters says the deal is valued at $ 1.04 billion, is the largest of the Internet industry in China a share swap deal. Video sites need to invest large sums of money buying and producing content, infrastructure needs to be strengthened to ensure faster streaming speed, which cost well beyond the sites advertising revenue, resulting in both companies sustained losses, limping along, this deal has been reached between the parties in this context. According to the Analysys international market monitoring data show that the last quarter of 2011, video ads market in China, Tudou with 13.7% market share ranked second. Tudou as one of Chinas largest video site, has formed a certain scale in the video market advantageStrengths (1) domestic market share ranked second according to the Analysys international market monitoring data show that the last quarter of 2011, video ads market in China, Tudou with 13.7% market share ranked second. Tudou as one of Chinas largest video site, has formed a certain scale in the video market advantage. (2) purchases a large number of copyright Tudou purchased a large number of Taiwan and the Japan arts and anime copyright. Critical in the current video market in the copyright wars, Tudou will no doubt have a very good advantage of copyright, can be greatly lessened tension because competition for copyrights associated with cash flow problems. (3) the open social platform sharing and Tudou already opened with Sina, Tencent space, renren and kaixin and other major social networking platform to share links. SINA weibo with almost 300 million users, release 100 million tweets a day, 41% of the total Tudou accounted for sharing videos. (4) refining services popular Tudou can achieve quiet, external ad placement posted absolutely no advertising, but also in the Home which video is clearly identified and which is advertising, and new media image award annually. Refinement of such services meet the needs of visitors, attracting large, can help keep a certain group of customers. (4) good self-made Opera production of Tudou in homemade play areas to exploration and response well, Tudou produced television drama series and even bought by television, Star played on.Weaknesses (1) operating costs high Tudou 2011 fiscal year net loss of 511.2 million Yuan, but 2011 is 148.9 million net loss in the fourth quarter. Revenue in the fourth quarter cost of 160.1 million Yuan, over the same period last year grew by 118.5%. Cost growth mainly due to the cost of broadband Internet, mobile video services costs and the cost of purchased copyrighted content growth. High cost of seriously affecting the profits of Tudou, so that enterprises operating pressures, development. (2) senior management after the listing of the brain drain, Tudou has a large number of executives and venture capital older workers departure, enterprise management and development of the brain drain on the Tudou were affected to a certain degree, personnel flow is quite conducive to business stability. (3) financing difficulties, cash-strapped after the listing of Tudou in the financing difficulties and falling share prices, in the face of continuing losses and a huge amount of input, 2011 reported a total cash and equivalents of Tudou only around 870 million Yuan, tightening of funds, is not optimistic about the future. (4) video playback technology to improve Tudou as a video-sharing Web site, issues surrounding the video has great affect the Tudous status in the minds of viewers. Tudou videos buffering slowly, it is difficult to download, sometimes unable to watch is a direct negative factors. Improvements to these components is difficult, however, also requires a high level of technical input and increases costs, affecting earnings.Opportunities (1) wave of industry consolidation in the domestic and foreign event video industry consolidation mergers has continued, and Tudou have a desire to integrate with other enterprise and advantages, integration would bring Tudou more broad market prospects, raising Tudou in some original, shared areas click on the cover. Tudou can take to optimize the operation mode, reducing operational costs. (2) a three screen integration trends through TV + network + broadband network for mobile terminals model, different marketing show and in the same way. This is a trend now of the video industry, and who to build connections among these three modes of transmission, to seize the opportunity, who can win a chip. (3) industry development well 6.27 billion yuan market scale of Chinas online video industry last year grew 99.9%, 2012 video industry will continue to maintain this growth and gains rose to 101.5%, 12.63 billion yuan market scale. The rapid growth of the industry as a whole, Tudou can take advantage of this momentum for a larger increase. (4) cooperation, combined with complementary network video to expand the scope of cooperation, will reach more areas. Video road to walking in conjunction with social networking, video Web sites and major music companies taking the road of development, not only can promote the innovation of video sites can fill the gap, who can develop more rich content partners, who will be able to be supplemented by energy, growing strength.Threats (1) legal regulations of limit national for video industry of management policy from tight, March 09 national broadcast film TV General publishing has on strengthened Internet audio-visual program content management of notification under, provides Internet audio-visual program service units spread of television plays, must meet broadcast film TV management of about provides, law made broadcast television administrative sector issued of films showing license under, and TV issued license