Case Study On Serial Merger And Acquisitions Performance Of Tian Shen Entertainment

TIAN SHEN ENTERTAINMEN completes the pan-entertainment industry chain layout through serial mergers and acquisitions,in order to enhance its competition in the industry.Therefore it has become one of the more concerned enterprises in the game market.After the serial merger and acquisition,the change of M&A performance and the analysis of the corresponding reasons are the main research issues in this article.This article focuses on the mergers and acquisitions of TIAN SHEN ENTERTAINMNET from 2015 to 2017.Firstly,it combs the domestic and foreign scholars' research on the performance of continuous mergers and acquisitions,and on this basis,it deepens the understanding of the continuous mergers and acquisitions.Then the concept of continuous M&A,M&A performance is defined,and the performance theory of M&A to be used in this article is expounded.This article introduces the development situation of the industry in which TIAN SHEN ENTERTAI-NMEN is located,and introduces its development course,M&A process and main business situation.Then it analyzes the performance of the continuous merger and acquisition of TIAN SHEN ENTERTAINMEN,and analyzes its market performance by,using event study method,traditional financial index method and principal component analysis.Analysis of its financial performance,from the brand influence,R&D investment and personnel composition of the three angles to analyze its non-financial performance;Finally,according to the results of the performance analysis of continuous mergers and acquisitions of TIAN SHEN ENTERTAINMEN.this article probes into the reasons for the decline of continuous mergers and acquisitions.and makes corresponding analysis,and then pLuts forward the corresponding countermeasures and suggestions.It provides experience for other enterprises in the game industry who want to realize the layout of the whole industry chain through continuous mergers and acquisitions.The results of this case study show that the continuous merger and acquisition of TIAN SHEN ENTERTAINMEN has initially completed the layout of the pan-entertainment industry chain.During the period of continuous M&A,the positive effect of market performance changes from strong to weak,and finally becomes negative effect of market,and the negative effect becomes more and more obvious.In addition to the growth ability to maintain better financial performance,its solvency,profitability and operational capacity become worse,the overall financial performance is worse;In the non-financial performance,the brand influence is expanded,but the expansion degree is limited,the personnel structure is optimized,the enterprise pays attention to the talent reserve,and the investment in R&D is insufficient.Based on this,we can see that the performance of TIAN SHEN ENTERTAINMEN M&A shows the following results from the whole point of view.Downward trend.Based on the results of M&A performance analysis,this article analyzes the reasons for its continuous decline in M&A performance,and finds that it may be due to the limited expansion of user scale,the failure of economies of scale,the lack of integration of resources,and the lack of synergy.The various links of the industrial chain have not been effectively linked,the value added is not significant"these three aspects caused."Then put forward"innovative products and services,increase the scale of enterprise users,increase the integration of resources,promote sy'nergy,optimize the allocation of resources,promote the common development of diversified business;"Promote the link of each link of the industry chain,improve the comprehensive competitiveness of enterprise business and other aspects of suggestions.