On Media Group Management In China Based On Value Creation

Compared with international media conglomerate, most media groups of china are in lack of advanced management theory and concept. They pay more attention to the operation scale than the company value. In order to improve the status, this dissertation proposes that media group should take value creation action. To achieve the goal, there are two parts. First, the core competitive competence that should be developed with media industry exterior environment is the basis, and second, the value base management system that should be fully taken use of in the enterprises growth progress is the mechanism. Media groups need to establish value based management system on the basis of value and valuation. With the goal to maximize the value, media groups should allocate resources and adjust structure, corporate governance system, business process re- engineering and etc, to overcome the obstacle during the process of value creation.In the first chapter, the dissertation states it is necessary to take way of value creation, and then studies the framework of media group management practice in the view of value creation, after analyzing current studies of international media conglomerate and domestic media groups.In the second chapter, the dissertation analyzes the exterior environment, focusing on the media industry characteristics and development trend, makes comparison on government regulation and policy between domestic and overseas media groups, and makes analysis on domestic media industry.In the third chapter, the development progress, corporate governance pattern, special regulations on media group, and operation mechanism are studied separately. Then corporate governance framework is brought forwarded for domestic media groups.In the fourth chapter, the core competence is discussed in two ways. Then, in the view of resources, the multi-layer competition interaction and competitive advantage model is analyzed. It is suggested that media groups should try to gain competitive advantage from four levels including strategy logic and corporate perspective, core competence, value chain allocation, and product and segment.In the fifth chapter, the dissertation states that free cash flow is the origin of value creation. Then on the basis of management control systems and company value theory, the value based management system framework, key implement processes andperformance appraisal system with non- financial indexes are discussed.In the end, the dissertation discusses capital operation for media groups to entry capital market in order to expand their capital and achieve rapid growth by exterior way. And more research on M&A decision-making process, M&A contribution and risks are made.