Enlight Media Continuous M&A Performance Research

With the continuous development of economy,the state has been increasing the support for the cultural media industry,making the mergers and acquisitions activities within the industry continue to increase,and the types of mergers and acquisitions also begin to become diversified.Mergers and acquisitions,cross-industry mergers and acquisitions and other mergers and acquisitions activities are more frequent.However,whether this phenomenon is beneficial to the improvement of corporate performance has not been thoroughly studied.Based on this,this paper chooses enlight media,a representative company,to analyze its performance in various aspects through a case study,so as to provide some references for other companies'mergers and acquisitionsFirstly,this paper reviews the research works of domestic and foreign scholars in the field of m&a motivation and m&a performance,introduces relevant theories and cases of m&a as well as the status of the industry,and points out the motivation of m&a by sorting out and analyzing the process of case m&a.Secondly,this paper adopts the event study method to analyze the shareholder wealth effect of mergers and acquisitions,USES the method of combining financial indicators and EVA indicators to analyze the financial performance of mergers and acquisitions,and USES market share,innovation ability,synergy ability and employee quality indicators to analyze the non-financial performance of mergers and acquisitions.Based on the above analysis to evaluate its continuous m&a behavior,to verify whether enlight media's continuous m&a strategy can enable the company to achieve value creation.The research results show that enlight media aims to acquire high-quality resources,improve the company's industrial chain,develop high-quality IP industrial chain,and obtain investment income in the capital market through m&a.In addition,enlight media's continuous m&a increased the wealth of shareholders and the company's ability to create value to some extent,and its market share,innovation ability,staff quality and other aspects were also improved.Obviously,enlight media's continuous m&a was successful.But from another perspective,the more the number of mergers and acquisitions,the more frequent the enterprise changes,the more negative the later market reaction,the cumulative excess return index began to decline;Although the company's ability to create value increases continuously during the continuous merger and acquisition period,its operating capacity has not changed much and it is not perfect in the integration of the merger and acquisition company.There are still many problems,such as the decline of accounts receivable management level,the decline of cost control ability,and the poor ability of risk prevention and control.On the basis of the above,the author gives the following Suggestions:first,give full play to the advantages of the main industry,so as to improve the profit quality of the enterprise;Second,to increase the industry synergy effect,the two sides jointly seek long-term development of cooperative relations of intent;Third,further optimize the capital structure of enterprises in order to achieve long-term healthy development of enterprises.