Research On The Performance Of Phoenix Publishing & Media’s M&A Of American PIL

As a new rising industry,culture-industry has strong vitality and competitiveness,and the development of the industry has its own distinct characteristics.As an important part of the culture-industry,after a long time of development,the market competition of domestic-media-industry is increasingly fierce.If the traditional cultural media wants to achieve further development and successfully transform into a comprehensive cultureindustry,the development of overseas market and globalization will become the key link of its development.The way of cross-border M&A could help Chinese media enterprises to quickly integrate into foreign cultural market,and at the same time reduce the pressure of external industry competition.In addition,cross-border M&A can also help the whole domestic culture-industry to obtain high-quality cultural resources of overseas enterprises.as well as advanced production and operation concepts and scientific and effective management mode,so as to better serve the development of domestic cultural industry.Based on the literature and research results of domestic and foreign scholars on performance of culture-enterprises’ cross-border M&A.this paper takes Phoenix media as a case,and studies its performance of cross-border M&A and synergy effect on the basis of relevant theories.First of all.the paper introduces the research background,the significance of the topic,defines the relevant concepts and summarizes the literature on the performance of culture-enterprises’ cross-border M&A.Secondly,this paper analyzes the current situation and characteristics of Chinese cultural enterprises’ M&A,and evaluates the short-term market effect of M&A based on the event study method.In the three aspects of financial synergy,operation synergy and management synergy,the paper selects indicators of long-term performance evaluation of cross-border M&A,and build a comprehensive evaluation system with entropy weight to evaluate the long-term performance of M&A.The results show that the overall score of Phoenix media after the implementation of M&A is higher than before.Thirdly,through the propensity score method,the paper selects the comparable enterprises to analysis performance of M&A.And based on the entropy change of evaluation index and the synergy effect of M&A,the paper makes quantitative and qualitative analysis on the operation performance of Phoenix media before and after M&A.The results show that Phoenix media’s solvency performance is slightly poor within two years after the implementation of M&A.However,in the long run,its capital utilization,cost control ability,diversification of product field,optimization of product structure and efficiency of new media operation are significantly improved,which are superior to comparable enterprises,and the synergy effect of M&A is obvious.Finally,the paper concludes that the cross-border M&A has greatly improved the long-term performance and development potential of Phoenix media,and the market share and brand awareness of the enterprise have also been greatly improved.