Research On The Motivation And Performance Of The M&A Of Media Enterprises

In the Internet era,due to the impact of new Internet media,the performance of traditional paper media industry has been declining in recent years.Since the "12th Five-Year" plan,in view of the development of cultural media industry,our government has issued a lot of good policies to support the integration of traditional media and new media,accelerate industrial transformation and improve the overall management level of cultural media industry.The article takes the acquisition of Blue Lion as the examplet,and discusses the content of the case from six parts.The first part is the introduction,which introduces the background,significance and research content of the article in detail;the second part is the literature review and The theoretical basis;the third part is a case study,which first analyzed the development status of the media industry,followed by the introduction of the companies of the two new media companies,Wanxin Media and the target company.Finally,it briefly explained the basic situation of the acquisition of Blue Lion by Wanxin Media.The reasons for M&A target selection;the fourth part analyzes the causes of mergers and acquisitions and analyzes the causes of the mergers and acquisitions;the fifth part adopts the market value after the M&A,Tobin's Q value,excess return,cumulative excess return,financial index and EVA.The changes in the situation to analyze the impact of merger and acquisition activities on business performance;the sixth part is the conclusion and inspiration,for the follow-up of mergers and acquisitions between the industry to provide some suggestions.The research results show that,from the market reaction,the accumulated excess return rate of the company's market value excess return has been increased,and the m&a event has a positive effect on enterprise performance.From the financial situation,the merger and acquisition events have a positive effect on the improvement of the four basic abilities;from the change of the EVA value,the EVA value rises obviously and the operating profit increases.It helps to improve the company's management status.Therefore,M&A has a positive effect on the company's performance.