| Merger and acquisition(M&A)is a shortcut for companies to achieve rapid growth.However,the acquirer pays the high M&A premium in order to obtain the control of the target company for different purposes and motivations in the M&A activities.In general,this kind of abnormal premium will be detrimental to the company's value creation.There are many inefficient or failed M&A activities in China's M&A market,which does not affect the enthusiasm of the high premium in the film and television industry in China.With the emergence of the phenomenon of overvalued in M&A market till the second half of 2016,regulators have begun to strengthen the audit,and strictly control the unreasonable phenomenon of high valuation.The research questions of this paper are as follows.What is the cause of the high premium in the M&A market of China's film and television industry?Centering on this core issue,this paper puts forward some related questions as follows.In addition to the synergistic effect,whether there are other factors for the high premium in the M&A market of the film and television industry?And how do these factors affect the premium rate?What will be the result of M&A under the influence of different factors of the high premium?The research findings are as follows.(1)We find that from three dimensions of industry,enterprise and transaction,there are some factors causing the high premium through the case study:the macro policy,high added value of film and television industry,the synergistic effect,adopting Income Method for company valuation and performance commitment support.(2)Factors of the high premium in the film industry with high value-added include operating characteristics of "light assets" and film and television resources attracting capital,such as stars IP,the professional team and influential film and television works.(3)In addition to the cultural policy background,film and television resources and influential works,reasonable M&A with the high premium should also have the reasonable performance commitment to support itself.The innovation points of this paper are as follows.(1)From the point of view of research methods,most of the previous studies on the causes of premium are empirical research or the single case study.This paper induces the factors of the high premium by the comparative analysis of multiple cases.(2)From the point of view research content,most of the existing studies focus on the synergistic effect.This paper makes a systematic analysis of premium from three aspects:industry,enterprise and M&A transaction,and makes a reasonable judgment by the achievement of factors.The enlightenments of this paper are as follows.According to the research result of this paper,it is considered that the main causes of the high premium phenomenon in the M&A market of the film and television industry are in addition to the synergistic effect expected of the M&A transaction in the research theory,and the other is the macro policy,high added value of film,valuation method income method selection,performance commitment support and so on;mergers and acquisitions premium is not the higher the better,reasonable high-premium mergers and acquisitions in addition to the cultural industry policy support background,rich film and television resources,synergies and motivation valuation method selection,should also have a reasonable performance commitment.This conclusion provides a more comprehensive perspective on the rationality of the high-premium mergers and acquisitions in the follow-up film industry,which has a certain impact on the research on the mergers and acquisitions premiums in the film and television industry.At the same time,this paper analyzes the three dimensions of the high premium merger and acquisition of the film and television industry enterprises.It is also useful to study the causes of high premiums in other industries. |
PDF Full Text Request