Study On The Cause And Performance Of Tangel Publishing Co.,Ltd. M&A Shenqishidai With High-premium

China's cultural industry is in a critical period of major adjustments,great development,and prosperity.With the encouragement and support of state policies,the cultural industry has started a wave of mergers and acquisitions.However,in the context of mergers and acquisitions in the cultural industry,high premiums are frequent.In view of this phenomenon,this article takes the events of the Tangel Publishing Co.,Ltd.M&A Shenqishidai as an example to explore the causes of high premium mergers and analyze the impact of high premiums on M&A performance.The rationality of the phenomenon of high premium mergers and acquisitions hopes to provide some lessons for future mergers and acquisitions by industrial companies.The fact that Tangel Publishing Co.,Ltd.spent 1.254 billion yuan in the case of declining performance and acquired Shenqishidai with a premium rate of 21 times attracted the attention of the capital market.This article uses the literature research method and the case study method to study this incident.This article first discusses the related theories of mergers and acquisitions on the basis of the literature review,and then introduces the basic situation of the mergers and acquisitions,both the theory and the case provided support for the following research.Then on this basis,this case study was conducted in accordance with the logic chain of "Comparative Premium-Cause Analysis-Performance Analysis".Among them,the "premium comparison" part is based on the concept of the theoretical part of the definition of the merger and acquisition of this event is a high premium mergers and acquisitions.The "Cause Analysis" section draws on the views of domestic and foreign scholars,then explains the reasons why Tangel Publishing Co.,Ltd.is willing to accept high premiums for mergers and acquisitions from the perspective of cultural industry characteristics,magical age performance,Tangel Publishing Co.,Ltd.itself,and the synergies that can be acquired after the merge.“Performance Analysis”section is a comprehensive analysis of the performance of Tangel Publishing Co.,Ltd.M&A before and after using the event research method andfinancial indicator research method to explore whether high-premium mergers and acquisitions can improve company performance.Finally,draw conclusions and inspiration based on the above analysis.The case study finds that: First,the short-term performance and long-term performance of Tangel Publishing Co.,Ltd.have improved significantly.The company successfully achieved a strategic transformation,indicating that this was a successful merger and acquisition.Second,merger and acquisition premiums,merger and acquisition expectations,and merger and acquisition performance are the same,indicating that the merger premium has a certain degree of rationality.This paper points out that the main reason for the high premium rate of M&A in the cultural industry is the limitation of the financial statements.Based on this,this paper puts forward suggestions for relevant government departments: to improve the existing method of asset valuation;to quantify the investment value of the target company.The success of Tangel Publishing Co.,Ltd.M&A has benefited from the establishment of a more reasonable premium,but it has also been influenced by the self-interest behavior of senior executives.This can inspire cultural companies to pay attention to M&A prices:Strengthen the supervision of senior management.