Research On The Value Evaluation Of The Synergy Effect Of Animation Enterprise Mergers And Acquisitions

In the past few years,with the introduction of a series of policies to support the development of emerging industries,more and more investors have focused on the animation industry.Of all the forms,mergers and acquisitions are the easiest form to make a business grow rapidly.As a result,the shortcut to the development of animation companies is to acquire companies with popular IP,so mergers and acquisitions in the animation industry are becoming more and more frequent.Due to the "light assets" of animation companies,the pricing of intangible assets they own is a difficult problem.Based on the market phenomenon of capital overheating,market feedback is more prone to errors,and the value assessment of the acquired enterprise will be further affected by this bias.Most of the exorbitant M&A premiums have been formed since then.The synergy generated by mergers and acquisitions is the most basic reason for the formation of premiums,which is also a very critical issue in the entire M&A process.In order to reduce the blindness and randomness of M&A activity,it is necessary to accurately predict the value of synergies,so as to reduce the risk of M&A and make M&A behavior more reasonable and efficient.In theory,the value assessment of synergies is not sound enough.Commonly used valuation models are inaccurate because they ignore the characteristics of M&A and the potential value of synergies.Therefore,it is essential to build a sound synergy value evaluation model.On the basis of commonly used collaborative value evaluation,the real option theory is introduced and the adjustment coefficient is determined by combining the analytic hierarchy method,and an improved valuation model is established.The model first extends and refines the scope of assessment of synergies.Previous assessments of synergies included only static synergies and did not involve dynamic synergies.In this paper,a certain degree of dynamic synergy is involved in the evaluation model.Secondly,the results of the scholars on the influencing factors of the synergy effect were sorted out,the relevant index system was established,and the weight of the indicator was analyzed with the help of the analytic hierarchy method,and finally the adjustment coefficient was obtained.