Empirical Research On Chinese Media Relationship Between Integration Management And Corporate Performance Of Listed Companies

With the establishment and development of market economy system and relaxation of the cultural industry policy in our country, China’s media industry was gradually prompted to embark on the road of integration and diversification. In recent years, on the one hand they were expanding their areas and the scope of the operation through constantly annexation and reorganization in order to seek economies of scale, on the other hand, they were extending the length and depth of the industry chain through the vertical integration to save the transaction cost. However blind integration management may weakened the overall strength of the media companies and limited, scattered their money and energy. Can it improve its performance? This paper made an empirical study on the relationship between the integration management and performance of media company listed. According to the current situation of the development of China’s media industry and the needs of research, this paper, using multivariate function and multiple quadratic function model at a time, selects four fiscal years 2011 to 2014 between 19 normal operation of media companies listed as the study of the samples to verify the relationship between them through the collection, analysis and processing the sample’s data. And based on this, this study discusses the problems existing in the integration management of Chinese media industry, and puts forward some suggestions and countermeasures. Then, this paper would put forward some suggestions and countermeasures to solve the problems, based on the study, existing in the integration management of China’s media industry.This paper argues that China’s media integration management degree of listed company for metrics of corporate performance have a significant impact. That is to say the degree of integration management improved the ascension of communication performance of listed companies of China. But inverted U curve is presented between the expansion of the frequency and the company’s performance in horizontal integration, which show us company performance first increased and then decreased. The result proves that the blind expansion and mergers are not able to bring economic benefits to the enterprise in the process of the integration of enterprises. At the same time irregular U type curve is presented between vertical integration concentration and corporate performance. This suggests that the media listed companies, which focus attention on one of the core link in the chain, can promote company performance, and is consistent with the theory of refocusing strategy point of view in recent years. To solve these problems, Chinese media listing company should deepen media listed companies vertically integrated business strategy, increase the input intensity of high added value, and enhance the capital operation ability of the integration management.