Research On The Performance Problem Of Tianzhou Publishing Merger With Youai Wangluo

In recent years,the rise of science and technology has caused a worldwide huge impact and made a progress of industrial pattern.New technologies have changed people's lifestyle and traditional industry's financial situation.So does the traditional cultural industry.The government has also launched a series of rejuvenating strategies for the cultural industry to promote transformation and upgrading.The cultural market has a great developing potential.Traditional cultural enterprises are conducting business in new media industry and planing investment distribution through external mergers and acquisitions.In past merger and acquisition case studies,although many researches on diversified M&A have been involved,some conclusions have been drawn.However,there is not much research on the merger and acquisition of traditional culture enterprises purchasing game companies to realize the transformation to the new media industry.This article focuses on a case of merger and acquisition of the "Internet +" in the traditional cultural industry which is Tian Zhou Culture purchasing You Ai Internet.The essay specifically analyzing the motives,performance changes and performance evaluation methods of such mergers and acquisitions,which will provide inspiration for related M&A in the future.This article first elaborates the background of the topic,the theoretical significance and practical significance,the research content,and the technical route.And the essay uses literature research methods,case studies,event research methods,financial indicators and other methods to analyse the performance after M&A.In the second chapter,this article defines the concepts of cultural enterprises,mergers and acquisitions,M&A performance.Also,it summarizes related theories of mergers and acquisitions,and lays a foundation for subsequent analysis.The third chapter is an analysis of Tianzhou cultural mergers and acquisitions.This chapter first introduced Tianzhou Culture and Guangzhou You Ai Internet,then analyzed the causes of mergers and acquisitions,and combed the process of M&A activities.The fourth chapter studies the performance changes of Tianzhou Culture Merger and Acquisition case from four aspects: market performance,financial perofmance,innovation performance and profit promise.After the merger and acquisition,You Ai Internet experienced a rapid growth momentum and its profitability soared.M&A had apositive impact on the financial performance of You Ai.However,due to the weak publishing market,Tianzhou Culture's profitability of the original game business was reduced.The financial performance has not been improved.Innovation performance also fell after mergers and acquisitions.When researching innovation performance,unlike previous scholars who studied mergers and acquisitions cases,this paper derives changes in corporate innovation efficiency from the aspects of input intensity and R&D output.Profit promise shows that You Ai Internet has a strong ability to make profit.The profit-making ability matches up withthe high valuation.In the fifth chapter,The conclusions are summarized.So does the case enlightenment.The shortcomings and prospects of the research has been given too.The innovation of this article is to study the case of emerging M&A in the transformation and upgrading traditional cultural industries.The traditional publishing industry has fewer precedents for M&A of game companies.Secondly,this paper focuses on innovation characteristics of cultural industry,and studies the innovation performance to provide new ideas for the evaluation of M&A innovation performance of cultural enterprises in the future.