Research On The Influence Factors And Mechanism Of M&A Premium Of Cultural Enterprise

In recent years,Chinese capital market have developed quickly.M&A has become an effective way for company to achieve rapid expansion and competitiveness,and premium M&A has also become a typical transaction mode.Since October 2011,the government has issued relevant policies continuously to promote and guide the development of cultural industry.In addition,China is in the critical period of economic transformation and institutional reform,which has prompted a strong M&A boom in the capital market.Because of the cultural industry "light-asset" operation mode and high-tech content,high cultural content and high added value of its own characteristics,high-premium phenomenon has become one of the main characteristics of cultural industry M&A,it is particularly important to research on the factors affecting the internal high premium.However,there are few studies in the theoretical circle,so the topic selection is innovative.This paper summarizes the current academic research on the premium of the cultural industry.According to Bin Li(2015)classification method of premium price,on the basis of "data + case" innovative model to expand the research on the factors and mechanism of two types of M&A premium,including asset evaluation premium and control transfer premium,in order to make scientific rationality evaluation of the existing pricing system,on the day after the cultural industry M&A to provide scientific basis for price decision.Through nearly 300 cases of successful M&A event in the 2011-2015 of cultural industry,I summed up six influence factors,including evaluation method,asset appraiser experience,industry matching,whether cross ownership,whether related transactions and payment.And then,I conduct the described statistical analysis of the two types of M&A premium from the six influence factors.Secondly,I choose two typical M&A cases,which Songcheng M&A other two companies in 2015&2012.Then qualitative analysis in the case of extreme premium mechanism effects and influence factors,and then compare two cases.So the statistical results conclusion come out.Finally,based on the conclusion,I put forward three reasonable suggestions for the existing cultural industry M&A transaction pricing.This paper adopts the data statistical analysis and comparative analysis of two case study method,combined with the research show that:(1)The impact of industry matching,ownership property and related transactions on the two types of M&A premium is identical.(2)The impact of industry matching on asset evaluation premium is more significant;and it has a weak impact on the control transfer premium.(3)Related transactions have more significant impact on the control transfer premium;and have a weak impact on the asset evaluation premium.(4)The evaluation method is the decisive factor of the asset evaluation premium;and the way of payment is the decisive factor of the control transfer premium.(5)The property of ownership has a weak effect on both the two types of M&A premium.Based on the conclusion,this paper suggests that cultural companies should choose a reasonable evaluation agency and evaluation agency should correct evaluation parameters positively.The evaluation agency also should choose evaluation method carefully and comprehensive application of multiple methods.Finally,Relevant departments should strengthen regulatory norms to reduce the premium rate differences between related and unrelated transactions.