M&a Performance Analysis Of Listed Publishing Companies In The Context Of "Internet+"

With the vigorous development of Internet and other new media,the market share of publishing media is being continuously compressed,and the operation of traditional media is facing great opportunities and challenges.The state is also fully aware of the seriousness of this problem,the relevant departments in the meeting immediately pointed out: to encourage the strength of the publishing and media enterprises "three cross-management",that is,beyond the industry,the local and ownership.The ministry of culture has also repeatedly pointed out that traditional media should actively learn from new media to encourage the integration of the two.Under such a national environment,many state-owned traditional media enterprises have begun to seek for corporate transformation,and their "online" merger and acquisition has become one of the key paths for many traditional media enterprises to achieve transformation.From the perspective of external environment,China's economy is going through a special stage with weak market response and slow growth.In such an environment,Internet companies are still acting like fish in water.Therefore,the majority of traditional enterprises intend to complete the successful transformation of their industry through mergers and acquisitions of Internet enterprises.However,will this new type of "touch the net" m&a improve the business performance of traditional publishing media enterprises? Will it conform to the development strategy of traditional publishing media enterprises? These questions all rely on the study of existing cases,so as to explore a suitable for the majority of traditional publishing media enterprises to successfully transform the road.Compared with other industries,the common characteristic of listed publishing and media companies is that they invest little in fixed assets and their overall book value is low.The company holds a large number of intangible resources,such as brand,customer resources and reputation,which are difficult to be accurately estimated.Therefore,if the huge intangible resources are not taken into account,thebook cannot reflect the real value of the company.As a result,mergers and acquisitions of publishing and media companies are different from other industries,mainly because the value is difficult to estimate.For this reason,the motivation and performance of a large number of mergers and acquisitions of listed publishing and media companies have become a hot research issue.In this paper,the case of the acquisition of zhimingtong,an emerging Internet enterprise,by the Chinese media in the traditional publishing media industry is selected as the research object.This paper studies the performance changes of Chinese media through the implementation of this merger and explores the deep-seated motivation of Chinese media in the implementation of this merger and acquisition.This paper first elaborates on the background of the topic and the significance of the research,and comments on the motivation and performance evaluation methods of m&a of listed companies,as well as the existing research results of m&a performance of listed companies in publishing and media industries.Then it analyzes the current situation of China's publishing media industry,including the industry's operating difficulties,operating conditions and mergers and acquisitions,and then specific case analysis.In the part of case analysis,a brief introduction is made to both parties,followed by an analysis of the motivation of Chinese media's m&a,and finally a detailed analysis of the performance of Chinese media's m&a of zhimingtong.Through this acquisition,Chinese media has got through the Internet media platform,acquired high-quality resources,developed overseas markets and achieved the fundamental goal of becoming bigger and stronger.Based on the analysis of the case,this paper believes that in order to achieve the expected effect of m&a,listed publishing media companies should make greater efforts to strengthen internal integration management,reasonable control of m&a risks,establish a perfect value system,hire intermediary agencies and so on,so as to achieve the real goal of m&a.