Research On The Premium Of Tianzhou Culture Merges YouAi Network

In recent years,the M&A activities of Chinese cultural enterprises are very active.The events of light assets companies such as Internet game company,mobile phone game company,film company and so on are especially prominent.However,M&A activities of cultural enterprises are often accompanied by nearly 10 times or tens of times premium,which is not common in the M&A market in China.What factors affect such an abnormal premium,and is it reasonable?In this paper,the typical case of cultural M&A-TianZhou Cultural M&A network is discussed.By analyzing the performance of the merger and acquisition,the results show that the impact of TianZhou Culture in the later period is insufficient,the stock price drops sharply,which reflects the negative market reaction caused by the high premium M&A of travel love network;in addition,the synergistic effect is not obvious.That was far from expectations,suggesting that the premium paid by TianZhou Culture for the M&A had not been compensated.In order to analyze the reason why the premium of the merger and acquisition of TianZhou Culture is unreasonable,this paper summarizes the policy influence and industry characteristics in the macro environment of the cultural enterprises,and concludes that the light assets attribute of the Internet game company is:Cultural enterprise merger and acquisition produces the root cause of high premium.In the case of TianZhou Culture merger and acquisition of Youai Network,there are many unreasonable factors affecting the premium,including inaccurate evaluation scheme,idealized synergy effect,overconfidence of management,weak risk consciousness and so on.This paper puts forward some suggestions from the three levels of decision-making,management and executive level of TianZhou Culture,including the following:accurate strategic positioning,accurate analysis of macro environment,careful selection of evaluation institutions to avoid exaggerating the synergy of mergers and acquisitions,Improve the management professional quality and face up to the role of risk management,participate in the pre-merger due diligence and deep mining of the party information,to achieve the purpose of enhancing the rationality of M&A premium.