The Research On Performance Of Mergers And Acquisitions Of Cultural Industry In China

Since The fifth Plenary Session of the 13th, the Central Committee of the Communist Party of China attaches great importance to the development of cultural industries, the Central Committee of the Communist Party of China in the 13th Five-year Plan put forward to accelerate the reform construction of socialist culture and power. The cultural industry as an emerging industry in China, compared with the traditional manufacturing industry, which relies on the cultural soft power, has ideological attribute. Promote large-scale cultural enterprises to carry out mergers and acquisitions to enhance the strength of purpose. However, mergers and acquisitions occurred for enterprises not always can enhance the performance, the acquisition of cultural enterprises can not only value the number of mergers and acquisitions and scale. Chinese cultural enterprises mergers and acquisitions will produce what kind of m&a performance, the research on China’s culture industry and what is the role of, these are preliminary probe into the cultural need to think about problems in enterprise mergers and acquisitions in China.From the theoretical research results, the domestic and foreign research about the culture of enterprise merger and acquisition is not enough. Although some scholars analyzed the equity of China’s cultural industry mergers and acquisitions on the cultural industry and related scholars overall trend of development of cultural industry and the development status of related research, some scholars in different areas of the cultural industry were on subdivision. But the study did not form a systematic theory, and according to the analysis of the specific cultural enterprises is not a lot of literature. Therefore, on the basis of the results of previous studies, through the literature research and inductive analysis, and combined with the specific case, namely Beijing Hualu Baina lates Co., Ltd. mergers and acquisitions Guangdong Baihe Blue Flame culture media Co., Ltd. Though this case analysis, study of the system of analysis and research on mergers and acquisitions development of the cultural industry to make a little contribution.On the case selection, this article selects the representative cultural enterprises listed companies Hualu Baina in the enterprise m&a case of Blue Flame, which constitutes a major asset restructuring and merger cases occurred in 2014, with strong representation and significance of the research. This article first introduces the case, analyses the m&a motives, then in case of m&a performance analysis, this article uses the event study of m&a and financial index method to analysis the enterprise short-term and long-term performance. Combining with the characteristics of the cultural industry, its specific business form are summarized, then the performance of the m&a case analysis are summarized and suggestions are put forward for the problems in the acquisition, and give some enlightenment, hope other scholars can get some certain reference.Analysis results show that, in the short-term performance, based on the event study concluded after m&a shareholders gained significant excess returns, market believe that the merger will bring good prospects for development to the enterprise, cause the investor optimism. In terms of long-term performance, his article make a comparative study of the before and after m&a It is concluded that after completion of the m&a, Hualu Baina’s cost control ability is not strong, profitability and solvency declined, but business enterprise development ability improved, and finally the overall played a synergy effect.So this paper concluded that, the implementation of the m&a business, it bring a positive wealth effect to shareholders in the short term, the long-term view, the business more robust, the development of the ability improved. In all it is a successful culture of corporate mergers and acquisitions case.