Research On The M&A Performance Of Yin Kun Media Acquires Hua Yue And Yi Hong

Starting from the "M&A year" of the media industry in 2013,China's media industry has ushered in an upsurge in M&A.Faced with the situation that the media industry M&A "fire full power",it has practical significance to study how to evaluate the performance of media companies' M&A.In addition,due to the impact of new media,traditional media in order to transform and upgrade,mergers and acquisitions between media companies frequently occur.Then whether traditional media companies can achieve economies of scale,integration and upgrade through mergers and acquisitions has always been a hot topic in the academic community.Therefore,this paper selects the classic M&A case of traditional media companies transitioning to new media--Yin kun Media's merger with Hua Ye and Yi Hong,and makes a deep analysis of its M&A performance,so that traditional media companies that integrate with new media can learn from experience or lessons.Firstly,This paper analyzes the M&A motives of the case company from the internal and external perspectives.The internal motivations include:achieving strategic transformation,integrating advantageous resources,achieving synergy effects and the mergers and acquisitions executives' personal motivations.External drivers including:industry transformation driven,favorable policies driven and the local government supporting.Secondly,the M&A performance is analyzed.Based on the Balanced Scorecard,it establishes indicators from four dimensions of finance,internal processes,customers,learning and growth,obtaining a comprehensive performance evaluation index system for M&A performance based on the balanced scorecard.It analyzes the M&A performance indexes,and then uses entropy weight coefficient method to calculate some of the indexes,in order to getting the comprehensive score before and after the merger and acquisition.A comparative analysis of 3 other enterprises in M&A during the same period is also made.The results of the study show that Yin kun Media's M&A has achieved an increase in corporate performance.Finally,combined with the merger and acquisition of Yin Kun Media,the author puts forward some suggestions on the merger and acquisition of traditional media enterprises that converge to new media.