An Empirical Analysis Of M&A Performance And Influencing Factors Of Chinese Media Listed Companies

In recent years,the development of the capital market and the strong support of national policies have set off a wave of merger and acquisition boom in China’s media industry.In this background,it is necessary to make a detail analysis of the performance of the media listed companies after merger and acquisition,the factors affecting the performance of the media listed companies’ merger and acquisition,and the characteristics of merger and acquisition in the media industry reflected in the process of merger and acquisition.Factor analysis was used to make an empirical analysis on the merger and acquisition performance of the 49 media listed companies in China’s a-share market from 2015 to 2018,the empirical analysis results show that the short-term and long-term performance of China media listed companies has been improved to some extent,compared with the performance in the previous year,the performance in the current year of merger and acquisition has been improved;the performance in the first year after merger and acquisition has been declined;the performance in the second year after merger and acquisition has been steadily increased,but the overall performance improvement is not obvious.Using the classification comparison method to analysis the influencing factors of mergers and acquisitions performance,the empirical analysis results show that: different media types have different impacts on mergers and acquisitions performance,the film and entertainment and advertising industries have better impacts on mergers and acquisitions performance than the publishing industry;different payment methods have different impacts on the performance of mergers and acquisitions,cash payment is conducive to the improvement of overall performance,while non-cash payment is not conducive to the improvement of overall performance;different shareholding ratios have different effects on mergers and acquisitions performance,full shareholding ratio is conducive to the improvement of overall performance,while majority and minority shareholding ratio is not conducive to the improvement of overall performance;different types of mergers and acquisitions have different effects on the performance of mergers and acquisitions,the effect of horizontal and hybrid meger on performance is better than that of vertical meger;different transaction value scales have different effects on mergers and acquisitions performance,small transaction value scales are conducive to the improvement of overall performance,while medium and large transaction value scales are not conducive to the improvement of overall performance.Based on the empirical analysis of the above two aspects,it can be found that exist in the process of mergers and acquisitions in the following aspects: the relevant legislative system is not perfect;there is a shortage of intermediaries serving the media industry;the valuation of media enterprises before merger is inaccurate;blind mergers and acquisitions;in the process of mergers and acquisitions,the choice of payment method,shareholding ratio,merger type and transaction value scale are not in place;after the mergers and acquisitions of talent,capital,culture and brand integration is not in place.In view of the above problems,there are feasible policy suggestions: improving the relevant legislative system;reducing the level of government intervention;to broaden the financing channels of the media industry;perfecting the construction of intermediary agencies;in particular,media enterprises should carry out mergers and acquisitions according to the characteristics of the media industry;referring to the mergers and acquisitions activities of the dominant media enterprises;do not blindly pursue synergies;pay attention to the integration after mergers and acquisitions.