Research On The Influencing Factors Of The M&A Performance Of Chinese Film And Television Media Enterprises

With the rapid development of cultural and entertainment industry,film and television media companies have made great progress,and domestic films have gradually replaced imported films to occupy the domestic film market.In recent years,film and television media companies have achieved rapid growth and expansion of business scale through mergers and acquisitions,but their ability to realize value has not improved.Due to the industry particularity of the film and television media industry,the research on M&A behavior and project characteristics can provide experience and reference for the practice of film and television media enterprises.Based on the selection of M&A projects,M&A performance and related theories,this paper uses the MOA model to discuss the M&A motivation,M&A capabilities and M&A opportunities of film and television media companies,and how the three work together to change corporate performance through coordination effects.The details of 90M&A events of listed film and television media companies from 2012 to2019 were carefully sorted out,and the fs QCA method was used to analyze the configuration combination of the relationship between the characteristics of various M&A projects and M&A performance.Firm performance responds by finding signature information-combination configurations in multiple separate signals.In the case of bounded rationality,the evaluation mechanism produced by heuristic decisionmaking is based on the overall type produced by the integration of several information systems.By using representative signals and the overall configuration after classification,it simplifies the process of judging complex information and ambiguous causal relationships in merger announcements,and completes the assessment of the degree to which merger events are “good mergers” or “bad mergers”.The research results obtained 4 good M&A performance combinations and 5 bad M&A performance mix.The results of the study identify four types of signal combinations in which corporate performance can respond positively to the market when faced with multiple information of M&A announcements: market-oriented novice strategic transfer,novice cautious expansion,and expert familiar expansion,expert confidence-risk conversion,and five signal configurations of negative reactions: novice risk trading,rookie expert disorder expansion,expert overexpansion,expert arrogant strategy change,and rookie expert overexpansion.The configuration results show that: a cautious M&A that realizes the symbiosis and coordination of M&A motivations,capabilities,and opportunities for economies of scale;a robust and controlled M&A based on the integration of the industrial chain.The results of this paper generally support the judgment model inspired by the representativeness of the M&A market response,and provide a more specific bounded rational judgment rule for understanding how corporate performance is affected by M&A events.