Research On Performance Of CY Company Merger And Acquisition Of X Media Company

In recent years,in China,the cultural industry more and more attention by the state,many companies gradually formed a cross-industry,multi-level,cross-regional mergers and acquisitions model to rapid expansion in order to achieve enterprise group and scale.The case of merge within the cultural industry(especially in the media industry)is relatively limited.Therefore,this paper takes CY film and television company acquisition of X Media Company as a case study,analyzes the performance of CY film and television company merge,and the Industry reference significance.This paper first reviews the domestic and foreign scholars on the merge performance of the relevant literature,and then describes the theoretical basis of merger CY film and television company.This paper analyzes the short-term performance and long-term performance of mergers and acquisitions,and analyzes the merge behavior of CY film and television company merge X Media Company.From the perspective of short-term merge performance,through the calculation of the cumulative excess return rate,the cumulative abnormal return rate of growth increased significantly,there has been a good announcement effect in a short period of time,there has been a short period of good publicity effect,it also shows that the market for the Merger and acquisition reaction is positive;In terms of long-term merge performance,overall,operating profitability and growth capacity have also been enhanced to some extent,But in terms of long-term solvency and operational capacity,the effect remains to be improved.At the same time,a series of problems have been found in the study of the CY film and television company' acquisition,such as the low efficiency,the increase of operating cost,the low long-term solvency and the rapid increase of tax revenue.At the end of this paper,it provides experience guidance for the whole media industry in future mergers and acquisitions,It describes the company needs to grasp the development opportunities,to choose the target companies reasonable,focus on integration in the late merger,the company also need to take appropriate payment,so as to optimize the company's capital Structure,at the same time,M&A company also need to strengthen the ability to control capital,thereby reducing the cost of capital.By reading the literature found that domestic and foreign experts to study the performance of M & A has become increasingly mature,however,Chinese scholars for research now emerging media industry mergers and acquisitions are still relatively few,so this paper selects the CY film and television media industry company as a case study;and through the analysis of the merger process.Get experience and inspiration,to provide guidance for other enterprises in the next media industry mergers and acquisitions.