Research On The Application Of Merger & Acquisition Of Horizon In Publishing Industry Of China

After analyzing publishing industry's concentration degree of China, comparingwith foreign publishing industry and exploring the benefit of M&A, this dissertationpresents some suggestion on improving the whole competitive power of publishingindustry through M&A.The author applies theoretical analysis as well as practical analysis in thisdissertation. First, it gives an introduction of China's publishing industry development,based on which it proposes the necessity to apply M&A to China's publishing industry.Then the dissertation makes a comparison between domestic and foreign publishingindustry in both development model and status quo, after that, proposes the publishingindustry development of both China and foreign countries and general situation ofM&A of foreign countries' publishing industry. It also calculates the concentrationdegree of China's publishing industry and compares it with foreign countries', basedon which it comes to a conclusion that we should apply M&A to increaseconcentration degree and improve the basic structure of our publishing industry. Byanalyzing the benefit of horizontal M&A, it gets that it is beneficial to use M&A inpublishing industry, so M&A is feasible theoretically.Chapter four points out that M&A is one of the best strategies for publishingindustry development. This chapter mainly discusses how to build an assessmentsystem for target publishing enterprises. It first analyzes the traditional research onhow to assess enterprise competitive ability, based on which to build an assessmentsystem for target enterprises by combining the exterior environment conditionanalysis of publishing enterprises and the decision-makers' strategic orientation. Thenit assesses the imitated target enterprise through the grey assessment theory. Chapterfive mainly discusses how to confirm the value of target enterprises. It first proposessome basic knowledge, such as the principle of real option, how to make a price forreal option, and the development and application of real option. Also, it proposes thetraditional valuation framework, by comparing which with real option method, itcomes to the conclusion that it is better to use real option for that it represents the truevalue of the target enterprises.Chapter six applies the uncertain theory to the value assessment processes oftarget enterprises. It discusses the real option value of target enterprises under jumpsurroundings, and how to get the option value under random surroundings andrandom fuzzy surroundings. Chapter seven discusses how to choose a properintegration mode after M&A and how to coordinate and motivate the memberpublishing companies.