Research On Performance Of Tourism Performing Arts Enterprises In Mergers And Acquisitions

With the development of holistic tourism destinations,there is also a certain market base in the tourism performance industry,but the development of the tourism performance industry is limited by the lack of relevant policy,standard,the extension of industrial chain support and the low conversion rate of audiences.Compared with the decline of traditional tourism performance market,online performing arts platform develop rapidly in the recent years.According to the data of wind,the number of users of the internet performing arts platform has reached nearly 300 million in 2016.In the background of the increasingly mature Internet technology,the number of users have rapidly increased by satisfying the demands of consumers continuously for entertainment content and social network.Under the guidance of national policies and the change of market environment,traditional tourism performing enterprises need to carry out transformation and upgrading with the Internet.This paper analyzes the impact of the merger activity on performance in the case of song cheng's acquisition of six rooms in 2015 and at the same time,it also provides reference and guidance for traditional tourism performing art enterpreises to realize the expansion of scale and the perfection of the industrial chain through mergers and acquisitions of Internet enterprises.In this paper,the study of short-term performance adopts the event method.The paper also analyzes the medium and long-term performance of enterprises by means of EVA method,financial index method and non-financial index method.The results of the study show that the CRA variation trend graph obtained from the germ index or Shenzhen cultural index is generally consistent,and the results are positive.The accumulated excess return rate calculated by Shenzhen cultural index is up to 52%,and the short-term market performance is positive.The adjusted EVA in the year of M&A was significantly increased with a growth rate of 176.48%.In the two years after the merger,the rate of turn on EVA is still increasing.Judging from the development trend of the four major indicators,Songcheng Performing Arts has improved its solvency and changed the original capital structure.The net profit margin on sales has declined,and Songcheng Performing Arts needs to pay attention to the input-output ratio.From the indicators of operating efficiency,it can be seen that Songcheng Performing Arts did a better job in the integration and coordination of assets after mergers and acquisitions,and Songcheng Performing Arts gradually changed its role from the previous “heavy asset” model to the “light asset” model.In addition,the ability of sustainable development of Songcheng Performing Arts has been strengthened,and the three indicators for measuring development ability still show a positive development trend after undergoing rapid growth.In 2017,the company's total asset growth rate increased and the asset-light business model also created a new source of profit for the company.From non-financial indicators,Songcheng Performing Arts and Six Rooms have better interoperability in talents.However,the number of monthly active users in the six rooms do not increase significantly during the show live.For example,the number of visits and downloads is not as good as other live platforms.So in the future,Songcheng Performing Arts should strengthen the integration of resources and share more resources.In general,the medium and long term performance of song cheng has indeed been improved and has a persistent positive effect after the acquisition of six rooms.The merger is good for both sides.For six rooms,it receive capital support and for Songcheng Performing Arts,it also completed the strategic transformation and diversified development.This case also provides reference for the transformation and development of traditional tourism performing enterprises.