Research On The Risk Prevention Of Dasheng Culture Merger And Acquisition On VAM

The Valuation Adjustment Mechanism(VAM)is derived from private equity investment in Western countries and is a valuation adjustment mechanism.Recently,with the diversified development of China’s financing channels,VAM’s efficient financing methods have been favored by many companies in the investment community.Under the background of the new economy,VAM is widely used in corporate “Merger&Acquisition”(M&A)vities.Activities such as M&A and “Re organization” have always been an important means for enterprises to expand their scale and transform their business.However,due to the information asymmetry of M&A and Re organization,the valuation error in the transaction process leads to the phenomenon of premium mergers.VAM as a M&A risk tool helps to reduce the uncertainty in M&A,but If it is not used properly,it will increase the risk and eventually lead to the failure of the bet.Rcently,China cultural industry has set off a boom in M&A,but there are minimum successful VAM cases in the domestic capital market.Presently,behind the wave of M&A,cultural media assets,the performance of the gambling is not completed,leading to the company’s Buy-back,Compensation situation has long been common.Based on the study of the domestic cultural media industry’s mergers and acquisitions on gambling,this paper selects DASHENG Culture to acquire ZHONGLIANCHUANDONG,TAOLEWANG and KANGXI Film as the research object,and believes that although the use of gambling M&A transactions can make the scale of DASHENG Culture Company and The profitability has been greatly enhanced,and the mergers and acquisitions of different business types have been acquired to achieve the complementary advantages of both parties,and the business transformation has been successfully realized.However,the implementation of high-value mergers and acquisitions in the cultural industry often leads to some adverse consequences caused by performance failures.Based on this,this paper elaborates on the factors such as the motivation,implementation and industry background of DASHENG culture,and further analyzes the existence of gambling in the aspects of corporate valuation,gambling terms,payment methods and good will risk.Finally,it summarizes and proposes relevant measures for various types of risk analysis,so as to play a positive role in the future cultural enterprises in the merger and acquisition of gambling.