Research On The Characteristics And Performance Of Film And Television Media Enterprise M&A

Along the national policy,the film and television media industry has realized the growth of assets and revenue through centralized M&A activities,but its profitability has declined sharply.Problems such as high valuation and failure to complete performance commitments in time occur frequently,and subsequent operations are in trouble.The relative conflict of industrial policies reflects the risks and conflicts in the expansion of M&A.This paper tries to explore the general rules behind the complex mergers and acquisitions in the industry,and provides references for the mergers and acquisitions of film and television enterprises.In this paper,the synergy effect theory and industry impact theory are used to explain the m&a behavior of film and television media industry in the past decade.External impact drives enterprises to pursue synergy effect to promote development.In view of 92 M&A events from 2010 to 2019,this paper sorted out and summarized the characteristics of M&A terms,calculated the stock prices and financial data of 23 film and television media enterprises by using event study method and principal component analysis method,and studied the relationship between the characteristics of M&A terms and market performance and financial performance from a statistical perspective.The results indicate that:In terms of operation,film and television enterprises are mainly small-scale mergers and acquisitions in the industrial chain,and performance commitment is more common;In terms of financial,off-balance sheet assets lead to a higher premium for payments,which are mostly made in cash.It’s a common management method to appoint senior executives after merger and acquisition.The choice of M&A will impact the stock price and improve the market performance of the industry as a whole.The performance of cross-border M&A is the highest,followed by media convergence,and the market performance of industrial chain M&A is the lowest.M&A integration affects long-term financial performance.Ip-based acquisitions,large scale and performance commitments can have better operating synergy;lower premiums and mixed payments can bring more financial synergy;and the infusion of M&A experience and management ability can produce more management synergy.