Research On The Motivation And Effect Of High-value Mergers And Acquisitions In Cultural Media Companies

With the economic development and social environment changes,market competition continues to intensify.In order to maintain their own advantages in the fierce competition,access to long-term development,most companies choose to consolidate their position through mergers and acquisitions,access to synergies.China in recent years to increase the support of the cultural industry,launched a series of favorable policies to promote the development of cultural industries.Cultural media industry as an important part of China's economy,ushered in the development and prosperity of the opportunities,mergers and acquisitions within the industry intensified.However,in the cultural media industry,mergers and acquisitions activities,the main business and the subject of the acquisition of enterprises there are high valuation,high premium phenomenon,has aroused widespread concern in the community.This paper analyzes the causes of high-premium mergers and acquisitions of cultural media enterprises and the effect of M & A after the acquisition of high-premium mergers and acquisitions in the cultural media industry,with a view to the high valuation and high premium of M & And provide some inspiration and reference for the future M & A activities of similar enterprises in the industry.On the basis of the research on mergers and acquisitions premiums,this paper analyzes the situation of mergers and acquisitions in the media and media industry,and analyzes the situation of the high premium and M & A in the industry,and explores the causes of the high-premium mergers and acquisitions.In addition,this paper chooses the specific cases of Huayi Brothers' acquisition of Yinhan Science and Technology,and analyzes the reasons of the high premium of Huayi Brothers M & A from the perspective of the characteristics of cultural media industry,the performance of M & A enterprises and the expected synergistic effect of M & A.And further explore the impact of high-premium mergers and acquisitions on both M & A and both companies and corporate performance.From the market reaction situation,the public and institutions on the acquisition of a positive attitude,the company's market response is better.From the synergies between the two sides of mergers and acquisitions,the acquisition of Huayi Brothers and Yinhan technology have a positive impact on the long-term development,M & A effect is better.Case studies show that the cultural media business mergers and acquisitions generally exist in the high valuation,high premium phenomenon.The emergence of high-premium mergers and acquisitions by the cultural media industry's own characteristics and the impact of synergies between the two sides,both mergers and acquisitions have had a positive effect.In this paper,the study found that the cultural media industry mergers and acquisitions premium higher than other industries is the main reason for the industry's light assets caused by the assets of the book value in the reflection of the existence of limitations,therefore,the study that the cultural media business mergers and acquisitions premium level in the appropriate range.