| BackgroundAlong with the slowdown in the growth rate of China's market economy in recent years,domestic enterprises generally have invisible pressures of declining performance.Although there are many crises,there are many opportunities.We should see that this is undoubtedly also a macroeconomic adjustment of China's GDP.The opportunity for rapid economic transformation,the optimization of industrial structure in all walks of life,and the promotion of enterprise resource integration.With development,China has successively issued a number of policies on M&A.After the development in recent years,the M&A of China's capital market continue to proliferate and change.The merger and reorganization of enterprises is not only the main focus of the company to expand the scope of production and operation,but also to seize the market opportunities.It is also to promote the efficiency of integration of human and material resources in China.An important path for the continuous upgrading of the industrial structure.As an accelerated channel for enterprise expansion and diversification,M&A is an inevitable trend for enterprises to grow and develop.As of 2018,the overall M&A market in China has declined.A total of 2,584 M&A transactions have been completed,down 8.1% year-on-year.With a total amount of US$1.3 trillion,China has become the second largest M&A investment area after the United States.As a representative of Internet companies,the mobile game industry has continuously increased its number of investment M&A every year.The total investment scale has reached 52.29 billion yuan,of which the number of enterprises signing VAM is numerous.In addition,China's M&A market is mainly based on domestic M&A,even Faced with the problem of widespread cash flow,the demand for M&A transactions is still strong,based on the emerging strategic layout and the acceptance of new technologies such as new technologies.Therefore,it is of theoretical and practical significance to study the impact of VAMs on the performance of M&A.PurposeUnder the background of "Internet +",the mobile game industry is becoming the strongest profitability and development capability in the mobile Internet.In addition,the high growth and creativity of game companies are more likely to result in high-value premium acquisitions.Faced with the changing environment of the investment environment,the VAM plays an important role in the valuation adjustment,which has a certain degree of restraint and incentive effect on the gambling parties,so as to solve the information faced by investors.Asymmetry and higher transaction cost issues.In the gambling activities,the objective evaluation of the actual value of the target company is the basic premise of the gambling transaction,and it is also the only way to guarantee the fundamental interests of the gambling parties.In the M&A transaction,in order to reduce the company's treasury risks and operational risks,a fair and open pricing method is adopted to maintain the company's sustained and stable progress.As a bilateral merger and acquisition transaction,activities are often selected to sign the VAM.Ways to reduce the possibility of merger failure,and want to promote the success of M&A activities in an efficient way.Under the scenario that China Mobile Online Game Company expands its business line with the rapid development of its business,enhances its core competitive advantages and enhances the level of competition in the industry,corporate M&A are constantly emerging in the industry,Lehui Tianxia,Sanqi Entertainment,Mobile game companies such as Tianzhou Culture and Ourplam have launched a corporate gambling program.Under the wave of M&A in the mobile game industry,how do major game companies sign a VAM? Is it really a qualitative improvement for mobile game companies? Is the risk factor for signing a VAM to reduce the failure of M&A transactions? What are the risk factors for the VAM? How should we evade? For these problems,this article carefully explores the four main idioms,the company's pioneering network,playing crab technology,upstream information and Tianma time and space,and the theoretical basis,influence mechanism and palm of the VAM.The performance changes before and after the interest in M&A have been summarized.Main context and viewThe paper is divided into the following sections:The first chapter is the introductory part of this article.First of all,under the background of the research of this paper,it expounds that the application of the VAM has two levels of theoretical and practical significance.Secondly,based on reading a large number of VAM documents,the research framework of this paper is obtained.And content,in addition,through the classification of the research methods used in this paper,and finally to the article's innovation and needs to be improved in detail.The second chapter is a literature review.The first is to describe the main concepts of the meaning,subject and compensation methods of the VAM,based on the design of the specific terms of the VAM,the VAM and the performance of the merger and the risk of the VAM.In summary,in the process of combing,we can also find the research results and status quo of China's VAM and M&A performance.More importantly,it has made important reference standards for the case analysis research direction below.The third chapter is based on the second chapter literature review,a theoretical analysis of the VAM and M&A performance.The first section mainly lays the foundation for the theory of VAM.The following analysis direction is pointed out through the viewpoints of information asymmetry and transaction cost theory.The second section analyzes the mechanism of the influence of VAM on the performance of M&A.The third section is based on the first two sections of the industry selected for the case.Through the literature,the recent research on the mobile game industry in China is briefly introduced.The fourth chapter is the focus of the article,mainly on the case analysis of the case selected by the company,which is the case analysis of the VAM on the performance of M&A.The first section is based on the current situation of the game company;the second section is to describe the basic situation of the technology,the basic situation mainly includes a brief introduction of the development process and business structure;the third section is the palm Interest Technology signed the main motivation analysis of the VAM,analysis of the valuation method of asset valuation,the design principles of the gambling clause and the implementation of the VAM;the fourth section is based on the foundation of the first three quarters.On the analysis of the performance of corporate M&A triggered by the signing of the VAM,mainly includes its short-term market effects and long-term operating benefits;the fifth section is an in-depth analysis of the fourth quarter,discussing the signing of the palm of interest technology There are some factors contributing to the performance of the VAM;the sixth section is to identify and interpret the risks after the signing of the VAM,taking into account the reality;the seventh section is the summary of this chapter to sort out the contents of this chapter.The fifth chapter is based combined with the reality of the signing of the VAM,and summarizes the policy recommendations and research conclusions of this article,and the company faces specific development problems.The specific analysis of the problem,put forward a number of suggestions;the following is a summary of the research of this paper;finally,through the deficiencies left in this article to make a narrative,further elaboration of the direction and goals of further research.Main ContributionsFirst of all,the existing research on the VAM in China mainly stays on the study of the VAM in a single individual case.Few scholars start from the continuous implementation of gambling to explore the impact on the M&A performance.the study.In connection with the actual review of a large number of related fields,the main research directions of this paper are: a series of gambling on the palm of the game,before and after the bet on the gambling pioneer,play crab technology,upstream network,Tianma time and space gambling situation,In this way,we explore the impact on its M&A performance,and link it with the M&A performance of the company to explore its impact mechanism.Secondly,based on the relevant literature research,the impact of signing the VAM on the performance of the main and the enterprise is not only divided into short-term market performance,but also the long-term operation effect,which provides a new exploration for the case study of the VAM.Ideas,new directions. |
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