Study On The Impact Of Kaiser Culture Premium Merger And Acquisition Of Youkia On Enterprise Performance

With the general downturn of the world economy and the slowdown of China’s economic growth,the development of China’s traditional economy has encountered a bottleneck.In order to adapt to the change of the world,the traditional economic model needs to be transformed urgently,from a rough development model with intensive labor and capital to an endogenous development model driven by technology and service,which can be embodied in the transformation from a single traditional industry to light assets industry such as the cultural industry.During the white-hot economic transition period,traditional enterprises mainly transform through transnational M&A,leading a wave of M&A around 2014 in China.The phenomenon of high premium M&A emerges one after another,which attracts the attention of the academia.Domestic scholars’ research on premium M&A focuses on three aspects: value evaluation of M&A,factors affecting premium M&A,and the impact of M&A on corporate performance,so,the paper choose a real case to make a concrete analysis of them.Firstly,this paper introduces the basic situation of this case,including the general situation of two enterprises,the situation of the industry,the plan and the process of the M&A,and the valuation of the target enterprise,which provides the basis for the following in-depth study of the case;secondly,this paper establishes a research path of "premium comparison-premium analysis-performance analysis".According to the research path,in the part of "premium comparison",the paper compares the premium rate of this case with the premium rate of historical M&A and the premium rate of M&A in the cultural industry recently to judge the premium level of this premium M&A.In the part of "premium analysis",it analyses four aspects mainly,including synergetic effect,off-balance-sheet intangible assets,industry development dividend and policy dividend,and the growth ability of You Kia.And it is believed that synergetic effect is the most important factor affecting premium M&A.In the part of "performance analysis",the CAR model of event study method is used to analyze the short-term performance change of the enterprise.In addition,factor analysis is used to analyze the long-term performance change of the enterprises,so as to make a comprehensive evaluation of the impact of premium M&A on the performance of the enterprise.Finally,research conclusions and corresponding suggestions are put forward for the case study.The case study in this paper provides an analysis idea,a method and a framework for studying the rationality of high-premium acquisition in M&A and whether premium M&A can have a positive impact on enterprise performance.This paper makes a deep thinking on how to treat high-premium M&A and how to carry out the feasibility analysis of M&A,hoping to help deepen the theory and practice of M&A.