| In recent years,in order to encourage the development of enterprises and invigorate the economy,the state has issued a lot of relaxed preferential policies,from which more and more enterprises have seen development opportunities.Therefore,with the strong support of national policies,enterprises have begun to seek new development ways in order to expand their scale,and different types of large and medium-sized enterprises in China are more or less "shuffling".Therefore,most enterprises turn their attention to mergers and acquisitions.As a means of asset restructuring,mergers and acquisitions can help enterprises expand their operations,stabilize their development,and help enterprises successfully achieve strategic transformation.Among them,cross-industry mergers and acquisitions are included in mergers and acquisitions.The advantages of cross-industry mergers and acquisitions can not only expand business,but also help enterprises enter new fields and achieve successful transformation of resource integration.In the selection of target companies during mergers and acquisitions,most enterprises prefer asset-light enterprises,which conform to the new normal of the development of the Internet economy and are the main force for the development of Chinese enterprises.In the increasingly increasing M&A activities,it is inevitable that there will be transaction risks.More and more enterprises will protect their own rights and interests by signing a wager agreement when they conduct M&A.As a regulatory mechanism,the wager agreement can not only reduce the risks caused by information asymmetry in M&A,but also encourage the target company to fulfill its performance commitments and protect the interests of the M&A.Based on the existing relevant theories and M&A theories of VAM,this paper analyzes the motivation and effect of VAM in enterprise M&A with the case of Beijing Culture VAM&A Ferris Wheel,Century Partners and Zhejiang Xinghe Culture,so as to provide some reference value and practical significance for companies that need to sign VAM in the future.The selection of Beijing Culture Company in this paper is also representative.Beijing Culture Company belongs to cross-industry mergers and acquisitions.The target companies of mergers and acquisitions are asset-light industries.The prominent characteristics of the asset-light industries are "three high" : high valuation,high premium,and high commitment.During the merger and acquisition,Beijing Culture used the income method to evaluate the assets of Ferris Wheel,Century Partners and Xinghe Culture,resulting in a high premium.It protected its own rights and interests by signing a gambling agreement.Finally,the three target companies completed the performance gambling.Therefore,this paper will have a deeper analysis of the effect of the VAM.Based on the above,this article mainly elaborates on the following aspects.First,it introduces the research background and significance of this article,as well as a review of domestic and foreign literature related to mergers and acquisitions and counter bet agreements.Then,it introduces the research methods,innovations,and shortcomings used in this article.The second is the relevant definitions,characteristics,and motivations of mergers and acquisitions and gambling agreements,as well as the definitions,characteristics,motivations,and related theories of gambling agreements.Thirdly,the research on the current situation of the application of gambling protocols in China.This article describes the number and amount of gambling agreements,the distribution of gambling mergers and acquisitions industry,and the results of gambling mergers and acquisitions.Finally,it introduces the case process and results of cultural mergers and acquisitions in Beijing,as well as the analysis of cultural mergers and acquisitions in Beijing.Including two aspects of analysis,one is financial performance,and the other is the impact on investor confidence.Based on the analysis of gambling mergers and acquisitions in Beijing culture,it is found that signing gambling agreements in mergers and acquisitions can improve performance and enhance investor confidence. |
