Research On Overseas Mergers And Acquisitions(M&A) Of China's Publishing & Media Listed Companies

Since the 21st century,with the "Go globally" strategy,China's publishing&media industry has been actively promoting the internationalization of whole industry.As the Silk Road Economic Belt "One Belt and One Road" brings more and more overseas trade opportunities,China has become the second largest investor in the world in 2016.As an important way of foreign direct investment(FDI),overseas mergers and acquisitions(M&A)can also drive the industry to integrate global resources and bridge the gap in the industrial chain while addressing China's overcapacity and excess foreign exchange assets.For China's publishing and media industry,overseas M&A has provided new opportunities for it to enter the international market after it has gradually completed the transition from the business model of publication export trade and copyright trading to the international development model of brand export,capital export,and industrial output.Since Hunan Publishing Group acquired the equity of South Korea's Aliquan Co.,Ltd.in 2008,in 2013 Chengdu Borui Communication Co.,Ltd.initiated a cross-industry acquisition to Korean online game company ZOO GAMES INC.,and in 2016,Qingdao Publishing Group acquired the Japanese Watanabe Literature Museum's 100%equity,listed companies have gradually become the main subjects of overseas M&A in China's publishing&media industry,through adopting multiple overseas M&A methods,with multiple M&A targets,multiple financing and payment methods,provide new opportunities and experience for China's publishing&media industry to explore international development models.This paper takes the overseas M&A of China's publishing&media listed companies as the main research content.Based on the theory of efficiency of M&A and the eclectic theory of international production,with the combination of qualitative analysis and quantitative assessment,centering on overseas M&A's implementation processes to sort out the ways of the overseas M&A of listed companies of China's publishing&media industry,including summarizing its characteristics in M&A's scale,geographic distribution of M&A's targets,and classification of M&A's business;and combining the operations of the related companies,5 listed companies went on overseas M&As in 2012-2016 were evaluated as samples,this paper uses event research method and financial analysis method to evaluate short-term and mid-to-long-term performance,aiming at the advantages and problems of overseas M&A of China's publishing&media listed companies,and to optimize the overseas M&A of China's publishing&media industry,there are some recommendations,such as selecting overseas M&A's targets under global perspective,establishing a scientific valuation system;to strengthen the management of overseas subcompanies,establish a "dual localization" international operations team;and focu.s on risk prevention to formulate countermeasures,try to stimulate synergies around copyright core businesses.All of those measures will give full play to the maximum dynamics of enterprises and capital,thereby reducing the risk of overseas M&A of publishing&media industry in China,and increasing the efficiency of M&As,boosting China's publishing&media companies to go global and ultimately achieve international development.