A Study On The Influence Of Chinese Media Enterprises Between Goodwill And Corporate Value

In recent years,listed media companies have become the focus of investors in the capital market.In the early years,due to the rapid expansion and development of the industry,stock prices continued to hit new highs since listed.Within a year or two,accompanied by slowing economic growth,tightening market supervision and imbalances in internal management,listed media companies have accumulated a large number goodwill risk,while the company's valuation also fall down.At present,China's economy is in an important period of transition.The background of stability and change is still a significant impact on the industry.Coupled with the outbreak of the COVID-19 in the beginning of 2020,media and film have been more affected.In order to promote the resumption of production in all walks of life,new refinancing rules will broaden the sources of financing.In addition,the new restructuring rules introduced in October 2019 will encourage mergers and acquisitions.It can be expected that a new round of mergers and acquisitions will come again.In the ups and downs of goodwill,whether it is market regulators,company management,or ordinary investors,media companies should have a correct understanding and response to the goodwill.This article will use 150 Chinese media listed companies as research samples.Using data analysis method,interview research method and case analysis method will help to study the relationship between the goodwill of media listed companies and their company value.We take the second year's return on net assets and the company's standardized goodwill as the main research objects,combined with the characteristics of the company's balance sheet and industry characteristics in the media industry.We will get a regression model for empirical research.The results of the study show that the goodwill of listed media companies has a significant negative effect on future value while the proportion of major shareholders has a positive effect on value.After in-depth investigation of four representative media listed companies,we summarized the practical problems faced by the goodwill of mergers and acquisitions.On this basis,how to control the risk of goodwill impairment and enhance the company's competitiveness become more and more important.This article proposes four suggestions:the scientific selection of the target of mergers and acquisitions;more openrational impairment test;the normalization of goodwill supervision and deep integration.