Research On The Synergistic Effect Of M&A In China's Media Enterprises

Compared with developed countries,China's enterprises began to carry out mergers and acquisitions until the last century 70 s,despite the rapid growth of it,there are few successful case in china.Failure reminds us to strengthen the prevention of the risk of acquisition,Exploring the law of merger and acquisition.Although there are more and more in-depth studies in the field of theoretical research on merger and acquisition synergy at home and abroad,But at the practical level,many enterprises still can not finish the M & a very well.Therefore,in-depth study of the field of practice is particularly important.In the "Internet plus" era,the development of media convergence has become the main trend of the development of media industry in China.The structure and positioning of the media industry will develop fundamental changes.Therefore,the study of M & A events in this field is of great significance.It is in this background that blockbuster bought the Oriental Pearl.This merger is a milestone in the promotion of Chinese traditional media to new media.At first,This paper reviews the motivation of M & A and the basic theory of M& a performance evaluation method,elaborate basic concepts and motivations of M &A,analyzed some basic factors that affect the synergy effect of M & A,introduced the basic theory of synergistic effect.On this basis,This article takes blockbuster's acquisition of Oriental Pearl as the research object,using the index analysis method,Free cash flow and event study to conduct in-depth analysis of cases,besides the Balanced Scorecard in the evaluation method of M & a performance.It is concluded that mergers and acquisitions have achieved positive synergy in the short term,but in the long run it is negative synergy.This paper summarizes the case of blockbuster's acquisition of Oriental Pearl by combining theory with practice,and puts forward relevant policy recommendations.It aims to provide a reasonable reference and reference for China's media industry and other industries.