| In recent years,with the rapid development of Internet technology,traditional industries have sought “Internet +” to achieve rapid transformation.At the same time,people's living standards have been continuously improved,and consumption has been continuously upgraded.The digital cultural industry is rich in its flexibility,flexibility and innovation.Its performance has surpassed the traditional cultural industry and has become the direction of future cultural industry development.In the current practice,the main trend of the development of digital cultural industry is that enterprises with experience in Internet technology extend to traditional cultural content through continuous mergers and acquisitions.Therefore,it is very practical to study how Internet technology-based enterprises can integrate into the cultural industry and shape the new industrial structure.However,the digital cultural industry is an emerging industry,and its business model and industrial value chain are still in the exploration stage.Does the current industrial value chain through continuous mergers and acquisitions necessarily represent an effective extension of the enterprise value chain? At each stage of the extension of the value chain,does its continuous M&A behavior bring more good performance to the company and enhance its comprehensive strength? These issues are the purpose of this paper.Based on the theory of industrial value chain and continuous merger performance,combined with the current background of the wave of mergers and acquisitions in China's digital culture industry,this paper chooses the typical enterprise Jiecheng shares,which has been extended from the audio and video technology to the cultural industry,as a case study enterprise.All the M&A events announced since the publication are the research objects.Firstly,the process of extending the value chain of the enterprise is sorted out,and the extension of the enterprise value chain is divided into the single main business stage of “audio and video technology” and the integration of “production and distribution of film and television production under technical support”.Phases and three phases of the diversificationphase based on the industrial value chain,and sort out the continuous mergers and acquisitions in each extension phase;then use the event research method,the principal component research method and the non-financial performance indicators to evaluate the different extension phases Within the short-term and long-term performance of continuous mergers and acquisitions;finally,based on the research process and research conclusions,the conclusions are summarized.The results of this paper show that:(1)continuous mergers and acquisitions improve the industrial value chain of Jebsen shares;(2)in the three stages of the extension of the value chain,the changes in the long-term and short-term M&A performance of Jebsen shares are almost completely inconsistent,in the short run,large Some M&A events have led to a significant increase in short-term performance,and shareholders have gained a positive wealth effect.In the long run,long-term performance of the company continues to decline;(3)The main reason for the decline in long-term M&A performance in the three stages is debt service.The decline in capacity.This article has the following three case revelations:(1)companies should rationally formulate mergers and acquisitions strategies,do not blindly follow the trend;(2)timely integration after mergers and acquisitions,and strive to play a synergistic effect,not in the same period to purchase excessive types of enterprises of the same type;(3)mergers and acquisitions Adopt a shareholding dynamic adjustment strategy.The research in this paper has certain reference significance for the construction of technology-driven value chain,the development of M&A strategy,the improvement of M&A performance,and the integration of Internet technology enterprises into cultural industries. |
PDF Full Text Request