An Empirical Study On The Performance Of Mergers And Acquisitions Of Listed Media Companies In China

In recent years,China's media industry listed companies under the strong support of national policy,there was a wave of wave after wave of mergers and acquisitions.From 1998 to 2013,the number of mergers and acquisitions of media listed companies in our country is on the rise,especially after 2009,the number of transactions increase largely.Mergers and acquisitions,however,are of good quality and is not equal to a quantity.What motivates the mergers and acquisitions of media listed companies in our country,how is the company's performance after the merger,between the different characteristics of mergers and acquisitions and mergers and acquisitions performance whether have relations,which are needed to answer in studying mergers and acquisitions of the media listed companies.Therefore,first of all,this article analysis the present situation of media mergers and acquisitions of listed companies in our country from the regional distribution of mergers and acquisitions,mergers and acquisitions both sides of the nature of the enterprise and so on six aspects;which explains the mergers and acquisitions motivation from the external and internal,and puts forward to theoretical hypothesis;Then,selecting Shanghai and Shenzhen a-share market in China from 2004 to 2013 in mergers and acquisitions of 46 listed media companies,using the factor analysis and classification comparison method makes an empirical analysis on mergers and acquisitions performance,mainly studying the regional distribution,the properties of the buy-out firms,proportion of acquisition,merger and acquisition of payment,type of connection transaction attributes,mergers and acquisitions the six characteristics and the relationship between mergers and acquisitions performance;Finally,putting forward some policy suggestions from the government and company aspects.The research show that after the merger,the performance of media listed companies is on the rise on the whole,mergers and acquisitions performance significantly lower,do not have a high level of performance is the first year after the merger,the second year after the merger of the performance significantly increased,therefore,in the long run,the performance of listed companies mergers and acquisitions can improve the media.The study also found that under the different characteristics of mergers and acquisitions,mergers and acquisitions performance are also different.Among of them,from the long-term,the differences in regional distribution have no effect on performance;mergers and acquisitions types different impact on the performance of smaller;the differences of the enterprise nature,the paymentproportion,the payment methods and the connection transaction are more obvious to mergers and acquisitions performance.