Research On M&A Performance Of Enterprises Under Light Asset Operation Mode

As a kind of business behavior,mergers and acquisitions enhance the comprehensive strength of enterprises by integrating resources,and enhance their profitability by sharing resources as well as creating synergies and economies of scale.At the same time,the light asset operation model has also been applied by more and more enterprises.The light asset operation mode focuses on the characteristics of brand influence and coincides with the acquisition target of cultural enterprises.As a representative enterprise adopting the light asset operation mode,cultural enterprises have adopted the form of merger and acquisition in recent years to complete the strategic transformation of enterprises.The acquisition of cultural enterprises aimed at obtaining the original IP and original content value of the target company while targeted at realizing the brand influence after the merger as expected.The direct correlation between the "original IP" and the "brand effect" determines the representative position of cultural enterprises' mergers and acquisitions in the whole light asset enterprise mergers and acquisitions.Therefore,within many light asset companies,research on the M&A performance of the cultural industry is supposed to reflect the advantages and functions of the light asset operation mode in a most intuitive and effective way.As the case study of the M&A case studied in this paper,Meisheng Culture's acquisition totally focused on obtaining the original IP and R&D technology of the animation and game business of the target company,which implying this case is fully representative.So far,many scholars have done a lot of research on M&A theory,but domestic scholars have not been too much involved in the M&A performance of the light asset companies studied in this paper.At the same time,IP products and their derivatives are also facing huge potential market.It is expected that in the future,the cultural enterprises that use the light asset operation mode will carry out more and more mergers and acquisitions to expand the industrial chain and that reveals that the mergers and acquisitions5 performance analysis in this field is definitely necessary.By identifying the problems existing in the process of M&A of light asset companies,this paper proposes corresponding strategic countermeasures to provide reference and reference value for future M&A activities of related enterprises.The main contents of this paper include the following aspects.The first part is the introduction.This part provides the basis for the research through analyzing the research background,research motivation,practical significance of the selected topic and the innovation points.The second part is the definition of key concepts and the theoretical basis.Starting from the two key concepts involved in the paper,the concepts of light asset operation mode and M&A performance are defined separately,and the related theories of M&A performance are elaborated.The third part is the case description,which is mainly explained in terms of background,motivation and M&A process in a certain logical order.The fourth part is the summary of M&A performance analysis and existing problems of Meisheng Culture.This part mainly analyzes the M&A performance of case companies from the three levels of synergy analysis,core competitiveness analysis and brand influence analysis according to the analysis logic of the internal motivation part of the M&A motivation.At the same time,it points out the shortcomings of M&A and summarizes the problems of Meisheng culture mergers and acquisitions.The reasons for the existence of the problem were analyzed and discussed in a targeted manner.The fifth part is the suggestion and enlightenment.Based on the specific issues and the reasons for the problems summarized in the previous article,it proposes the case company in a one-to-one correspondence and reaches the corresponding revelation from the three perspectives of market regulators,industry and investors.The sixth part is a summary of the full text.Through the routines of analyzing the performance,figuring out problems and the related reasons,proposing countermeasures and enlightenment,it finally comes to a conclusion of the research as well as summarize the flaws of the research and relevant content in the future development direction.The innovation of this paper lies in the following three dimensions.First of all,the analysis of M&A performance evaluation is carried out under the two-dimensional system of M&A performance and M&A motivation.This paper judges the M&A performance of enterprises from the perspective of analyzing the implementation degree of the case enterprise's acquisition motivation.Furthermore,the research case of this paper focuses on light asset compaPies.There are now very few researchers involved in M&A performance in this field.As the M&A activities of light asset companies become more frequent,it is foreseeable that the research in this paper will conform to the trend of future research and development.Finally,unlike the current literature on M&A performance research,the research in this paper does not cease to the conclusion of M&A performance,but focuses on the analysis and resolution of the problem that helps improve the practicability of the research.The case study found that:Firstly,acquiring Dishun Technology is a good beginning for the future development of Meisheng Culture.In the year and the following year acquiring the control power of the target company,the M&A performance has been improved to a certain extent.Secondly,the advantages brought by acquiring Dishun Technology to Meisheng Culture have gradually declined.The mistakes in the M&A decision in the late development of Meisheng Culture have gradually decreased the benefits brought by the initial acquisition.Thirdly,the M&A performance of Meisheng Culture reveals many shortcomings that still exist,including the lack of synergy,the lack of development momentum of core competitiveness and the lack of brand influence.In response to these problems,this paper proposes three targeted recommendations to achieve further improvement of M&A performance which comprises of "focusing on integration after mergers and acquisitions and promoting the coordinated development of IP industry chain","optimizing investment decision-making and maintaining a moderate expansion rate"and "evaluating the feasibility in-depth and improving the quality of mergers and acquisitions".