Research On The Impact Of Merger And Acquisition Goodwill Of Radio,film And Television Industry On The Risk Of Stock Price Crash

With the continuous development of China's social economy,the people are no longer only satisfied with the enrichment of material life,but more and more attach importance to the diversification of spiritual and cultural consumption.Based on this background,the radio,film and television industry has developed rapidly in recent years.In recent years,in order to improve their competitiveness,many enterprises will conduct merger and acquisition integration,maximize the allocation and utilization of resources,and form a more complete industrial chain.Unlike other industries,the radio,film and television industry is a light asset and is likely to undergo high-premium mergers and acquisitions because the value of intangible assets such as reputation,brand,and media resources cannot be accurately measured.In the case of a premium at the time of merger and acquisition,the merger and acquisition party needs to confirm the increase of goodwill,and when the merger has problems or the merger fails,the listed company must accrue goodwill impairment.Does goodwill in mergers and acquisitions affect the risk of a stock price crash?Does the impairment of goodwill after the merger affect the risk of a stock price crash?This article selects a total of 157 listed companies in the radio,film and television industry from 2008 to 2018 as a research sample,and analyzes the impact of merger and acquisition goodwill and goodwill impairment on the risk of stock price collapse through the OLS regression method.Through empirical discovery,during the merger and acquisition process of the radio,film and television industry,the increase in the company's goodwill has no significant impact on the stock price collapse risk.A company with impairment of goodwill accrues goodwill impairment will have an impact on the stock price crash.The scale of the impairment has a significant positive effect on the risk of stock price crash.That is,the larger the impairment scale,the greater the risk of stock price crash.Finally,we selected a few happy blue oceans of the nature of state-owned enterprises among listed companies in the film and television industry as case study objects to explain the situation of corporate mergers and acquisitions,analyze theperformance before and after corporate mergers and acquisitions,and then based on corporate mergers and acquisitions to generate goodwill and goodwill impairment stock prices Trend chart,observe whether there is a stock price crash.Through the combination of empirical and case analysis,we can further explore the impact of merger and acquisition goodwill on the risk of stock price collapse,and provide some suggestions for mergers and acquisitions in the radio,film and television industry and stock investors.