Research On Motivations And Performance Of Chinese Media M&A The Elex

The growth of modern enterprises is mainly through two ways,one is to expand the scale step by step through the accumulation of their own factors of production,the other is to achieve economies of scale through continuous external expansion.As the most important means of capital expansion,mergers and acquisitions can integrate external high-quality resources to expand the scale,improve economic efficiency,and adjust internal business models to disperse business risks and reduce costs.Therefore,merger and acquisition,as the main means of capital expansion,is one of the indispensable and important means for the development of modern enterprises.Rapid economic development has led to the development of emerging enterprises,in2011,the internal structure of the media industry is still flat,radio and television,Internet and mobile Internet,which share the market share equally.Then in 2013,it transformed into traditional media,Internet and mobile Internet.By 2017,the overall scale of traditional media only accounts for one fifth of the market share,while mobile Internet accounts for nearly half.With the advent of the Internet era,it is also impacting the development of traditional industries,and the competition among enterprises is becoming more and more fierce.Therefore,under the environment of "Internet +",many enterprises are moving closer to the Internet industry.The M & A activities in the media industry are increasingly frequent.The number of M & A has increased from 29 in 2013 to 169 in 2018,but it has always been controversial whether mergers and acquisitions can enhance the value of enterprises.This paper reviews the research on M&A motivation and performance by domestic and foreign scholars,and then summarizes the theory of M&A motivation,M&A performance evaluation method and the impact of M&A on performance.With the help of the combination of scholar's theory and case analysis,this paper deeply studies the motivation and performance of Chinese Media M&A the Elex.Firstly,according to the development of the media industry and the current situation of M&A,this paper analyses the motivation of Chinese Media M&A the Elex,and concludes that the main reasons are environment and policy to promote strategic transformation,exert synergy effect,lay out Internet business and open up international market.Secondly,it studies the short-term and long-term performance changes of Chinese Media before and after M&A.The short-term performance mainly analyses the changes of capital market returns before and after M&A.The long-term performance mainly includes the financial indicators of profitability,operating ability,solvency and growth ability,the changes of EVA and the realization of M&A motivation,according to the research,M&A improves the performance of Chinese Media,complements the advantages of the Elex,enhances the competitiveness of new media sector and expands the international market,and the M&A is successful.Finally,this paper summarizes the full text and puts forward some suggestions for M&A in media industry,hoping to provide reference for other media enterprises.