Research On The Performance Of M&A Of Publishing Media Enterprises

2016 is the first year of the 13th Five-Year Plan,and it also is the first year of the cultural industry to achieve the goal of great development and prosperity according to the 13th Five-Year Plan.As an important part of the cultural industry,publishing and media enterprises are facing various changes in recent years,these changes are that the Internet is changing people's spending habits,publishing media industry is relaxing restrictions,the public's rational spirit is improving,etc.These changes make life easier,more efficient,and more diverse,at the same time,it is also squeezing the old market and profit point of publishing media enterprises.How to adapt to these changes is the urgent problem for publishing media enterprises,positive solutions are transforming passivity into initiative through mergers and acquisitions in the capital market,seeking profit point actively,establishing their own Internet platform and providing products in line with the market,resting on our laurels and conservative are of no avail.Whether the merger and acquisition has achieved the desired results,and whether there is a positive result,it is necessary to analyze the performance of mergers and acquisitions.This paper introduces the basic theory and related research of mergers and acquisitions firstly.Then,the paper analyzes the situation of publishing and media industry and the situation of merger and acquisition of the industry.And through the case analysis of the Tangel Publishing merger the Magic Universe,comparison of the cumulative excess returns,financial performance and economic value added before and after mergers and acquisitions,this paper aims to get the performance change after mergers and acquisitions.At the end of the paper,some suggestions are given for the merger and acquisition of publishing media enterprises.This paper conducts the performance evaluation of merger and acquisition case of publishing media enterprises.At the same time,it has a certain reference function for the publishing media enterprises to adapt to the market and the transformation strategy through the operation of the capital market and the integration of acquisitions and other operations.This paper first introduces the basic theory of M&A and relevant research on M&a performance,the performance evaluation methods which are frequently adopted are introduced,it explains the related research of event study method,the financial index method and EVA research method.Then,this paper introduces the situation of the publishing media industry and the problems existing in the merger and acquisition,and this paper introduces the urgent demand for aequiring new profit points in mergers and acquisitions of media enterprises.Then,through the case study of the Tangel Publishing merger the Magic Universe,through analysis of market performance,financial performance and economic value added index,the performance of M&A is analyzed.This paper gets the conclusion and Inspiration of the Tangel Publishing merger the Magic Universe,the Tangel Publishing reversed the decline in financial performance,it has also changed the situation of failed attempts which tried to decline losing profits.The Tangel Publishing smoothly into the mobile Internet Entertainment,it laid the foundation of the development strategy which means its future is in publishing,mobile phones,games,education three aspects.Finally,it is based on the conclusion and Inspiration of the case,this article gives some suggestions on the publication media mergers and acquisitions,these suggestions are of some significance to the publishing enterprises in mergers and acquisitions in order to seek new profit points.