Research On The Performance Of Mergers & Acquisition In China's Film And Tv Media Enterprises

Late 20 th century,the Western film and television media industry set off a wave of mergers and acquisitions,the largest of two acquisitions Disney acquired ABC and Time Warner's Turner Broadcasting merger,only two cases of mergers and acquisitions transaction amount reached $ 25.6 billion.After so many years of M & A integration,the Western media industry pattern has taken shape.Economic development of film and television media industry started late in the developed Western countries.After the convening of the Third Plenary Session of the Eighth Central Committee,the development of cultural industry has been paid attention.Film and television industry as a cultural industry in the top priority in the conditions of rapid development of the policy,the industry layout has changed.Today,film and television media industry in China companies face the dual pressures: On the one hand,the development of Internet technology to promote the rapid development of new media,the traditional development model needs to be improved;On the other hand,the domestic industry competition,foreign media giants are eager to open the Chinese market through the acquisition of film and television media companies.Therefore,film and television media companies in the process of rapid development to adapt to the environment,the merger would be a shortcut.The purpose of M & A is to increase the value of the enterprise and enhance the performance of the enterprise.Although the success of mergers and acquisitions after the success of enterprises to bring good results for many cases,but after the failure of corporate mergers and acquisitions led to the case of bankruptcy is also a minority.This paper selects one of the top ten media M & A cases in 2013,M & A Stockton ZheJiang HuaCe Film & TV Co.Ltd.Film and television media industry M & A activity in recent years frequently,but most choose diversified acquisitions.ZheJiang Hua Ce Film & TV Co.,Ltd M & A Ke Dun Media belongs horizontal merger,the two companies have a high degree of similarity in business development and strategy.It is meaningful to study whether ZheJiang Hua Ce Film & TV Co.,Ltd can choose the different synergies after M & A,whether it is necessary to be discussed after the acquisition of ZheJiang HuaCe Film & TV Co.,Ltd in different development directions.This paper first introduces the related theories of M & A and the research of M & A performanceresearch methods.Then the development status of China's media and film industry and the basic situation of M & A are described,and the case of Zhe Jiang HuaCe Film & Tv Co.,Ltd acquisition of Clinton media is analyzed.According to the analysis ZheJiang Huace Film & TV Co.,Ltd M & A Ke Dun Media,founding that the main motivation is to consolidate its position in the industry to achieve economies of scale,synergies and improve the industrial chain.This paper analyzes the performance of ZheJiang Hua Ce Film& TV Co.,Ltd by using event research method,the perspective of financial and non-financial aspects by accounting research.Finally market performance ZheJiang HuaCe Film & TV Co.,Ltd M & A Hatton Media increased shareholder wealth;In financial performance ZheJiang Hua Ce Film & Tv Co.,Ltd development and solvency have been developed,but ZheJiang HuaCe Film & TV Co.,Ltd operations and profitability also need strengthening;From the non-financial performance ZheJiang HuaCe Film & TV Co.,Ltd improve the quality of staff,an increase of market share,expand the scale,improve the quality of products and services.According to the analysis results,the relevant suggestions and enlightenment are given.In this paper,through a series of operations on ZheJiang HuaCe Film & TV Co.,Ltd capital operation and acquisition activities,according to the particularity of film and television media industry in the M & A activities show the characteristics of their own industries,to the case to the film and television media industry to infer.Provide some reference value M & A activities for our film and television media listed companies.