Research On The Influence Of Ownership Structure On M&A Performance Of China's Cultural Enterprises

With the development of economy and the economic benefit improved,many problems are created,for example,resource shortage,environmental pollution as well as economic slowdown.Therefore,how to achieve sustainable development is a hot topic.Basing on this background,people pay more attention to the culture enterprises,because it could enhance both the economic and social benefits,which may make the government and public attach great importance to its development.However,there are some problems appearing during the process such as insufficient funds and small scale,which drives cultural enterprises to seek new ways.The primary choice is mergers and acquisition.M&A can optimize the allocation of resources and the production structure as well as improve the efficiency of management.Experts and scholars have been focused on it,while researching on M&A performance is a hot topic in the field of finance.As a key content in corporate governance structure,equity structure can affect the M&A performance.Therefore,this essay will study the M&A performance of cultural enterprises from the perspective of equity structure.According to the domestic and foreign literature,experts and scholars classified the equity structure into equity centralism,equity balance degree,state-owned shareholding,corporate shares and management shareholding.Based on the reference of previous literature,this essay takes advantage of the factor analysis method to establish the M&A performance comprehensive evaluation system,and then,with the characteristics of cultural enterprises equity structure in China to hypothesize,establish the model and proceed the multivariate linear regression analysis.After empirical and inspection,it is concluded that:(1)There is a positive correlation between cultural enterprise ' s equity concentration and M&A performance.Within the scope of short term,the higher of the ownership concentration the better of the M&A performance.However,as the growth of the acquisition time,the relationship has weakened gradually.(2)There is a negative correlation between cultural enterprises equity balance degree and M&A performance.(3)In the statistical,the background of controllingshareholders of cultural enterprises has a significant impact in M&A performance.(4)The linear relation between corporate ownership and M&A performance is not significant,but as the growth of the time,the relationship is increasingly significant.To sum up,this report based on a sample of the cultural enterprises,from the perspective of equity structure to study the effect of M&A performance,both in theory and practice aspects have certain significance.