Research On The M&A Premium Of Cultural Enterprises Based On The Perspective Of Asset Structure

After more than 10 years of development,cultural enterprises have also embarked on the road of transformation and upgrading,and the mergers and acquisitions between enterprises are becoming more and more active.In the M&A between cultural enterprises,there is a widespread phenomenon of high premium,and the super premiums have even appeared in some M&A events.The success of M&A is influenced by many factors,and the premium of M&A is one of them.Many scholars have pointed out that many cases of M&A failure are caused by high premium payment.Therefore,it is necessary to study the M&a premium of cultural enterprises.As a source of value creation,assets should have an impact on the premium of mergers and acquisitions.Based on the analysis and reference of related literature and research results,combined with the characteristics of cultural enterprise,this paper respectively put forward the hypotheses about the relationships between each asset and the premium from target cultural enterprise perspective and acquirer cultural enterprise.Then the paper establish the empirical model,using M&A events from 2013 to 2016 conducted by Chinese cultural listed companies as research samples,to verify the assumptions made before.In the research of assets structure of target enterprise influencing premium,this paper uses both book value and evaluation value of asset.The research results show that there is significant inverted U relation between the book ratio or evaluation ratio of current assets of the target company and merger premium.And book ratio or evaluation ratio of Fixed assets of the target company were negatively correlated with the acquisition premium.There was no significant relationship between book ratio intangible assets and merger premium,and evaluation ratio of intangible assets has a significant positive correlation with the ratio of the acquisition premium,and Off-balance-sheet assets have a positive regulatory role in the evaluation ratio of intangible assets influencing merger premium.The research results about the acquirer's asset structure influencing merger premium show that there is a significant positive correlation between financial asset ratio and M&A premium,and the ratio of physical assets is positively correlated with the acquisition premium.In addition,there is a negative correlation between the ratio of intangible assets and M&A premium,but it is not significant.Finally,on the bases of these results,advice and suggestions,such as maintaining a reasonable asset structure and determining the appropriate premium for M&A and so on,have been put forward.