Research On The Financial Risk Of High Premium Mergers And Acquisitions Of Film And Television Companies

The concept of mergers and acquisitions stocks has been a hot topic in the stock market,after the merger,the company's stock price in a period of time tends to appear the trend of continuous rise.However,it is worth noting that while the listed companies are accelerating the reorganization and merger matters,the problem of the high premium rate of the reorganization target is becoming more and more serious.As of September 2018,A total of 255 listed companies in the a-share market are in the process of merger and acquisition,among which 155 are involved in the merger and acquisition at A high premium,according to the statistics of Dongfang fortune.With the increase of film attendance year by year and the blowout growth of film box office,film and television industry companies gradually began to grow.In order to further expand the scale of the company,China's film and television industry also began to produce mergers and acquisitions cases in 2013,and the number of mergers and acquisitions will continue to increase in the next few years.Taking huayi brothers' acquisition of dongyang meila at a high premium in 2015 as an example,this paper analyzes the related issues of China's listed companies' acquisition at a high premium,and analyzes the corporate performance after the acquisition.At the same time,it provides a better reference for the high premium merger and acquisition of Chinese and even foreign enterprises.Through the analysis of more than 40 related literatures at home and abroad,this paper finds that the research on merger and acquisition is mainly on the traditional industry,but relatively few on the film industry and the high premium merger and acquisition.Therefore,the innovation of this article is the typical representative of the film and television industry huayi brothers representative high premium M&A activity many times to carry on the analysis and summary,its in Dongyang beauty with feng has significantly representative of mergers and acquisitions,to investigate its M&A motivation and performance of induction summarizes the general laws of suitable for film and television industry,film and television industry and other industry for the future as a reference for the development of M&A activity.The main body of the paper consists of the following five parts:the first part is the introduction.This paper explains the background of high premium mergers and acquisitions in recent years,and then puts forward the theoretical and practical significance of mergers and acquisitions in the film and television industry.This paper reviews the research achievements of domestic and foreign scholars on the motivation,economic consequence and prevention mechanism of enterprise merger and acquisition,and develops the technical roadmap of this paper.The second part,the related concepts and theoretical basis of enterprise merger and acquisition.In this part,the related concepts,processes and status quo of merger and acquisition are elaborated in more detail,and the financial risks brought by merger and acquisition at a high premium are also elaborated.This paper analyzes the theoretical basis of merger and acquisition and summarizes the theoretical basis for merger and acquisition of listed companies and merger and acquisition at high premium.The third part describes the case of huayi brothers' acquisition of dongyang meila at a high premium and elaborates the whole process of the acquisition.The fourth part,the specific performance of huayi brothers' acquisition of dongyang meila at a high premium after the financial risk,and then elaborated the specific reasons for the risk and proposed solutions.The fifth part is the conclusion.