Case Study Of Longwei Media's Acquisition Of Wanjia Culture

Based on the reality of China's capital market,this paper takes the dual view of celebrity effect and information disclosure violation,and through Longwei Media's acquisition of Wanjia culture case,deeply analyzes the problems,causes and consequences of the acquisition activities of listed companies in China.The study found that celebrity-owned listed companies will have a celebrity effect.When there is an information disclosure violation in the process of mergers and acquisitions,its impact on the capital market will become more serious due to the superposition of celebrity effects.The research in this paper broadens the research horizons in the fields related to acquisition and information disclosure,enriches the existing literature,and has important practical guiding significance for regulating the transaction and information disclosure of listed companies,increasing information transparency and promoting the healthy and sustainable development of enterprises.The interests of small and medium investors,improving capital market supervision,promoting national financial reform and economic development also have important reference value.This paper is divided into five chapters.The first chapter introduces the research background and research significance of this paper,and combs the research results of the predecessors,and puts forward the research ideas and possible innovations and deficiencies of this paper.The second chapter defines the related concepts and the theoretical basis for celebrities.And the related concepts of information disclosure are defined,and the theories of principal-agent theory,information asymmetry theory,investor sentiment theory,social capital theory are elaborated,and the reasons for the formation of celebrity effect and the influencing factors of information disclosure quality are discussed.The third chapter describes the case,describes the different stages of the acquisition and the risk of acquisition and market reaction;The fourth chapter analyzes the acquisition from the perspective of celebrity effect and information disclosure violation,combined with the relevant theories in the previous chapters.Analyze the celebrity effect and the reasons for the information disclosure violations,and then analyze the negative impact of the acquisition due to the celebrity effect and information disclosure violations;The last chapter conclusions and recommendations,summarize the conclusions of case analysis,and propose corresponding policy recommendations for celebrity effects and information disclosure violations of listed companies.