A Study On The Causes And Consequences Of M&An In The Whole Industry Chain Of Film And Television Industry

The arrival of the Internet era means the intensification of enterprise competition,and M&A is undoubtedly an indispensable means to expand the scale and enhance the strength,and the appropriate M&A behavior can have a strong effect on the development of enterprises.In recent years,with the increasing improvement and continuous development of China's capital,the upsurge of M&A continues to emerge in our country,the enthusiasm of enterprises to carry out M&A is rising,and the behavior of M&A transactions is becoming more and more active.both the number of M&A transactions and the amount of M&A transactions continue to hit a record high.With the substantial increase in the number of M&A transactions,the frequency of M&A transactions of individual enterprises is also on the rise.At the same time,enterprises in various industries began to focus on industrial chain M&A,extending the industrial chain through M&A,resulting in the whole industrial chain M&A,but scholars have done little research on this kind of M&A.especially in the field of industrial chain M&A in the film and television industry.In this context,this paper selects Light Media as a typical case representative,through the study of the causes and consequences of mergers and acquisitions in its industrial chain,in order to provide reference for other enterprises in the film and television industry to carry out mergers and acquisitions.Since its listing in 2011,Light Media has carried out a number of mergers and acquisitions,including horizontal mergers and vertical mergers and acquisitions,gradually build its own industrial chain,and become the representative enterprise in the film and television industry to implement industrial chain mergers and acquisitions.After this series of industrial chain mergers and acquisitions,Light Media has gradually grown from a simple film and television distributor to an open,world-oriented pan-entertainment platform that gradually realizes the layout of the whole industry chain.The speed of the development of its light media and its growing path are of certain reference significance to other film and television enterprises and even other enterprises.The author first consulted the literature and related theories about industrial chain mergers and acquisitions at home and abroad,and then combined with the above theoretical basis to conduct a specific case study of light media,and studied the motivation and consequences of light media industrial chain mergers and acquisitions.This paper is divided into six parts as a whole,one of which is the introduction,which describes the research significance,background,methods,framework and innovation of this paper.The second is the literature review and theoretical basis,which expounds the causes,consequences and risks of M&An in industrial chain,which provides support for the study of this paper.The third is the composition,development status and characteristics of the industrial chain of China's film and television industry,as well as the mechanism analysis of the causes and consequences of M&A.The fourth is about the process of industry chain M&An and the risk control before and after M&A,including the brief introduction of Light Media,the process of M&An and the layout and risk control of the whole industry chain.The fifth part analyzes the motivation of light media to carry out M&A in the industrial chain.Sixth,the author analyzes the economic consequences of industrial chain M&A of Light Media from the aspects of short-term market performance,long-term market performance and non-financial indicators,and adopts event study method,financial index method and non-financial index method.The seventh chapter summarizes its worthy reference and existing problems,and puts forward some suggestionsThrough the above research,this paper finally draws the following conclusions:M&A of the whole industry chain can bring certain positive effects to the enterprise:enhance the market share and position;realize the complete layout from the source to the terminal;integrate the market into the company;reduce unnecessary costs;achieve the sharing of high-quality talents and high-quality resources;promote the interaction and complementarity between various parts of the chain.However,if we want to improve the above effect to the ideal state,we must pay attention to the integration of enterprise resources before and after M&A,aim at the target,and focus on the weakness of enterprise operation.Specifically,first,it is necessary to clarify the company's strategic positioning,improve the industrial chain,and avoid blind expansion.Second,it is necessary to scientifically select the objects of mergers and acquisitions and strengthen the prevention and control measures of high premium mergers and acquisitions.Third,we should pay attention to the flexibility of payment methods for mergers and acquisitions.Fourth,we should pay attention to the integration of mergers and acquisitions.