An Empirical Study On The Behavior And Performance Of Mergers And Acquisitions Of Media Listed Corporation

Media industry is the "smokeless industry", is a sunrise industry. Famous media group,such as the Disney group, American news corporation, Time warner, the French vivendiuniversal,Bertelsmann Germany. With the rapid development of the global media industry,active international explore in the Chinese media market, the media industry has acceleratedthe pace of development in our country, and with the national policy to relax, graduallystepped into the field of capital, as a result, mergers and acquisitions are increasing. Fromtraditional media to new media, from state-owned media companies to private mediaenterprise, the media industry in the rapid development of increasingly highlight the power ofcapital expansion. As a new field of study, the research field of existing in such a situation:macroscopic research more but microscopic research less; theory research more but empiricalresearch less.In this paper, by analyzing the development course of mergers and acquisitions of medialisted companies in China, and summarized motivations of mergers and acquisitions of medialisted companies from the aspects of macro and micro. And taking an example of mergers andacquisitions of media listed companies in2013, summing up the characteristics of mediamergers and acquisitions of media listed companies in China, analyzing the characteristic ofthe m&a impact on media m&a performance of media listed companies.Based on the media listed companies in China from2008to2012of mergers andacquisitions events sample firms as the research object, and through screening financialindicators,collecting Sample Firms’ relevant financial data, and combined with the factoranalysis method--An Empirical Study on SPSS analysis method, this paper constructs themodel of performance evaluation of m&a media listed companies, conducts empiricalresearch on the m&a performance on media listed companies.Research results show that: First,the part of the sample companies’ performance in theyear of mergers and acquisitions have improved,but the performance is notobvious.Second,some sample companies’ performance have persistently promoted in and afterthe year of mergers and acquisitions,still the performance is not obvious.Third,most of thesample companies’ performance have significantly decreased.As a result, we can see,although the media listed companies in the m&a market more actively, but the m&aperformance did not bring ideal effect, even lead to the performance decline for mergers andacquisitions. There comes the problems of the media listed companies, that is the mergers andacquisitions’ performance falling but not rising. Finally, the paper put forward some policies and Suggestions, in order to offer certain references for the real market of mergers andacquisitions.