Research On Serial M&As Motivation And Performance Of China’s Cultural Enterprises

In order to build a powerful socialist country,the Chinese government has formulated a series of policies to encourage the development of cultural industry. Cultural industry represents one country’s soft power, it can not only meet people’s spiritual needs, but also to promote the development of China’s economy.More and more cultural enterprises have merger activity in order to expanse the enterprise scale and promote the achievement in the gradual development of the cultural industry.In recent years, cultural enterprises merger also occur, it seems to be an effective way of cultural enterprises to expand the scale.However, the number of mergers and acquisitions of cultural enterprises can not represent it’s quality,and series of mergers and acquisitions may can’t promote the performance of enterprises. The research to reason and achievement of cultural enterprise series of mergers and acquisitions is helpful for cultural enterprises to make reasonable series of mergers and acquisitions decision, and then to promote achievement of cultural enterprise series of merger and acquisitions.This paper combined the domestic and foreign scholars’ research literature on the causes and achievements of cultural enterprises’ merger, and based on the theory of industrial chain integration, synergy effect,to study on the motivation and performance of the series of mergers and acquisitions of Chinese cultural enterprises.Firstly, this paper introduced the research background, the significance of the topic, and defined the related concepts.Secondly, the paper summarized the cause and result on the cultural enterprise merger and acquisition, and constructed a theoretical analysis framework based on the theoretical basis.Thirdly, this paper analysised present situation features and of mergers and acquisitions of Chinese cultural enterprises.In the current situation of cultural enterprise merger, the series of mergers and acquisitions have become a part of the wave of mergers and acquisitions of cultural enterprises.this paper leaded the Hunan Dianguangchuanmei limited company by analyzing the characteristics of series of mergers and acquisitions.Then, this paper Take series of mergers and acquisitions of HunanDianguangzhuanmei corporate culture as an example to arranged series merger activities between 2001 and 2014,and analysised reason of enterprise series of mergers and acquisitions,and evaluated achievement of the enterprise using financial performance index and principal component analysis two methods.Finally, draw the conclusion of this paper,and put forward the countermeasures and suggestions which are helpful to improve the achievement of merger of cultural enterprises.