Study On The Performance Of Chinese Cultural Enterprise's Merger And Acquisition

In recent years,the cultural industry was developing rapidly thanks to the guidance of government policy.It plays a more and more important role in contributing to our country's economic development and adjusting industrial structure of economy.The guidance of government policy and the stimulus of market demand result in a cultural enterprises mergers and acquisitions boom.Not only the cultural enterprises hope that they can become bigger and stronger through mergers and acquisitions,but also enterprises in other industries wish to enter the cultural industry quickly by merging cultural enterprises.After 2013,the number and the scale of mergers and acquisitions of cultural industry increased more rapidly.However,there are still many obstacles and hidden dangers to be solved in the cultural industry mergers and acquisitions in China at present.It is of great significance to treat the mergers and acquisitions boom in cultural industry rationally.This paper selects 80 samples.The samples should satisfy the following conditions:firstly,it should complete the mergers and acquisitions during period from 2007 to 2013.Secondly,the targets should be cultural enterprises.Thirdly,the acquirers should be listed companies in Shanghai and Shenzhen Stock Market.Then analyzing the financial data of the year before M&A,the year of M&A,the year after M&A,the second year of M&A and the third year of M&A of this samples.Establishing a comprehensive evaluation index system and using factor analysis method to compare the performance of the cultural industry's internal mergers and acquisitions and the non cultural enterprises merging cultural enterprises.This paper draws the following conclusions through empirical analysis:1)In general,corporate performance declined after a company's mergers and acquisitions.Since the second year after the merger,the company's performance began to increase gradually.2)For mergers and acquisitions within the cultural industry,the performance of companies is significantly better than that of cross-industry mergers and acquisitions.3)The short-term performance of mergers and acquisitions of cultural companies is significant.For cross-industry mergers and acquisitions,the performance of the company will decline during the initial period after the completion of mergers and acquisitions.But corporate performance will begin to increase significantly From the third year.At last,according to the above three conclusions,this paper proposes corresponding suggestions on how to improve the overall M&A performance of cultural enterprises in a short period of time,enhance the long-term performance of M&A companies within the cultural enterprise industry,and non-cultural enterprises should reasonably merge cultural enterprises.