Research On M & A Performance Of Media Industry Listed Companies In China

In the late20th century, with the acceleration of economy globalization and the rapid development of science and technology, culture media and degree of deepening economic and blend with each other, the economic function of culture appears more and more strong. Knowledge and information as the main characteristics of the culture media industry in promoting the economic development and social progress in an increasingly important role in basic, strategic, has become the pillar industry of developed countries.Compared with the developed countries, the development of cultural industry in China started late,30years of development of market economy, for the cultural media industry transformed from pure "career" attribute with "industrial property" laid a solid political foundation, economic basis and social basis. Today, as an enterprise of China media industry listed companies in the competition, foreign media giant, under the double pressure of annexation through mergers, acquisitions and reorganization may quickly become bigger and stronger enterprise is a feasible development path. But for just coming into the market stage of Chinese media companies, mergers and acquisitions is a new thing, the vast majority of publishing media companies have not yet taken the first step in the development of M&A. A few even have had M&A experience of publishing enterprises, because of the special nature of the publishing industry, presents the characteristics of the industry itself in the merger and acquisition activity, also some unique problems.In this background, this article selects one of the domestic major M&Aevent in2012, Zhejiang newspaper media mergers Shanda’s winger in Hangzhou and Shanghai holdfast as case analysis, to analyze its short-term and long-term performance. By studying the case of the individual to point with surface, trying to analyze the cause of the media industry mergers and acquisitions of listed companies in our country, the media industry in the process of listed company merger and acquisition risk assessment, evaluation of performance of the media industry mergers and acquisitions of listed companies in our country, and points out problems of mergers and acquisitions, for China’s media industry mergers and acquisitions of listed companies to provide certain reference and reference. Based on the analysis, the performance of case in respectively using event study method, such as single parameter analysis, du pont analysis method. Through short-term performance evaluation and performance evaluation method of combining the long-term to m&a cases reviewed, some financial indicators to evaluate comprehensively the media industry listed company performance. At the same time, the key analysis of enterprise debt paying ability, operation ability, profit ability and development ability. Focused in the whole, improve the objectivity, comprehensiveness analysis. The conclusion is that zhejiang newspaper media the acquisition brings the value for the enterprise, to follow the value principles of maximize shareholder rights and interests. Zhejiang operating performance of newspaper media began to recover, debt pressure eased, but at the same time should pay attention to the use efficiency of assets. Zhejiang newspaper media through cross-industry mergers and acquisitions have the core technology of game industry and customer base, improve the company’s soft strength in the industry, to a certain extent, improve the competitiveness of the company.