The Value Effect Of Serial M&A In Cultural Enterprises

As the country gradually attaches importance to the construction of cultural soft power,pan-entertainment cultural industry has become a new pillar of the construction of cultural power.How to realize the construction of pan-entertainment ecology through a series of M&A has become an urgent problem to be solved in today's society.Academic circles have studied series M&A to a certain extent,but there are still two shortcomings:firstly,from the aspect of performance evaluation,the mainstream research methods have some shortcomings,and can not study the value effect of series M&A in all aspects;secondly,aiming at the pan-entertainment culture industry which has sprung up in recent years,the academic circles still lack the application research of series M&A in this particular industry.There are academic gaps.Aofei Entertainment,as a typical pan-entertainment cultural enterprise in China,is actively guided by pan-entertainment strategy and continues to carry out a series of M&A.However,with the disclosure of its annual report in 2017,its performance has declined dramatically,so that it is questioned by Shenzhen Stock Exchange.Then,whether the series of M&A of Aofei Entertainment in recent years have created value for enterprises.This research divides the basic problems into three specific problems,and carries out three links of analysis and demonstration.Firstly,it evaluates the short-term and long-term performance of Aofei Entertainment in the process of a series of M&A activities from the perspective of corporate finance and capital market.Then,based on the theoretical framework of the causes of M&A failure,it deeply analyses the influencing factors of the value effects such as the selection of M&A targets,the financial support of M&A,and the integration of M&A resources.Finally,it combines the characteristics of pan-entertainment cultural industry,the analysis results of the case are summarized and refined,which can be extended to the general conclusion of industrial development.In order to make up for the deficiencies of current research level,this study uses event study method,stochastic dominance method,principal component analysis method to evaluate the performance of M&A series comprehensively;in the perspective level,combined with the characteristics of pan-entertainment industry,it focuses on the application research of specific industries.This study draws the following conclusions:Firstly,the level of value effect of Aofei entertainment series M&A.From the perspective of short-term capital market value,the market has a negative attitude towards most of its M&A events.From the perspective of long-term capital market value and internal financial value,Aofei Entertainment first shows a growth trend,but in 2017 there are significant signs of value loss.Second,the impact mechanism level of value effect of Aofei entertainment series M&A.In the selection of M&A targets,Aofei Entertainment has the motive of blind speculation and capital value management;in the aspect of financial support for M&A,Aofei Entertainment's M&A series generally has a high premium,and its frequent M&A makes the financial risk increase sharply;in the aspect of M&A integration,Aofei Entertainment has the characteristics of despising the integration work.The above reasons together caused the loss of value of Aofei entertainment enterprises.Thirdly,the reference significance level of value effect of Aofei entertainment series M&A.Through in-depth analysis of Aofei entertainment series M&A process,this paper puts forward various countermeasures and suggestions for the layout of pan-entertainment culture enterprise series M&A.In a word,through the in-depth study and analysis of Aofei Entertainment,this study summarizes the general conclusion of the development of pan-entertainment enterprise series M&A.While enriching the research of M&A practice,it provides reference for cultural media enterprises engaged in pan-entertainment cultural industry layout,and guides them to develop steadily.