Study On The Impact Of Government Intervention On Merger And Acquisition Model Of State-owned Cultural Enterprises

Since the Third Plenary Session of the 11 th CPC Central Committee has started the reform of the cultural system,the adjustment of the structure of cultural industries has been put on the agenda.The 18 th CPC National Congress has called for "encouraging state-owned and state-controlled cultural enterprises to merge and cross-ownership,cross-strata and cross-regional mergers and acquisitions through the capital market for mergers and acquisitions." Cultural industry policy,"13th Five-Year" cultural industry planning is even more formal to promote the cultural industry as a pillar industry of the national economy.With the support of the national cultural industry policy,the cultural industry has changed dramatically and mergers and acquisitions have been stirring up.The important role played by the government in this regard is beyond doubt.The multi-level management pattern of state-owned assets in our country and the differences in the functions and powers of governments at all levels have led to the intervention of M & A events of state-owned enterprises by different levels of government for different motives.On the other hand,the phenomenon of "single domination" prevails in the state-owned enterprises in our country.As a result,the government,as a state-owned asset manager,owns the overwhelming majority of the shareholdings.It can directly and indirectly intervene in state-owned assets through strong political rights and political connections Merger and acquisition events in order to pass on a variety of purposes,leading to the acquisition of the market should take more political goals,eventually leading to mergers and acquisitions of state-owned enterprises under the government intervention showed different modes of mergers and acquisitions.So under the cultural industry policy,what kind of impact does the government exert on M & A mode of state-owned cultural enterprises? This is the question to be answered in this article.Based on the literature of mergers and acquisitions and mergers and acquisitions(M & A)of existing cultural enterprises,this paper finds out the deficiencies in the study of cultural enterprises at this stage and proposes that the influence of government intervention on mergers and acquisitions of cultural enterprises under cultural industry policies can enrich the governance structure and mergers and acquisitions of cultural enterprises The significance of theory.Then,this article defines cultural industry and cultural enterprises,government and government intervention,merger and acquisition mode,and points out three theoretical bases of government intervention theory,principal-agent theory and information asymmetry theory.Then,this article measures the M & A mode and government intervention,and puts forward the overall status quo of M & A at the present stage of listed state-owned cultural enterprises.Then it summarizes the characteristics of government intervention from three aspects: industry attribute,geographical attribute and related attribute.Based on the literature review and the current status quo,this paper analyzes the mechanism of how the government affects the mergers and acquisitions of listed state-owned cultural enterprises from the current situation of the controlling shareholder of the largest shareholder and the reduction of government intervention from the present situation to the motivation of the ultimate merger and acquisition mode.Through empirical research,this article concludes the following conclusions:(1)The proportion of the largest shareholder holding shares and the reduction of government intervention index are positively correlated with the specialized mergers and acquisitions of state-owned cultural enterprises.The greater the proportion of government ownership,the higher level of government intervention in the cultural enterprises "small,weak,scattered" status,the government intervenes in specialized mergers and acquisitions to improve industrial concentration.(2)The government shareholding ratio and the government intervention index are positively related to the M & A of state-owned cultural enterprises.The geographical attributes of the culture and the local economic blockade by local governments make it difficult for state-owned cultural enterprises to absorb high-quality cultural resources through off-site M & As.(3)The proportion of government shares and the reduction of government intervention index are positively related to the M & A of state-owned cultural enterprises.The restructuring of state-owned enterprises has caused the wave of mergers and acquisitions in the capital markets of M & A in China.Most of the state-owned cultural enterprises are state-owned enterprises that have been transformed from state-owned enterprises.This has even caused the upsurge in the M & A of state-owned cultural enterprises.In the end,this paper puts forward the policy suggestion according to the conclusion.