Research On The Relationship Between M&A Characteristics And M&A Performance Of Listed Companies In Cultural Industry

Since the beginning of the 21 st century,the cultural industry has been highly regarded by the central government.In the past twenty years,China’s cultural industry has been continuously developed under the good national policies and national economy,and also has gained excellent achievements.However,on the other hand,China’s cultural industry has not reached the strategic requirement to become a pillar industry of the national economy.Compare with other developed countries,China’s cultural industry still has great potential to tap.The cultural industry has got to a certain scale in recent years.As the same time,the cultural industry M&A boom has also emerged.M&A is an effective way to achieve industrial upgrading and business expansion.For the cultural industry,it has an important strategic significance of enhancing core capabilities,improving the industrial chain,and creating a content ecosystem.Therefore,exploring how to design merger and acquisition programs is important for improving the M&A performance of cultural companies,which is also the core issue of this paper.Compare with traditional industries,the cultural industry has the particularity.This paper makes in-depth research of the China’s cultural industry from the overall situation and the subdivided fields of industries.In the fields of industry subdivision,this paper will take content as the center,take the forms of the content product and the chain of content value as the logic,strive to show the real status of the cultural industry,and summarize the characteristics of the cultural industry.Afterwards,this paper takes the 214 M&A events of listed companies in the cultural industry from 2008 to 2014 as the research object,sums up the analysis from the general trend and the characteristics of M&A transactions.The paper also combines the features of the cultural industry,the characteristics of the cultural industry M&A,and the mergers and acquisitions theories to study the factors affecting the performance of M&A.In the empirical aspect,this paper selects the accounting research method and constructs the M&A performance comprehensive evaluation system to calculate the comprehensive score of each M&A sample.Then,this paper do the multiple regression analysis between the M&A characteristics and performance.Through the results of the study,it is found that the cultural industry has both economic and social attributes.The main production factors of the cultural industry are creative content and capital.The cultural industry also has characteristics of light assets,high added value,and high risk.From the point of view of cultural products,due to a variety of adaptations of cultural products,the phenomenon of full-industry chain development in the market is very popular.Cultural enterprises can rely on the high-quality content to reach other segments within the industry.The linkage is very strong,forming a dynamic mesh ecological structure.In terms of M&A characteristics,based on the characteristics of the cultural industry and the current status and trends of M&A in the cultural industry,this article has identified four M&A characteristics.They are M&A type,payment method,M&A shareholding ratio,and M&A premium rate.From the empirical results,horizontal M&A and vertical M&A are significantly positively correlated with the M&A performance.There is a significant negative correlation between the use of cash payments and M&A performance,and there is a significant positive correlation between the use of stock payments and M&A performance.There is a positive correlation between M&A shareholding ratio and M&A performance.The M&A premium rate of cultural enterprises is much higher than the average level,but in the empirical results,there is no conclusion that there is a correlation between M&A premium rate and M&A performance.Finally,based on the research results,this paper summarizes some suggestions for promoting the development of cultural industries,and summarizes the shortcomings of this paper and the future of the research topic of this paper.