Research On The Performance Of Sanqi Interactive Entertainment Merger And Acquisition Aurora Network

The focus of the sixth wave of mergers and acquisitions in the world is in China.China has also started an upsurge of industrial transformation and upgrading.The popularity of mergers and acquisitions by listed companies has been increasing,and a performance commitment system corresponding to mergers and acquisitions has also emerged.The incentive effect of performance commitment on M&A performance has also received extensive attention from the academic community.The existing research literature on the incentive effect of performance commitment is mainly based on market reaction and agency problem.However,in the practical and academic circles,there is little performance commitment to motivate the core research and development personnel who provide intellectual support for corporate innovation,and research on its specific incentive effect on the performance of mergers and acquisitions.Therefore,based on the perspective of performance commitment,this paper studies how performance commitment can motivate and constrain the management and core research and development personnel of the acquire in the case of the Sanqi mutual entertainment merger aurora network,thus affecting the market response,principal-agent problem and enterprise innovation,enhancing the synergy effect and exerting the incentive effect on the merger performance.This is of great significance for enriching the research on the incentive effect of performance commitment and guiding the merger and acquisition practice.This paper selects literature research,case study and other research methods,based on signal theory,principal-agent theory,synergy effect and signal theory,and combs the mechanism of performance commitment affecting M&A performance from three aspects: market reaction,agency problem and enterprise innovation.At the same time,based on the perspective of performance commitment,this paper makes a comparative study and analysis of the process and motivation,the content,motivation,potential risks and completion of performance commitment,and the performance of the acquisition of Aurora Network by Sanqi Mutual Entertainment.Based on the perspective of performance commitment,this paper makes an in-depth study on the case and performance of Aurora Network of Sanqi Mutual Entertainment M&A,and draws the following conclusions: First,performance commitment has an incentive effect on M&A performance,but the incentive effect is insufficient after the performance expires;Second,performance commitment can promote enterprise innovation;Third,there are many potential risks in performance commitment;Fourthly,the single performance commitment indicator is biased financially.Based on the above research conclusions,this paper puts forward corresponding suggestions to both parties of M&A,regulatory authorities and investors: I hope to expand the scope of incentive and constraint objects of performance commitment;Enrich business indicators of performance commitment;Establish M&A tracking evaluation files;Investors improve their risk awareness and discrimination ability.This study is of great significance to enrich the incentive effect of performance commitment,guide the practice of M&A and improve the supervision measures.