Analysis Of M&A Performance Of Cultural Media Enterprises

In recent years,the development of culture media enterprises has attached more and more attention.On the one hand,the government has issued a series of laws and regulations to support the development of the cultural industry.On the other hand,under the background of "Internet+",cultural industry has accelerated the transformation of industry and expanded the development of industrial chain,including film,television,sports,animation and other fields.There are few academic studies on mergers and acquisitions of cultural media industry in our country.In order to study whether the M&A activities of the cultural media industry can meet the company's strategy and enhance the enterprise value,this thesis selects the typical case of the M&A of the cultural media industry for analysis,hoping to provide reference for the M&A of other enterprises in the cultural media industry in the future.Based on the theory of M&A,this thesis takes ENLIGHT MEDIA's merger and acquisition of Maoyan Movie as a research object,and analyzes the cause of M&A,the market reflection and financial situation of the enterprise to explores the M&a performance of the event.At last,the thesis can provide enlightenment for the M&A activities of other enterprises in the cultural media industry.This thesis includes six parts,the first part is introduction.It elaborates the background and significance of the topic selection and reviews the motivation of M&A and methods of evaluating performance of listed companies.The second part is the concept definition and theoretical basis,which introduces the concept of M&A,the classification of M&A and the related theory of M&A.The third part is introduction of the M&A case,which summarizes the development status and situation of merger and acquisition of China's cultural media industry.Besides that,it also introduces the basic situation of ENLIGHT MEDIA and Maoyan Movie company,briefly describes the process of the acquisition,analyzes the causes of the acquisition case.The fifth part is performance analysis of the acquisition case.It mainly uses the Event Study to analyze the short-term market performance and uses financial index to analyze long-term financial performance.The fifth part is the evaluation of M&A cases,which is the overall evaluation of the case,and summarizes the success factors of the case;the sixth part is the conclusion,which summarizes the case from the perspective of strategic realization and value promotion,and through the acquisition of Cultural Media,excavate its enlightenment to the whole cultural industry's merger on acquisition of Internet enterprises.The method used in this thesis is case-study.Throughout the article,it studies the event of ENLIGHT MEDIA's M&A.It analyzes and evaluates the performance of M&A.At the same time,Event Study is used to evaluate its short-term performance,and the Financial index analysis is used to evaluate its long-term performance.Through the way of comparative analysis,this thesis analyzes the financial and non-financial indicators before and after the merger and acquisition of ENLIGHT MEDIA,hoping to provide some reference for the future merger and acquisition activities of other enterprises in the media industry.