Huayi Brothers Based On EVA Performance Analysis Of Continuous M&A

Along with the economic system reform,accelerate the development of film and television media industry,the industry is also increasingly fierce competition,in order to improve their own competitiveness,m&a has always been the important way of enterprise strategic choice,and in recent years,mergers and acquisitions is showing the trend of continuous,so that continuity of m&a performance,as a result of the result can reach the intended target of the enterprise,can create enough value appreciation would soon became a popular topic in the research of scholars.At present,the vast majority of domestic enterprises is based on the traditional financial indicators for performance evaluation,but on the accuracy of the results and comprehensive analysis,they are often not involves the actual cost of capital,enterprise and enterprise profit centered evaluation method is also easy to cause short-term behavior of managers and profit manipulation behavior,therefore in order to give the enterprise a new performance appraisal idea and mode,has been widely recognized in the world of EVA index is more powerful.Listed as the pioneer of media industry,huayi brothers quickly after the development aimed at the m&a strategy,in order to explore the actual effect of m&a for its continuous development,the necessity of the introduction of EVA index is presented in this paper,based on the index for nearly seven years before and after merger and acquisition of continuous calculation and analysis of relevant data,and compare the current performance appraisal way,with the enterprise not only for EVA index in the limitations of the unity,index information content of accounting adjustment specification put forward Suggestions and the accuracy of the cost of capital,further reveals the huayi brothers is true for the behavior of m&a performance in a row,It is believed that it does not bring better value conditions for shareholders,but brings more operational risks,which makes the capital chain of the enterprise tight and operating efficiency low.Therefore,in order to improve the m&a performance of huayi brothers,enterprises should increase the resource integration of the m&a objects,improve the capital utilization rate,strengthen the management of the capital chain while optimizing the investment structure and reducing the operational risks,and establish the eva-centered performance evaluation system.From the analysis of this continuous m&a case,it is hoped to enrich m&a performance research cases related to film and television media industry at a certain level,and provide corresponding reference templates for other enterprises to apply EVA performance evaluation method.