会计学院知识库

随着互联网与传统媒体的融合，传媒产业成为我国数字经济的重要组成部分。各传媒平台纷纷推出优质内容产品，提升视频内容占比，以期增加用户粘性，从而提升自身的财务可持续增长能力。相较于爱奇艺、优酷、腾讯、哔哩哔哩等平台的连年亏损，芒果超媒是唯一一家盈利的传媒平台。自2015年实施台网融合后，已形成了完整的新媒体产业链布局，成为国内首支A股国有控股上市传媒平台。然而，随着传媒产业进入“后红利”时代，面对着不断加剧的行业内竞争，芒果超媒未来的财务可持续增长压力骤增。

由此，本文基于相关理论与既有成果，基于芒果超媒2014—2020年的财务数据，对其财务可持续增长能力进行了三方面的检验。首先，运用传统的希金斯模型对其实际增长速度进行了检验。结果表明，因存在销售费用高、存货周转效率低和应收账款回收速度变慢等问题，芒果超媒的实际增长速度与可持续增长速度差异较大。其次，基于芒果超媒的ESG绩效对其财务可持续增长能力进行了综合分析。结果表明，芒果超媒在社会和治理维度表现良好，但在环境维度，因未就气候变化风险和机会以及碳排放展开相关的讨论而评分极低。最后，针对其价值创造维度的检验结果表明，芒果超媒的价值创造过程具有可持续性，在未来，有可能推动财务的可持续增长，并形成良性循环。

基于针对检测结果，本文最后提出，在台网融合背景下，芒果超媒的综合价值创造过程虽具有可持续性，但需要对以下几方面投入足够的重视：首先，需加强对销售费用的控制，加强变现能力，缩小实际增长速度与可持续增长速度之间的差距；其次，建立核心人才股权激励计划，减少核心人员流失所带来的风险；最后，改变环境维度表现差强人意的现状，尽快将碳排放等讨论提上议程。

With the integration of Internet and traditional media, the media industry has become an important part of China's digital economy. Various media platforms have launched high-quality content products to increase the proportion of video content, with a view to increasing user stickiness, thus enhancing their financial sustainable growth ability. Compared with the successive losses of iQiyi, Youku, Tencent and other platforms, Mango Hypermedia is the only profitable media platform. Since the implementation of the network integration in 2015, a complete new media industry chain layout has been formed, becoming the first A-share state-controlled listed media platform in China. However, with the media industry entering the "post-dividend" era, facing the increasing competition within the industry, the future financial sustainable growth pressure of Mango Hypermedia will suddenly increase.

Therefore, based on relevant theories and existing achievements, this paper tests the financial sustainable growth ability of Mango Hypermedia in three steps based on its financial data from 2014 to 2020. Firstly, the traditional Higgins model is used to test. The results show that the actual growth rate of mango hypermedia is quite different from the sustainable growth rate due to the problems of high sales cost, low inventory turnover efficiency and slow recovery of accounts receivable. Secondly, based on the ESG performance of Mango Hypermedia, it comprehensively analyzes its financial sustainable growth ability. The results showed that mango hypermedia performed well in the social and governance dimensions, but in the environmental dimension, it scored extremely low because it did not discuss the risks and opportunities of climate change and carbon emissions. Finally, the test results based on the dimension of value creation show that the comprehensive value creation process of mango hypermedia is sustainable, which may promote the sustainable financial growth and form a virtuous circle in the future.

Based on the test results, this paper finally puts forward that although the comprehensive value creation process of mango hypermedia is sustainable under the background of network integration, it needs to pay enough attention to the following aspects: First, it is necessary to strengthen the control of sales expenses, strengthen the liquidity, and narrow the gap between the actual growth rate and the sustainable growth rate; Secondly, establish an equity incentive plan for core talents to reduce the risks caused by the loss of core personnel; Finally, change the present situation of unsatisfactory performance in environmental dimension and put the discussion of carbon emissions on the agenda as soon as possible.