Research On The Motivation And Effect Of Cultural Media Enterprises' High Premium Mergers And Acquisitions Of Star IP

In recent years,with the development of our country's market economy,the number of companies has risen sharply,and limited resources have been competed by more companies.Listed companies have intensified mergers and acquisitions in order to gain a greater market share.Cultural media companies have also set off a wave of mergers and acquisitions in recent years.Because this industry has its own uniqueness,most of the company's assets are intangible assets,and there is no way to specifically and clearly reflect on the company's books.The income method is used to evaluate the value of the enterprise.The amount of consideration to be paid is determined by evaluating the expected profitability of the company,but this will result in premium mergers and acquisitions,and excessive premium mergers and acquisitions will have a bad impact on the market.At the same time,since 2015,with the development of the fan economy,the popularity of IP(intellectual property,intellectual property)has grown,and the commercial realization ability of celebrities has become stronger and stronger,and it has become a common phenomenon for cultural media companies to compete for celebrity IP.Under the operation of capital,in order to make the connection between celebrities and cultural media companies closer,celebrities inject capital to establish companies.Such companies usually have no substantive business activities,that is,"shell" companies,but listed companies will pay higher prices.This is usually because the listed company wants to obtain the future commercial realizable value of the star IP,so that in-depth cooperation between the listed company and the star IP is realized.However,high-premium mergers and acquisitions are very risky for listed companies.At the same time,such behavior has also spawned a large industry bubble,and the interests of small and medium shareholders cannot be protected.This article uses the method of case analysis to study the high-premium mergers and acquisitions of Dongyang Haohan and Dongyang Meira by Huayi Brothers,and analyzes the motivation and effects of cultural media companies' high-premium mergers and acquisitions of star IPs,from the characteristics and performance of star IPs with high added value.Commitment compensation agreements and other perspectives analyze the motivations of cultural media companies' high-premium mergers and acquisitions of star IP,and analyze the effects of two high-premium mergers and acquisitions from the perspectives of the completion of gambling,market economic consequences and financial and economic consequences.The research found that:(1)Cultural media companies have high valuations and high premiums in the process of acquiring star IPs at high premiums;(2)Cultural media companies may want to obtain synergies,high value-added star IPs,financing,and themselves.The development prospects of the industry are optimistic and other reasons,leading to high-premium mergers and acquisitions.(3)After the two mergers and acquisitions were over,the completion of the gambling of the acquired party and the market performance and financial performance of the acquiring party did not achieve the desired results,and even financial risks occurred.Therefore,in order to create a good market environment,the phenomenon of high-premium mergers and acquisitions should arouse the attention of listed companies,regulatory authorities and investors.