Research On The Influence Of Marketization Degree On M&A Behavior And Performance Of Cultural Enterprises

The power of culture is deeply embedded in the vitality,creativity and cohesion of the nation.Accelerate the development of cultural industry is not only the important way to meet the people’s diverse,multilevel,multiaspect mental cultural needs,but also the important content to response the current financial crisis,promote economic restructuring and accelerate the transformation of economic development mode.It is an important guarantee to develop the socialist culture under the current market economy conditions and the only way to build a powerful socialist cultural.Since the 18 th National Congress of the Communist Party of China put forward the comprehensive deepening of the cultural system reform,Country attaches great importance to the construction of cultural industry development and cultural institutions,local governments also support cultural enterprises mergers and acquisitions.Under the policy,more and more cultural enterprises through mergers and acquisitions to enhance the overall strength and competitiveness of enterprises.Since 1998,The number of M & A transactions in China’s cultural enterprises is increasing year by year.According to Xinyuanwenzhi database statistics,there were 205 cases of mergers and acquisitions in cultural enterprises in 2015,involving a scale of up to 176 billion yuan.But blind followers and the trend to follow mergers and acquisitions are not necessarily bring the synergies of enterprises,which failed the case of mergers and acquisitions frequently.Cultural enterprises have their own heritage and relative independence.Institutional environment for cultural enterprises and economic development is the basis for the development of cultural enterprises,but this does not mean that the development of cultural enterprises and economic development is always synchronized.In the favorable policies and financial support,companies have mergers and acquisitions can really bring the desired effect? What is the impact of the institutional environment of countries and regions on the mergers and acquisitions of cultural enterprises? This is the starting point of this study.Based on the special background of our country,on the basis of combing the relevant literature review at home and abroad,this paper chooses the M & A event of A-share listedcultural enterprises from 2008 to 2014 as the research sample.First of all,describe the status of China ’s Cultural Enterprises’ M & A and the Current Situation of China’ s Institutional Environment,and then build the model and assumptions,and finally empirical analysis the impact of the Market Process on China’s cultural enterprises M & A behavior and performance.On the basis of the above research,this paper analyzes the influence of the institutional environment on the M & A behavior of cultural enterprises from the three dimensions,whether it is of mergers and acquisitions,related party transactions and payment methods.Conclusions are as follows:Firstly,the more favorable market process areas,cultural enterprises more prone to M & A behavior;Secondly,the main side of the enterprise in which the higher the degree of market-oriented,companies are more willing to choose non-related party transactions;Thirdly,the main mergers and acquisitions enterprises in the region where the higher the degree of market,companies are more inclined to choose cash payment;Fourthly,the better market process the main mergers and acquisitions enterprises in,the better the performance of corporate mergers and acquisitions.Finally,make some suggestions based on empirical results.