Research On The Risk Of Premium Mergers And Acquisitions In The Cultural Industry

With the gradual advancement of China's cultural policy,more and more enterprises are realizing cross-border transformation and upgrading through mergers and acquisitions.It can be seen that mergers and acquisitions plays a significant role in promoting the development of enterprises.However,with the arrival of the cultural industry mergers and acquisitions boom,cross-border mergers and acquisitions is increasing,and the risk of premium mergers and acquisitions is becoming increasingly prominent.The phenomenon of premium mergers and acquisitions has become a hot issue under the background of cultural industry fever.Enterprises try to become bigger and stronger through premium mergers and acquisitions,but the benefits and risks coexist.The implementation of mergers and acquisitions strategy may result in the loss of value.At the same time,the target party of mergers and acquisitions also has potential performance commitment risk.Based on the theory of premium mergers and acquisitions,synergy effect and other related theories,this paper selects the case of cultural investment holding's mergers and acquisitions of yaolai Film to carry out research,deeply excavates the problems existing in the process of mergers and acquisitions,and uses the method of combining qualitative research and quantitative research to reveal the current situation and risks of domestic cultural industry mergers and acquisitions,and to find the obstacles and hidden dangers behind the premium mergers and acquisitions of cultural industry.This paper first introduces the characteristics of premium risk of cultural industry and the existing risks,and then combs the process of mergers and acquisitions for the case.It mainly analyzes the motivation of mergers and acquisitions from three perspectives:favorable policies,the mergers and acquisitions party seeking transformation,and the high added value of intangible assets of the acquired party.Secondly,it analyzes the post performance commitment effect of premium mergers and acquisitions from four aspects: performance decline,solvency,profitability and stock price rise and fall.Then,based on the above analysis,we identify the specific premium mergers and acquisitions risks in the case,namely the target enterprise value evaluation,asset integration,goodwill impairment and stock price crisis.Finally,the paper puts forward some control suggestions for the financial risk of mergers and acquisitions in this case,and holds that the company should reasonably evaluate the value of the target enterprise,implement the improvement of resource integration,prevent and control the risk of goodwill impairment,and strengthen internal and external supervision...