under and TV cartoon issued license under. Undocumented films and programmes shall be broadcast. On the video site undocumented resources more than half, and they are attracting Internet users click on the big. This policy will have on the entire video site industry against huge, and Tudou are not exempt. (2) competition pressures from financial strength such as Baidu, Tencent also has many free user traffic Giants since entering the video market, increased speed and rapidly, the strong momentum. And cool the Tudou after the merger with Tencent, Sohu, strange art as representative of the second group will be operational in 2012, increasing to counter the combined effects of this toward a more competitive market situation. (3) Copyright high contention for copyright wars have become a major feature in the video industry competition. Now copyright increasing bargaining power in the market, especially for popular content, prices are high. Without exception, the current major domestic video websites enterprises losing money, huge overhead to allow all rights reserved corporate earnings but had to pay.The requirements and expectations of the new products of Merged CompaniesMerger integration is the key to the integration of human resources, an overview of research on human resources issues in mergers and acquisitions can be found mainly on the issues related to the four levels. First is on the individual level. Include threat and anxiety of employees, management of employee satisfaction and employee expectations. The second level is between individual and organization level team. Mainly include the departure of Manager problem, role of middle-level managers and senior management decision-making. The third is the level of organization. Mainly include cultural differences, cultural integration and cultural adaptation. Fourth is regardless of individual, team, and organizational levels. Principally in strategic areas, organizations and individuals in the field and the field of communication studies. Due to the consolidation of new companies youku Tudou, entire human integration of the end results can be seen only after a period of time, therefore, in the analysis and evaluation process, we are based on the associated personnel measures that have occurred and to evaluate the potential impact of this measure. First, mergers and acquisitions, personnel has been a big problem, Tudou by employee concerns than youku employees more grand after the acquisition of cool VI network, violence layoff, dismissing 20% cool six employees, the same video networking industry, the mergers and acquisitions are also employees of anxiety. Against the outside world emerged from both layoffs will be made in the integration of messaging, high level of consistent attitude: in addition to the brand, is a talent. Staff Conference and reassuring, saying layoffs are false things. It is understood that after that merge message network employees did not have too many arguments about this, we continued to the effect of his, to work as usual. Youkus headquarters, in addition to the cool front a rear projection in addition to show videos of the merger of the two companies, and see more surprises-free picture. Both companies employee attitudes seem very calm. Youku Senior Vice President Wei Ming revealed that operation of the new company will implement private funeral, step by step advance humanistic integration to achieve a smooth transition. This is after the merger early handling arrangement the best way to integrate. Concurrently, this also for later integration of the merged enterprise provides favourable conditions. Employee pay increases as planned according to the analysis, youku Tudou combined consolidated revenue will rise by as much as 3 times from 2011-2012. Tudou income is 0.6 times times the youku, about 100% youkus revenue growth expectations, Tudou growth in income expected to be about 80%, after the merger of consolidated revenues in 2012 will be more than 3 times times youku 2011 revenue. Youku Tudou youku 2011 compared to the number of employees number of employees that year was only little more than doubled, revenue growth to cover increased staff costs. Therefore, unlike the low rate of growth in traditional industries, youku Tudou and no need to layoff. Moreover, not only does not cut, will also increase. Youku increase was completed after the Spring Festival, Tudou for a raise after the merge is completed.From the perspective of option, merge also has generated a promotion of employee option value, especially the Tudou team options rise more, which makes Tudou reduction in conflict and anxiety, to better integrate into the new team. Third, the sea-rivers, bean has always been hard to change human nature let hundreds or accept things, especially after rival for many years with, more to feel culture acclimatized. An idea derived from speech, another respected King defeated COE, two cultural personalities quite different, more in need of cultural integration during the integration process. Cool Tudou in the integration process, there are eight key words, that tolerance, respect, openness and cooperation. And cool the broadcasting of announcements of public interest in the superior, but also cool Tudou in one low number. From which we can see that the integration of the two companies is more of an equal and cooperative attitude in treating both employees, this team can reduce the merged company reduce psychological barriers and pressure, let Tudou staff to better integrate into the new groups and accept new cultures, play the power of solidarity. Last, maintained independent operation-differences of is key excellent cool, and Tudou merged Hou, still independent operation,