在全球化的背景下，中国游戏产业正迅速发展并积极拓展国际市场。腾讯游戏作为行业内的领头羊，其在海外市场的并购行为对整个行业的国际化进程具有重要的示范作用。本论文以腾讯游戏的海外收购为研究对象，旨在深入探讨中国游戏公司在海外并购中实现的协同效应，以及这些协同效应背后的经济逻辑和管理策略。 通过系统性文献回顾，本文建立了包含全球游戏产业发展趋势、协同效应理论、多元化并购策略在内的理论框架。本文详细分析了腾讯游戏在不同发展阶段的海外收购案例，包括对拳头游戏（Riot Games）、Supercell和Epic Games的收购，探讨了收购的动机、交易方案、过程，并从财务、运营和管理三个维度评估了并购后的协同效应。 研究发现，良好的协同效应主要来源于三个方面：财务协同、运营协同和管理协同。在财务协同方面，腾讯游戏通过在被收购公司早期发展阶段进行投资，实现了深度财务整合，有效降低了资本成本并优化了资本结构。在运营协同方面，通过整合双方的运营能力和架构，腾讯游戏提升了运营效率并实现了资源共享，促进了新产品的开发和市场扩张。在管理协同方面，腾讯游戏通过早期投资建立了信任基础，稳定了核心团队，并采取了适当的激励机制，保持了被投资公司的自主创新能力，同时实现了管理上的协同效应。 此外，本文还指出了投资时机的选择对于协同效应的产生至关重要。在被收购公司早期成长期进行投资，可以更有效地实现财务协同效应，而在公司发展到中后期进行投资可能面临团队稳定性和创新能力下降的风险。本文还总结了一些经验教训和未来启示，包括考虑目标公司所处行业周期、被投公司所在国家的劳动法规和税制等政策因素的影响，以及未来应更加重视战略规划、人才激励和风险管控。 通过腾讯游戏的海外收购案例分析，本文提供了一个全面系统的分析框架，为其他中国企业在进行跨国经营活动时提供了策略指导。在数字经济时代背景下，企业通过海外并购实现全球布局和本土优势互补，并通过精细化管理促进财务、运营和管理协同效应的产生，对提升全球竞争力具有重要意义。
Amidst the backdrop of globalization, China‘s gaming industry is experiencing rapid growth and actively expanding into international markets. Tencent Games, as a leading company in the industry, has set an example for the internationalization process of the entire industry through its overseas mergers and acquisitions (M&A). This thesis takes Tencent Games‘ overseas acquisitions as the subject of study, aiming to delve into the synergies achieved by Chinese gaming companies in overseas M&A and the economic logic and management strategies behind these synergies. By systematically reviewing the literature, this paper establishes a theoretical framework that includes the development trends of the global gaming industry, synergy theory, and diversified M&A strategies. It provides a detailed analysis of Tencent Games‘ overseas acquisition cases at various stages of development, including Riot Games, Supercell, and Epic Games, discussing the motives, transaction plans, and processes of the acquisitions, and evaluates the synergies post-M&A from financial, operational, and managerial dimensions. The study finds that good synergies mainly stem from three aspects: financial synergy, operational synergy, and managerial synergy. In terms of financial synergy, Tencent Games realized deep financial integration by investing in companies during their early development stages, effectively reducing capital costs and optimizing capital structure. Regarding operational synergy, by integrating operational capabilities and structures, Tencent Games improved operational efficiency and achieved resource sharing, promoting the development of new products and market expansion. In terms of managerial synergy, Tencent Games established a foundation of trust through early investment, stabilized the core team, and adopted appropriate incentive mechanisms, maintaining the independent innovation capabilities of the acquired companies while achieving managerial synergy. Furthermore, the paper points out that the timing of investment is crucial for the generation of synergies. Investing in the early growth stage of the acquired company can more effectively achieve financial synergy, while investing in the later stages may face risks of team stability and a decline in innovation capabilities. The paper also summarizes some lessons and future implications, including considering the industry cycle of the target company, the impact of labor regulations and tax systems of the country where the acquired company is located, and the need for greater emphasis on strategic planning, talent incentive, and risk control in the future. Through the analysis of Tencent Games‘ overseas acquisition cases, this paper provides a comprehensive and systematic analytical framework, offering strategic guidance for other Chinese companies engaging in transnational business activities. Against the backdrop of the digital economy era, enterprises can achieve global layout and complement local advantages through overseas M&A, and by promoting financial, operational, and managerial synergies through refined management, they can significantly enhance their global competitiveness.
