Ownership Structure,internal Control Effectiveness And The Acquisition Performance Of Cultural Enterprise

Under the new economy normal, cultural industries has experienced very rapid development, cross-regional and regional M & A events appeared one after another. In respond to the market risk in the process of culture enterprise M & A. On the basis of efficiency theory,agency theory and incomplete contract theory,our paper find the relationship between ownership structure, effectiveness of internal controls and the performance of culture corporate M & A: ownership structure is the foundation of corporate governance, which can effect on the other two factors; effective internal control can assure shareholders’ interests, restrict managers’ behavior and improve business performance. Then, our paper use correlation and empirical analysis to reason the relationship among.Firstly, our paper draw on the experience of scholars at home and abroad and base on our country’s special and actual situation, definite relative variables ownership structure, the effectiveness of internal control and culture enterprise M & A performance). Among them, from the point of view of equity ownership concentration and ownership type, this paper build a proxy variables and strive to make a rigorous study.Secondly, we extract and purify the components of internal control by carding the development process of internal control domestic and foreign in order to build the the internal control effectiveness system. From the five angles(compliance goals, asset security objectives, reporting goals, business objectives, strategic goals), we find the relevant financial dates and construct the measures of the internal control effectiv eeness by using factor analysis.Finally, we are on the basis of relative theory, pose assumptions and use correlation and empirical analysis. On one hand, we verify ownership concentration, nature of equity, mergers and internal control effectiveness affect on culture enterprise M & A performance; on the other hand, we verify the relationship between ownership concentration, ownership type and effectiveness of internal controls.The results show that on one hand,the ownership concentration, effectiveness of internal controls positively related to culture corporate M&A performance, namely the higher the ownership concentration and internal control, the better culture corporate M&A performance, but ownership type has no significant negative correlation to culture corporate M&A performance.; on the other hand, ownership concentration is positively correlated with the internal control effectiveness, indicating that moderate ownership concentration can achieve this object that major shareholders’ interests is consistent with the company’s, so that we can improve the motivation of major shareholders. However, for the effect of ownership type on the internal control effectiveness, it does not show a significant effect.