| With the progress of the times,cultural enterprises in China continue to develop,and the government has put forward the comprehensive reform of the cultural system,the government has promulgated many support policies to promote the increase of the number of the main cultural market in China,and all aspects of society have also been actively engaged in cultural industries.More and more cultural enterprises through mergers and acquisitions to enhance the comprehensive strength and competitiveness,which caused the upsurge of China's cultural enterprises mergers and acquisitions.Mergers and acquisitions can make the scale of enterprises to expand rapidly and more convenient to access to the necessary resources.M & A can promote the upgrading of cultural industries and the optimal allocation of resources,which is good to achieve the expansion of cultural enterprises.Government introduce policies to promote the development of mergers and acquisitions,and make the sustainable development of cultural enterprises after M & A,also to improve the local industry level.There are many researches about the influence of various factors on M & A performance of cultural enterprises,such as the nature of property rights and M & A performance of cultural enterprises,internal control and M & A performance of cultural enterprise.However,there is no research among property rights,the effectiveness of internal control and M & A performance of cultural enterprise.So this paper analyze the relationship among the three.The innovation of this paper includes two points,on one hand,it is from the perspective of the nature of property rights to analyze the effectiveness of internal control of cultural enterprises on M & A performance,on the other hand,it is using Di Po index to measure cultural enterprises internal control effectiveness.On the basis of the existing research results,this paper uses the literature research method and the empirical research method to deeply analyze the mechanism of the property right and the influence of the effectiveness of internal control on the M & A performance of the cultural enterprise.Put the mergers and acquisitions events from 2008 to 2013 of the A-share listed cultural enterprises in China as the object of study,analyze the relationship among property rights,effectiveness of internal control and M & A performance of cultural enterprise to provide more research support to the listed cultural enterprises M & A performance.This paper analyzes the original literature review and related concepts and theories about property rights,effectiveness of internal control and M & A performance.Then,use the factor analysis and regression analysis to measure the impact about nature of property rights and the effectiveness of internal control to the M & A performance of cultural enterprises.By analyzing the relationship among property rights,effectiveness of internal control and the M & A performance of cultural enterprises,this paper draws the following conclusions: Firstly,the M & A performance of state-owned property culture enterprises is better than that of non-state-owned cultural enterprises.After the merger,the state-owned property culture enterprises get a lot of national policy support and some preferential financial treatment,through the regulation to make the M & A performance better.Secondly,the effectiveness of internal control and the M & A performance of cultural enterprises was significantly positive correlation.Thirdly,compare to non-state-owned cultural enterprises,the state-owned cultural enterprises' internal control is more effective,then the M & A performance is better.State-owned property culture enterprises are restrained by national policy,and their behavior is more normative and legitimate,which strengths effectiveness of the internal control of cultural enterprises and provides the conditions to improve the M & A performance.At last,according to the conclusion,this paper puts forward some suggestions,shortcomings and prospects. |
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