Research On M&A Of Cultural Enterprises About Value Creation Denpended On Resource-based Theory

Along with China greatly supporting the development of cultural enterprises and encouraging M&A in the market, cultural industry is now attracting various of enterprises, which is the hottest spot in the capital market. However, not all M&A cases ended a great success. The M&A of Huahai Time Pictures by Panda Fireworks and The M&A of Jinyingma Film&TV by Hesheng Special Material are all failed. Despite all these failed cases, M&A of cultural enterprises is on the rise. But the question faces cultural enterprises is how to create value through M&A. There is already a rather complete theory system concerning enterprise M&A and M&A value creation. However, there is rarely studies about the value creation through cultural enterprises M&A at home or abroad. Thus, in the previous enterprise M&A and M&A value creation theory and research, This paper will use the Resource-based Theory and analyze a series of M&A cases by Shanda Interactive while taking into consideration of the features of cultural enterprises to analyze the value creation mechanism. The conclusion will enrich our cultural enterprises M&A value creation theme and optimize Chinese cultural enterprises create value through M&A.This paper starts with introducing the background, significance, basic ideas, content, methodology and innovative points of the study. The second chapter introduces related concepts of cultural enterprises M&A, reviews the researches on value creation through M&A of cultural enterprises and summarizes the related theories. The third chapter gives an objective observation on the development process and the current situation of M&A in the cultural enterprises sector. The forth chapter comes from the resource-based theory while taking into consideration of the features of cultural enterprises. It draws up a value creation framework of cultural enterprises M&A based on Resource-based Theory by analyzing the motive, actions and M&A of value creation in three areas of cultural enterprises M&A. The fifth chapter focuses on the M&A value creation by studying the M&A cases by Shanda Interactive from three perspectives, namely, the M&A motive, actions and value creation. And then it infers the value creation mechanism through M&A with the help of a quantitative validation of the financial performance before and after the M&A through the method of triangulation. The final chapter includes the conclusion and the author’s suggestions. It summarizes the conclusion of this study and proposes countermeasures and suggestions to optimize our value creation.