A Research On The Influence Of M&A On The Core Competitiveness Of Enterprises

For enterprises,competitiveness,especially the construction and promotion of core competitiveness,is the key to their long-term vitality and sustainable competitive advantage.With the gradual improvement of China's cultural industry market,M&A have become one of the important tools to enhance the value of many cultural and creative enterprises,and even become the driving force for some cultural and creative enterprises to gain lasting competitive advantage.The impact of M&A on the competitiveness of cultural and creative enterprises,whether M&A can enhance the core competitiveness of cultural and creative enterprises,and which major elements of M&A will significantly affect the core competitiveness of cultural and creative enterprises have become the focus of theoretical and practical research in the field of M&A and cultural and creative enterprise management.Therefore,it is of great theoretical value and practical guiding significance to study the impact of M&A on the core competitiveness of cultural and creative enterprises.From the perspective of M&A,this paper empirically examines the impact of M&A on the culture creative enterprise core competitiveness on the basis of literature review and elaboration of relevant theories of M&A and core competitiveness.This paper mainly takes the acquiring firms as the research object,and takes 2014-2017 as the research window,and selects 85 cultural and creative enterprises listed on Shanghai and Shenzhen stock exchanges in 2015 as the research sample to make an empirical analysis.Firstly,through the relevant theoretical analysis and literature research,a more scientific and reasonable evaluation index system of the culture creative enterprise core competitiveness is constructed.Then,factor analysis method is used to evaluate and measure the 5,100 core competitiveness evaluation index data collected by 85 sample enterprises during the four-year research window,and to obtain the annual core competitiveness comprehensive score of each cultural and creative sample enterprise as the explanatory variable,and to compare and analyze the changes of core competitiveness of sample enterprises before and after mergers and acquisitions.Finally,through multiple regression analysis,the related attributes,types of M&A and main merger enterprises are studied concretely.The equity nature of the industry has an impact on the core competitiveness of cultural and creative enterprises.The empirical results show that:(1)the core competitiveness of cultural and creative enterprises has changed significantly before and after M&A,showing a general upward and downward trend;(2)Compared with non-related M&A,related M&A can improve the core competitiveness of cultural and creative enterprises;(3)Compared with non-related diversified M&A,related diversified M&A can help to improve culture.The core competitiveness of creative enterprises;(4)M&A are not conducive to the enhancement of the core competitiveness of state-owned cultural and creative enterprises.At the same time,based on the above conclusions,this paper mainly puts forward relevant policy recommendations from the aspects of M&A objectives,M&A methods,resource integration in the later stage of M&A and the reform of the system of state-owned cultural and creative enterprises.