| As the key development target of the national economy,the cultural industry is expected to enter the prosperous road,and used capital operation to seek development.With the rapid development,the high valuation and high premium of M&A have also received wide attention from all walks of life.The author studies and discusses the causes of M&A premium of traditional culture enterprises.By analyzing the follow-up performance of mergers and acquisitions,to consider whether the M&A premium is necessary to exist,and provide certain references and revelations for future M&A.Based on the theory and research methods related to M&A premium motives and M&A performance,this paper analyzes the current development status and prospects of traditional culture and media industry and studies its M&A characteristics.Based on the case of Zhejiang Daily Media's acquisition of Hangzhou Bianfeng and Shanghai Haofang,analyzes the motivation of M&A with SWOT perspective and discusses the synergy effect of mergers and acquisitions to influence the degree of M&A performance.From the perspective of the company and the market,it is verified that the M&A activity has positively affected the long-term planning of both parties,and it is a successful transformation journey.After the case study,we can know that from the perspective of coordinated development and strategic planning of mergers and acquisitions,we can well explain the motivation and the positive effects on business performances.Therefore,we believe that the level of M&A premium of traditional culture media industry is scientific and reasonable.The author believes that premium level of traditional culture media industry is far exceed the average market because the book value of the target enterprises cannot reflect the true value of the enterprise.So some suggestions are made:to pay higher attention to the M&A price and premium risks,to improve the existing asset measurement methods. |
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