Study On The Synergy Of Merger Between Alpha Animation And April Sky

Since the Eighteenth National Congress of the CPC clearly pointed out that we should vigorously help and develop strategic emerging industries and realize the substitution effect for low-productivity traditional enterprises,most enterprises are facing the turning point of transformation and upgrading,and mergers and acquisitions have gradually become an important means of resource integration.At the same time,the reform of cultural system has been deepened under the guidance of the state,and the cultural media industry is developing rapidly with the support of relevant policies.In this context,the cases of mergers and acquisitions of cultural media enterprises occur frequently,and the annual turnover of mergers and acquisitions is also rising,which attracts public attention.Mergers and acquisitions are frequent,but there are few successful mergers and acquisitions to achieve resource integration and enhance core competitiveness.So this paper chooses the typical case of Alpha entertainment merger and acquisition of Star Sky in April as a single analysis to explore the consequences of low synergy effect and how enterprises should avoid and solve in future mergers and acquisitions,hoping to provide suggestions for future mergers and acquisitions of the enterprise or the industry.This paper first elaborates the research background,research methods and research significance of Alpha entertainment merger and acquisition of Star Sky in April.Next,it summarizes and summarizes the domestic and foreign literature related to merger and acquisition and synergy effect,and understands the current research status of academic circles on the synergy effect of merger and acquisition.At the same time,it also introduces the theoretical basis of this case,which lays a solid foundation for the later analysis.Foundation.Then,this paper gives a basic introduction to Alpha Entertainment's case of acquisition of Star Sky in April,and introduces the uniqueness of payment and valuation methods in the process of acquisition,as well as the market reaction after the acquisition.When analyzing the synergy effect of this M&A case,we choose the combination of event study method,financial index method and non-financial index method.Firstly,we judge the market reaction before and after M&A.Then we use financial index method to divide the synergy effect into three aspects: management,operation and financial synergy effect,and select scientific and reasonable financial index to measure and evaluate.Then it makes a supplementary analysis from the non-financial indicators,synthesizes the evaluation conclusions of the three parts,and finally judges the acquisition of synergy effect of this M&A,so as to find out the problems caused by low synergy effect,and puts forward the solutions.In this paper,it is pointed out that the low synergy effect after M&A will lead to several problems: first,high premium will lead to the risk of impairment of goodwill;second,excessive transaction consideration will lead to the decline of financing capacity;third,the merger and acquisition integration is not successful;fourth,the diversification strategy needs to be adjusted.In view of the above problems,several suggestions are also put forward: first,to evaluate the value of enterprises comprehensively;second,to rationally determine the target of M&A;third,to rationally arrange M&A programs;fourth,to strengthen the integration of M&A resources.This paper hopes that this case can provide relevant reference and reference for future enterprises in M&A,in order to improve the overall success rate of M&A in the industry.