A Study Of The Performance Of Mergers And Acquisitions By Huace Film&tv Co.,Ltd

M & A is one of the important ways for enterprises to expand,it can quickly expand the scale and capacity of enterprises,bringing new vitality and opportunities for enterprises.China's film and television industry is in the golden opportunity period,more and more companies choose to take up the market share thorough mergers and acquisitions,improve core competitiveness.This paper first analyzes the research background and research significance of mergers and acquisitions in film and television industry,and summarizes the domestic and foreign theoretical system of M & A motivation and performance evaluation system in the literature review.Before analyzing the specific case,the author analyzes the current situation of China's film and television industry and the current situation of M & A in the whole angle.Then the case of the specific analysis,the author selected the film and television trade volume of the largest mergers and acquisitions,China policy film and television acquisition of Corton film case,in the case analysis,the author first introduced the two sides of the basic situation,and then the acquisition process And then analyzes the M & A motives and M & A performance.This paper studies and analyzes the motivations of the M & A from the external motivation and the internal motivation.The external factors include the support of the government policy.The film and television industry has entered the development opportunity as well as the impact of the new technology on the film and television industry.The internal factors are China policy in order to expand the market share and seek new business model with the merger to achieve the sharing of resources and complementary advantages to improve market competitiveness.For the analysis of M & A performance,this paper uses event research method and financial analysis method to analyze the performance of M & A performance in China from the short-term and long-term perspective.For the short-term performance research method,the event research method,also known as the excess return method,was first proposed by Dolly,J(1993),which is one of the common methods in empirical research.Based on the effective market theory,Mergers and acquisitions occur to assess whether the short-term performance of M & A events is assessed by the difference in earnings resulting from abnormal fluctuations in the company's share price.For the long-term performance research methods,the financial analysis method is through the company by the foreign audit institutions after the audit of the financial statements of the data analysis,and the company's profitability,solvency,operational capacity and growth capacity of the four teams M & A performance Make an evaluation.And finally draws the conclusion of M & A performance and the inspiration of this merger.