The Case Studies On The Merger And Acquisitong Between Perfect World Pictures Co.,Ltd And Perfect World Co.,Ltd

At present,the rapid development of cultural industry is due to the fact that China's economic development is in a new stage and the demand for cultural industry is growing obviously.On the other hand,the government attaches more importance to the development of the cultural industry and the construction of cultural China,and has launched a series of related policies.Merger and acquisition is a fast way to develop and expand,and the merger and acquisition in the current cultural industry is in full swing.But with that comes the high premium in m&a,the high premium has raised concerns.Based on the above background,this paper selects the case of the m&a between Perfect World Pictures Co.,Ltd and Perfect Word Co.,Ltd on behalf of the case for the high m&a premium to the study cultural enterprises' m&a,.Through analyse the risk of high premium of mergers and acquisitions and market reaction,performance after the mergers and acquisitions,this paper put forward the corresponding suggestion,hoping to to provide certain theoretical and practical reference for the future cultural enterprises mergers and acquisitions.In terms of structure,this paper discusses the theory of m&a premium and m&a performance,and gives the analysis method and angle of this paper based on the previous research and analysis of relevant problems.Then,this paper introduces the two parties and the merger plan,and tries to carry out risk analysis on the m&a premium from the perspective of cultural enterprise asset structure,synergistic effect and asset appraisal.Then,this paper discusses short-term performance and long-term performance.In terms of short-term performance,the short-term market performance is obvious after the analysis of the share price,but then the stock price drops obviously.In terms of long-term performance,the method adopted in this paper is to compare the financial indexes before and after the merger.At last,this paper puts forward some suggestions for the high premium acquisition of cultural industry.In this paper,by analyzing the operation situation of two companies,looking up relevant data,and analysing the related data,analysing this m&a events,from the cultural industry enterprises assets structure characteristic,synergistic effect and the angle of assets appraisal,I analyzes the risk from high premium of the cultural industry mergers and acquisitions.This paper argues that the major cause of common high premium of the cultural enterprises m&a is its big difference of book value and market value of the culture enterprises,and analyses various risks of high premium m&a from the angle of premium reason and puts forward relevant suggestions for mergers and acquisitions: improving the relevant accounting system,prudent asset assessment,strengthening the control of premium risk,cultural enterprises should focus on trade sale merge,strengthening the control of business promise,protecting the interests of small and medium-sized investors.