M&A In The Cultural Industries,Structural Holes And The Performance Of M&A

After a long period of rapid economic development,under the influence of the new international and domestic environment,the development mode with endogenous growth as the main form has been gradually restricted.The deep reform of economic structure has become an urgent need.As an emerging industry in China,cultural industry is a strategic fulcrum to adjust the industrial structure,transform the economic development form and participate in the international cultural competition,and plays an increasingly important role in promoting economic development,undertaking social responsibility and strengthening the soft power of the country.Today,with the development of the cultural industry,the competition in the cultural industry has developed from the competition of the original single enterprise and product to the stage where enterprises compete by the full-scale three-dimensional industrial chain.Industrial mergers and acquisitions are an important means for the cultural enterprises to build their own industrial chain in the new stage.However,mergers and acquisitions are double-edged swords.A successful merger can help the company to improve its competitiveness and obtain excess profits.However,mergers and acquisitions are often followed by risks.How to effectively improve the probability of successful M&A and improve the M&A performance of enterprises is a problem worthy of attention and research.Based on this,this paper combines the interdisciplinary research with the case study.First,it combs the basic theory of M&A,then introduces the theory of the structural holes,and carries out certain adaptive changes on its original basis.Then it concludes the influential mechanism model of the social capital based on the theory of the structural holes in order to prepare for the subsequent case analysis.Next,this paper selects the case that"Jetsen”acquired"Huashi Wangju",and elaborates the process of merger and acquisition from the brief description of the case,the basic situation of the two parties,the trading background and the trading plan.This paper comprehensively uses the performance evaluation methods such as accounting index method,EVA method and non-accounting index method to analyze the M&A performance of the case.The analysis results show that the acquisition of Huashi Wangju has indeed positively influence to the development of Jetsen.After that,this paper analyzes the Huashi Wangju by means of the influential mechanism model of the social capital based on the theory of the structural holes.It considers the competitive advantage of Huashi Wangju from the perspective of social capital,and explains the deeper reasons behind the M&A performance.Finally,this paper puts forward relevant conclusions,and hopes that the conclusions and the analysis ideas of this paper can inspire cultural enterprises in analysing the M&A target and improving the M&A performance.