Research On The Performance Evaluation Of Chinese Media Acquisition Of Elex

The popularization and development of Internet technology have a profound impact on the changes of social needs and intensified the market competition in China.With the continuous development of China’s capital market,the scale of mergers and acquisitions continues to expand.In order to enhance the competitiveness of enterprises and achieve strategic transformation,the media industry has set off a wave of "Internet +" mergers and acquisitions.China had also issued a number of favorable policies to encourage the transformation and upgrading of the publishing and media industry.In January 2015,Chinese media incorporated Elex into its wholly-owned subsidiary.This merger was a typical representative of traditional publishing and media enterprises to acquire Internet enterprises.Although mergers and acquisitions occur frequently,they do not necessarily improve performance.This paper takes Chinese media acquisition Elex as the research object and evaluate its m&a performance.The data shows that the performance level of Chinese media has been improved in the short term,but there are still insufficient conclusions in the long-term development.This paper is divided into five parts.The first part introduces the research background and significance,and reviews the relevant literature on performance evaluation at home and abroad.The second part is the concept and the basic theory chapter,has carried on the elaboration to the merger and acquisition,the merger performance concept,and explained the appraisal method choice;The third part is the case review.Firstly,it introduces the current situation of m&a in the publishing industry,secondly,it introduces the basic situation of both sides of m&a,and finally,it introduces the motivation and process of m&a.The fourth part is the main chapter,using the financial index method and EVA evaluation method to conduct a single analysis and comprehensive evaluation of m&a performance;Based on the above evaluation,the fifth part summarizes the evaluation results from the five aspects of profitability,debt paying ability,operation ability,growth ability and value creation ability,and puts forward suggestions to improve the performance level of Chinese media.