| As part of the cultural industry,the film and television industry is closely related to the daily lives of the people.In recent years,after the merger and acquisition of film and television companies,the performance of the performance period is not up to standard,the performance of the commitment period is up to standard,but the performance of the merger party has been steeply reduced after the commitment period.This has not only affected the capital market,but also further damaged the acquirer.And the interests of small and medium shareholders.At present,the regulatory authorities have made a lot of policy adjustments to the film and television industry,which is both an opportunity and a challenge for the industry.This paper first introduces the background of the problem to be studied,and then explains the related concepts and information asymmetry theory,signal transmission theory,large shareholder short-selling theory,incentive theory and other basic theories related to the research content of the thesis,and then at home and abroad.The status quo of the literature research is more comprehensively displayed.Based on this,the research on the performance promise of the film and television industry mergers and acquisitions will bring risks to the acquirers.The research methods mainly include literature analysis method,case study method and event research method.First of all,the author uses the data to illustrate the characteristics of the film and television industry,the status quo of mergers and acquisitions and performance commitments,that is,many film and television companies make performance promises after the promised period of performance is not up to standard,the commitment period is up to standard but the performance after the expiration of the steep drop,so for listed companies The interests of small and medium-sized shareholders caused damage;followed by the introduction of Huayi Brothers’ acquisition of Dongyang Mela’s process and performance commitment agreement;then,from the perspective of decision-making motives,etc.,the causes of the acquisition were analyzed,and the causes of the three high phenomena after mergers and acquisitions were analyzed.After the merger,the market effect and financial effect,combined with the current Dongyang Meila performance commitment completion analysis,the risk of mergers and acquisitions after the M&A performance is affected by the valuation basis,market factors and the rationality of the agreement design.influences.Finally,the corresponding risk prevention and control recommendations are proposed for the above analysis.In terms of external measures,first,it is recommended that the regulatory authorities regulate the conditions for mergers and acquisitions of film and television companies,stipulate the basis of valuation,and control the source of high premium and high performance commitments.Second,it is recommended to strengthen the professional role and information disclosure duties of the third institution.Guarantee the accuracy of the valuation and the rigor of subsequent disclosure.In terms of internal measures,first,the form of independent directors is required to participate in the voting,and the role of the governance layer is strengthened.Second,the performance commitment agreement scheme is improved from the payment consideration method and the formulation of reward and punishment measures,and the performance commitment agreement is fulfilled.Third,return to the main business,strengthen their ability to resist risks,stabilize the core figures,and reduce the negative impact of the agreement on themselves. |
