A Study On The Impact Of Strategic Adjustment On Continuous M&A Behavior

Since 2011,the concept of "Pan entertainment",which is mainly composed of cartoon,literary works,film and TV drama and games,has been gradually formed and has become a hot spot in the industry.Mergers and acquisitions of pan-entertainment companies have been active in recent years due to the policy improvement,the transition needs of traditional industries and the high returns.The scale and quantity of M&A are increasing day by day.With the increase in the total amount of mergers and acquisitions,the number and frequency of mergers and acquisitions also increased significantly,which also makes some of the company's mergers and acquisitions show a trend of continuous mergers and acquisitions,such as Zhang Qu since the launch of the acquisition or shares 40 times.The enterprise strategy is the most important decision of the enterprise,and the correctness of the strategy affects the long-term performance of the enterprise.In order to grow and develop in a rapidly changing environment,enterprises should take proactive strategic actions and make strategic adjustments in a timely manner.One of the main ways to carry out strategic adjustment is to carry out mergers and acquisitions,and the target and intensity of strategic adjustment determine the intensity of mergers and acquisitions.The enterprise must in every stage of strategic adjustment and rational use of resources,adapt to changes in the operating environment,continue to cultivate the need for future competition,so as to timely grasp the opportunity to play in every stage.Review the domestic and international relevant theoretical and empirical research results,the relevant definition of the concept of continuous mergers and acquisitions and economic value of strategic adjustment,and then further theoretical analysis of the relationship between the three is put forward on the research proposition of this paper and selected case study enterprise.Through the analysis of Alpha Entertainment,Kaiser Culture and Huayi Brothers,these three gradually transition execution pan entertainment strategy of the enterprise,compare these three enterprise strategic adjustment and mode,analyze the process of previous strategic adjustment,analyze how strategic adjustment effect on continuous mergers and acquisitions,and how strategic adjustment through continuous mergers and acquisitions to influence enterprise economic value.This study finds that the internal and external pressures faced by enterprises are often the key factors that affect the strategic adjustment and model of enterprises.Enterprises with greater pressure have greater strategic adjustment and enterprises with less pressure have less strategic adjustment.In the early stage of strategic adjustment,enterprises often choose the market penetration strategy,and the types of M&A are horizontal mergers and acquisitions.In the late period of strategic adjustment,the choice of enterprise strategy is divided,and enterprises choose product expansion strategy or diversification strategy according to their own development conditions.The main type of product expansion strategy is horizontal merger,while the main type of diversification strategy is mixed acquisition.At the same time,the intensity of strategic adjustment and the choice of strategic types can affect the economic value of enterprises through mergers and acquisitions.Through the trend of comprehensive score to analyze the impact of strategic adjustment and continuous mergers and acquisitions on the change of enterprise economic value.In this paper,through the analysis of case studies of " internal and external environment affect the strength of the enterprise strategic adjustment and the selection of strategic type,strategic adjustment behavior of enterprises through continuous mergers and acquisitions affect the economic value of the business" to this process,expand the research field of enterprise strategy and provide a certain practical inspiration for us.