Study On Overseas M＆A Risk Of Chinese Cultural Enterprises ——Instancing Of Wanda M＆a Of Legendary Pictures

In recent years,our government provides preferential policies for cultural enterprises,strongly supports the development of cultural enterprises,flourishing the cultural market incessantly.Besides,the cultural industry has become a new economy growth point in the world.Overseas M＆A can directly obtain the core resources of cultural enterprises,which is also an important method for Chinese cultural enterprises to increase profits,expand scale,reduce costs,achieve diversified operation and even enterprise transformation.However,enterprises face multiple risks during overseas M＆A,including pre-merger strategic planning error,valuation pricing deviation,financing and payment risk,and post-merger integration risk.The above risks will directly affect the success of M＆A activities and the subsequent development of enterprises,as a result,it is of great practical significance to study the financial risks in cultural enterprises’ transnational M＆A.Firstly,this paper systematically reviews the research trends of domestic and foreign scholars on M＆A risk,introduces the concepts related to M＆A and risk,and expounds the theoretical basis of recent research.Secondly,this paper expounds the risk causes of cultural industry M＆A in China and predicts the future development trend of cultural enterprises.Again,on both sides background M＆A motivation and M＆A process is introduced,especially focusing on the main and side Wanda Film before and after M＆A financial situation analysis and evaluation,then related to the acquisition of risk identification,and using the methods of Factor analysis and Z-score,the legendary pictures of Wanda Film M＆A risks carry on the empirical analysis.In the end,this paper summarizes the possible risks encountered by Chinese cultural enterprises in various stages of overseas M＆A,and puts forward reasonable suggestions for cultural enterprises to prevent risks in overseas M＆A.