中文摘要：

近年来,我国资本市场上掀起了文化产业并购热潮。理性看待这股并购热潮对于文化产业的健康发展具有重要意义。文化产业并购可分为四种不同的类型,行业和区域集聚、标的资产高溢价以及业绩补偿协议成为并购的主要特征。文化产业并购热潮的形成,是理性因素和非理性因素共同作用的结果。深入分析发现,我国当前的文化产业并购还存在许多亟待解决的障碍和隐患：部分企业过度追求政策红利,盲目进行跨界并购;条块分割与进入壁垒降低了跨地区并购的效率;国有资本与民营资本缺乏实质性融合,跨所有制并购难度大;＂三跨＂并购整合效果不理想,等等。由此本文从政府、中介和企业三个层面提出了规避粗放型并购、提升并购绩效的对策建议：政府层面,从政策推动转向体制和法律保障;中介层面,大力发展文化中介,完善中介服务职能;企业层面,正确评估自身的并购能力,健全公司治理机制,做好核心人力资源的整合。

英文摘要：

In recent years, cultural industry M＆As （mergers and acquisitions） wave appears in our country＇s capital market. It is very significant for the cultural industry＇s healthy development to view the industry M~As fever rationally. Cultural industry M＆As can be classified into four categories. Region cluster, industry agglomeration, high premium for target assets and value adjusted mechanism become the main characteristics of cultural industry M＆As. Rational factors, irrational factors and their interaction drive cultural industry M＆As wave. Meanwhile, the paper shows that there exist some problems and obstacles in M~As. Some cultural enterprises pursue policy benefit excessively to carry out trans-industry M＆As, ignoring the M＆As risks. Regional barrier reduce the efficiency of trans-region M＆As and trans-ownership M＆As are difficult to implement. Besides, integration effect for trans-M＆As is not ideal. As a result, the paper indicates that government, intermediaries and cultural enterprises should cooperate to improve M＆As performance. Government should transfer from policy guidance to institution guarantee and law protection. Cultural intermediaries should improve its service function in M＆As. And Cultural enterprises should enhance their ability in M＆As integration, mechanism and integrate core human resources.