A Study On The Synergy Of Mergers And Acquisitions Of Listed Companies In China's Media Industry

With the rapid development of the mobile Internet,the survival and development of the traditional media enterprises in China are faced with many problems and challenges,which have a great impact on the traditional business model.In this context,more and more traditional media companies began to transition to the Internet,intended to adjust the business structure through mergers and acquisitions,expand the scope of business,to seek new profit model.In recent years,China's media industry mergers and acquisitions activities become more frequent,the scale is also increasing,mergers and acquisitions can achieve synergy effect evaluation is one of the main factors of mergers and acquisitions are successful,resulting in synergistic effect and objective analysis of the synergistic effect evaluation of M & A can,at the theoretical level and practical level are of great significance.By analyzing the characteristics of mergers and acquisitions of China's media industry,selected 2014 annual domestic media industry in a major event,namely Chinese media through the acquisition of ELEX events as a case.Based on the theory of M & A,synergistic effect theory and strategic synergy theory,this paper expounds the theory and evaluation methods including the types of mergers and acquisitions,synergies and synergies,and establishes the analytical framework and evaluation system.In the case of specific case analysis,the identification and analysis of synergistic effect mainly from the operational synergies,financial synergies and management synergies in three aspects: The method of value chain analysis and Boston matrix is used as the method of specific identification and analysis.When the evaluation of the synergistic effect of M & A is carried out,the financial index method is taken as the concrete evaluation method.Through the selection of important financial indicators,to establish a financial evaluation based on the index system,the indicators were compared and analyzed.And finally concluded that the acquisition case can bring business,financial and management synergies to the enterprise.From the perspective of the overall development strategy of enterprises,based on strategic coordination of non-financial indicators of the point of view.Comprehensive evaluation of the case of the merger of the enterprises played by the synergies,including the overall business to bring the integration of resources,transformation and upgrading to the new development of the Internet and other aspects of the strategic integration of development.It is concluded that the M & A is an important part of the strategic goal of the enterprise,which is the only way for the enterprises to transition to the new form of the Internet.It has strong strategic significance.Through the financial indicators and non-financial indicators of the two aspects of the evaluation of the media industry in China in the future to the Internet and other new formats,the transition,through the implementation of diversification strategy of mergers and acquisitions under the industry trend of its future M & A activities to provide certain Reference and reference.In this paper,the case analysis method is used to analyze the M & A events of Chinese Media M & A,which consists of five parts.The first part is the research background,significance,method and literature review.The second part mainly deals with the relevant theories used in the analysis of M & A cases.The third part is the introduction of the case,the analysis of the status of the media industry,the merger of the two sides of the overview,outlined the situation of the merger,and a brief analysis of the merger motivation.The fourth part is the case analysis,first of all the synergies of the opportunity to identify the opportunity analysis,and then through the specific financial indicators comparative analysis of the synergies generated by the evaluation and analysis,and finally in the enterprise development strategy target level strategic coordination Analysis of Non-financial Indicators.In the fifth part,the conclusion is drawn from the previous chapter,which concludes that there is synergistic opportunity in M & A and obtains some synergistic effect.The future development of the media industry and such M & A activities are enlightened.Finally,the shortcomings of the research are put forward.