A Study On Merger And Acquisition Performance Of Listed Companies In Culture Media

In recent years,with the rapid development of social economy and the substantial improvement of people's material living standard,people pay more and more attention to the cultivation of their spiritual culture,and the consumption and demand of spiritual culture is higher and higher.In this context,the cultural media industry has been able to develop and grow rapidly.After the initial operation and growth of the listed companies of cultural media,most of the companies choose to reconfigure the resources and integrate the industrial chain through merger and acquisition.Compared with other industries,the common feature of cultural media listed companies is that the company does not invest much in fixed assets and the total book value is relatively low.The value of intangible assets such as media resources,brands,customer resources and reputation can not be reflected on the company's books.Based on the above reasons,the mergers and acquisitions of the listed companies of cultural media are more special than other industries.Therefore,the reasons for a large number of mergers and acquisitions by the listed companies of cultural media and the performance of the merger and acquisition are very worthy of in-depth study.In order to change the single business mode,expand the scope of business,achieve the strategic goal and comple te the strategic transformation and enable the cultural media industry chain to get through,Hualubaina Film recorded 2.5 billion yuan to buy the Blue flame in 2014.This paper uses the accounting research method and DuPont analysis system to study the performance of the M & A.Look forward to provide experience for Hualubaina Film and other listed companies of cultural media and enrich the research results of the performance of listed companies in cultural media industry.This paper first elaborates the background and significance of the topic selection,reviews the motivation of M & A and methods of evaluating performance of listed companies and the existing research results of M & A performance of Listed Companies in cultural media industry.Secondly,it summarizes the development of Chinese cultural media industry and the situation of merger and acquisition,and then analyzes the case.It can be found that there is positive impact for the performance of Hualubaina through the M&A.Hualubaina opened the media industry chain,got high quality resources and became bigger and stronger.However,the merger has a negative impact on the pro fitability of the enterprise and solvency.With the synergy,they will get well.Based on the analysis of case,culture media listed companies should strengthen the integration management,control risk,establish reasonable acquisition value system and hire intermediary institutions to complete the real target.