The Diversified M&A Motivation,and Performance Analysis Based On Zhejiang Media Acquisitions Winger,holdfast

With the rapid development of the Internet and other new media,the share of the advertising market has been swallowed,the traditional media business ushered in a great opportunity and challenges.At the same time,the Sixth Plenary Session of the 17 th CPC Central Committee and the Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China have pointed out that "encourage the cultural enterprises to cross the regional,cross-industry,cross-ownership mergers and acquisitions" and "encourage the integration of traditional media and new media" In this context of environmental policy,many traditional media and cultural enterprises try to seek the transformation of enterprises,corporate diversification of enterprises to achieve the transformation of one of the important path.This article chooses the traditional media industry’s Zhejiang newspaper media diversification acquisition of new media Hangzhou winger,Shanghai Hao Fang’s case as a research object.The study of Zhejiang newspaper media implementation of mergers and acquisitions of the deep-seated causes and mergers and acquisitions late performance changes.The article first elaborates the background,the research significance,the basic thought and the content as well as the research method,and has carried on the systematic sorting and the summary to the previous scholar’s empirical exploration;The second chapter mainly discusses the definition of M & A.The third chapter analyzes the basic situation of Miao Fang and the whole process of mergers and acquisitions.The fourth chapter systematically analyzes the motivations of diversified mergers and acquisitions,from the macro government Intervention,middle-view industry competition,strategic goal and micro-internal role of the three dimensions of analysis;the fifth chapter mainly through the acquisition process-M & A motivation-M & A performance of this logical main line,the use of event research,financial indicators and non-financial indicators The sixth chapter is the conclusion and the related countermeasure suggestion,and put forward the prospect.Through this case study,this paper draws the following conclusions:(1)Zhejiang newspaper media diversified mergers and acquisitions winger,Hao Fang is the external government intervention,the middle of the same industry competition and insider control and other multiple factors.(2)Zhejiang newspaper media The acquisition is related to the diversification of mergers and acquisitions,to some extent conducive to the late acquisition of resources integration.(3)the performance of pre-merger performance is good,investors in the short term the market response to the M & A case is very promising,Zhejiang newspaper media after the merger to achieve the integration of resources to enhance the company’s intangible value effect,but from the acquisition of long-Zhejiang newspaper media performance in general,and even a sustained downward trend.This paper puts forward some suggestions on how to establish a sound government evaluation system,pay attention to the integration risk,improve the efficiency of asset operation and improve the internal governance structure.