Research On The Performance Of Cultural Industry Mergers And Acquisitions

Through continuous improvement and development,culture,as the representative of all human spiritual activities,has developed into a cultural industry that carries out a series of economic production activities on the basis of cultural elements,including outlook on world,life and values.At the critical juncture of national economic transformation,China is more clearly aware of the significance of cultural industry for economic transformation.By studying the companies in the cultural industry,we hope to effectively help the cultural industry get a good development.This paper selects Tian zhou wen hua merger and reorganization Shen qi shi dai as the research object.Firstly,it analyzes the macroeconomic background and industry development background of Tian zhou wen hua.Secondly,it analyzes the long-term performance,short-term performance and non-financial performance of the cases Tian zhou wen hua merger and reorganization Shen qi shi dai.Cormpared with factor analysis,principal component analysis and analytic hierarchy process,the projection pursuit model has the characteristics of good stability and low data requirements,and its applicability is stronger.For the analysis of medium and long term performance,the projection pursuit model is mainly used to construct a comprehensive performance evaluation system to achieve the goal of analyzing medium and long term performance.The short-term performance analysis mainly uses the event research method to calculate the average and cumulative excess returns for analysis.Non-financial performance is analyzed from three aspects: business model,employee structure and social evaluation.Finally,it comes to the conclusion that,for cultural industry companies,merger and reorganization can effectively realize the transformation of their business models,help them complete the strategic transformation,help them expand the market,and improve their ability to cope with risks.In general,mergers and acquisitions are conducive to the development of the cultural industry.