The Impact Of Product Market Competition And Asset Specificity On M&A Performance

In recent years,the development of cultural and creative industries has gradually aroused widespread concern.the development of cultural and creative industries and making it a pillar of the national economy has become the key of the macro-control.it is great significant for vigorously developing cultural and creative industries to readjust the consumption structure and optimize the allocation of resources.In the capital market,the number of M&A of cultural and creative enterprises has increased strongly.However,the rise of cultural and creative companies is not always effective.The success of mergers and acquisitions is the result of internal and external factors,It has an important impact on the performance of mergers and acquisitionsThis thesis first takes the listed of our country's cultural and creative enterprises as the research object.Based on the characteristics of the own assets of cultural and creative companies,the relationship between product market competition,asset specificity and M&A performance is analyzed and the hypothesis is put forward.Select listed cultural and creative companies that took M&A activity in 2014 as a sample of the study,and select the sample companies to acquire the financial indicators of the previous year,the year of merger and acquisition,the year after acquisition,and the two years after the acquisition.Then use factor analysis to establish a comprehensive performance evaluation index system,in order to calculate the comprehensive performance results of each company's time window.Then it use the market share of the enterprise as the substitute variable of the product market competition,and use the proportion of the intangible assets as the replacement variable of the asset specificity,and analyzes the influence of the asset specificity on the product market competition,the effect of the product market competition and the asset specificity on the performance of the merger and acquisition,and tests the hypothesis.Finally,the thesis would arrive the conclusion and give the suggestion,and point out the shortcomings of this article.The research shows that product market competition and asset specificity have a positive impact on the performance of cultural and creative enterprises.With the continuously enhancement of market competition in the industry,the enterprise will increase the investment to the special assets which can make the enterprise maintain the market advantage status and increase the market share.External market conditions will give managers more stronger pressure and supervision,so that cultural and creative enterprises will more cautious in the M&A activities,and promote the performance of mergers and acquisitions to improve.From the study of this thesis,the degree of asset specificity of cultural and creative enterprises can not only to expand market share,but also promot the performance of mergers and acquisitions.