Research On Financial Risk And Countermeasures Of Online Game Enterprises M&A

Under the premise of rapid economic development and increasingly fierce market competition in China,merger and acquisition has become an important choice for enterprises to develop rapidly and expand their operation.At the same time,merger and acquisition,as an investment activity,is also faced with many risks,such as market risk,legal risk and financial risk.Among them,financial risk runs through all the time,have a bearing on the success or failure of merger and acquisition.This paper which mainly adopts the literature analysis method and case study method analyzes and sorts out the definition,causes and countermeasures of M&A financial risks by sorting out the domestic and foreign literatures and theories on the financial risks of mergers and acquisitions,and introduces some theories which is related to M&A,including synergistic effect theory,risk management theory and undervaluation theory.Then,this paper analyzes current situation of the development,some financial characteristics and merger and acquisition characteristics of online game enterprises,and points out the types of financial risks,including financial risk of pricing stage,financing and payment stage and integration stage,and puts forward some corresponding countermeasures according to the different types of financial risk.Finally,this paper chooses the successful M&A case of online game industry,which were among the list of "financing of China’s 2017-2018 China top ten investment M&A cases",the case of Century Huatong mergers and acquisitions Dian Dian Interactive Holding,and restores the M&A process.This paper analyzes the background and motivation of M&A,then analyzes and summarizes the financial risks and countermeasures in M&A,and sorts out their successful experience.At present,there are a lot of researches on the financial risks of mergers and acquisitions at home and abroad,but few of them focus on the market segment.This paper selects the online game industry as the market segment,and deeply analyzes the types of financial risks and countermeasures of mergers and acquisitions of online game enterprises.This paper hopes to be able to be used for reference to the online game enterprise mergers and acquisitions in the future.