The Case Study Of Xinke Cailiao's Acquisition Of Xi'an Mengzhou:Traditional Enterprise's Transboundary M&A Is Transformation Or Selling Shell

Looking back at history,the traditional industries faced bottlenecks,the cultural industry emerged,and the “XinGuoJiuTiao” encouraged market-oriented mergers and acquisitions.The cultural field has been on the rise since 2014.The CV Source showed that 166 mergers and acquisitions were completed in the cultural field in 2015,of which nearly 50 were cross-border mergers and acquisitions.Yet with the pomp and performance is not up to standard,the company's share price volatility and the excessive financial bubble not only caused the goodwill impairment crisis to remain high,the sequelae of mergers and acquisitions were frequent,but also the small and medium investors suffered from it,and personal rights suffered huge damage.Traditional cross-border mergers and acquisitions seem to have failed to transform the business,but to reap the benefits through capital operation.In this context,it has become an important proposition to analyze the real motivation of traditional enterprises to cross the boundary,and to study whether traditional industries can achieve the expected performance and improve the enterprise value.Based on this,this paper takes Xinke Cailiao's acquisition of Xi'an Mengzhou as an example,and uses case analysis,comparative analysis and event analysis to analyze this m&a,discusses the real causes of the cross-border merger of traditional enterprises and the real performance after the merger,and finally comes to the conclusion and suggestions of this case analysis.The main line of this thesis is: the first chapter presents the background,significance,research method and framework of the article.The second chapter defines the relevant concepts in the paper,and discusses the relevant theories of m&a motivation and the relevant theories of m&a.The third chapter introduces the current situation of traditional enterprise development,the current situation of traditional enterprise cross-boundary culture industry and the incomplete statistics on the cross-border m&a of traditional enterprises between 2014 and 2016.The fourth chapter introduces mergers and acquisitions both sides basic situation,detailed specific m&a process,secondly to case analysis,from the actual control of people changes,the company main business transfer situation,Xi 'an Mengzhou's contribution to Xinke Cailiao's related financial indicators,the short-term stock price change and long-term financial effect change of Xinke Cailiao after the merger are discussed.The fifth chapter draws the research results and conclusions.Through the case analysis of Xinke Cailiao's acquisition of Xi 'an Mengzhou,the following results are obtained:(1)Hengxin copper continuously sell shares of Xinke Cailiao since 2015,announced on February 1,2018 to reduce its holdings of accounted for 1.614% of the total equity stake Xinke Cailiao,thus completely stripped of Xinke Cailiao.Through the equity transfer agreement,the new actual controlling shareholder of Xinke Cailiao has changed to the shareholder of the transferee film and television company Chuanshan media.(2)Since 2013,Xinke Cailiao has been on the road of diversification and continuous acquisition.Through the acquisition of xi 'an Mengzhou,Xinke Cailiao changed from a single main business to double main business.Xi 'an Mengzhou has also become the main profit source of Xinke Cailiao.Xinke Cailiao continues to acquire the film and television business on a large scale,with its business focus shifting to the film and television business.(3)Although Xinke Cailiao 's new actual controller is not Xi 'an Mengzhou,but the net profit contributed by Xi 'an Mengzhou to Xinke Cailiao in 2016 exceeded 100% of the net profit of the previous year before the change of control right of Xinke Cailiao and reached the standard of material asset reorganization.(4)This acquisition has increased the shareholder wealth of Xinke Cailiao in a short period of time,but in the long run it has reduced its ability to operate.Although the acquisition of Xi 'an Mengzhou has enhanced the profitability of Xinke Cailiao,the real profitability of xi 'an Mengzhou and its sustainability remain in doubt.Through the analysis of this case,this paper puts forward the following Suggestions :(1)pay attention to post-merger integration;(2)improve and standardize the information disclosure system of listed companies;(3)enhance the credibility of the asset appraisal of the acquired party.