Results Commitment Impact Of M&A Performance Based-on The Analysis Of Cultural Media Industry

Performance commitments began in 2005 initiated the joint-stock reform,after the share reform,the Commission is in the protection of small shareholders will still require major shareholder commitment,and in March 2014,the relevant document is clear of corporate mergers and acquisitions if it is between the non affiliated enterprises and the purchase is not required performance commitments.However,in recent years,the merger and reorganization projects,the choice of performance commitments of enterprises did not decrease on schedule,which is for what purpose?At the same time,now the emerging industry culture,sports and entertainment industry,in the country's strong support,its mergers and acquisitions boom rising rapidly,but also blowing a "performance commitment wind"".This is carried out in this background of research,the industry vanguard culture and its comparable media company City as an example,influence the use of event study method and financial performance method to explore performance commitments on the performance of M&A.Then a deep analysis on the company vanguard culture,calculate the EVA value,while its commitment to performance simulation,simulation with cash commitment,to further explore the performance impact analysis of commitment on the performance of M&A and the protection of minority shareholders.On this basis,the paper selects the 2012-2016 years of M&a event of cultural media industry as empirical samples,and further demonstrates the relationship between performance commitment and M&a performance.The study concluded the following conclusions:in the short term performance commitment to a certain extent,can improve the performance of mergers and acquisitions,and compared to the performance in the form of cash compensation in the form of commitment,performance shares are better than the performance commitment to cash the company's financial condition and operating performance can be improved,and more conducive to the protection of minority shareholders the interests of.But whether cash compensation or stock repurchase method has certain problems,so this paper puts forward three opinions on the first enterprise to choose carefully whether the M&a performance commitment and performance compensation commitments;secondly,the government should strengthen the enterprise and purchase commitment to performance information disclosure system;finally,the relevant departments should improve performance commitments the system of relevant laws and regulations.