| In recent years,media convergence has become the development trend of media industry as well as the most concerned issue by our party and the country.As one of the effective ways for fast implementation of integration in media industry,M&A behavior can promote reasonable allocation of resources,enhance market share,save production cost,and disperse risks of operation.It is under this background that M&A in media industry occurs frequently and has a great upsurge.However,goodwill impairments happen in media companies after M&A,which cause huge losses.Therefore,M&A performance of media listed companies has become a matter of concern.In terms of the existing researches,the studies on M&A performances are mostly focused on traditional industries,and mainly adopts Event Study Methodology and Financial Index Study Methodology.And based on it,this paper studies on the M&A Performance of Media Listed Companies in China by choosing Shanghai and Shenzhen A-share media listed companies happened between 2013 to 2015 as the object,collecting relevant financial data,using Data Envelopment Analysis and the combination of quantitative and qualitative methods on the basis of empirical study.In general,the author thinks that M&A performance of Media Listed Companies in China leaves much to be desired,and it has declined since M&A was put into effect through empirical study.From the view of ownership structure,M&A performance of Private Holding Media Companies is better than those of State-owned Holding Media Companies.From the view of M&A type,the performance of vertical M&A is better than those of the conglomerate and horizontal M&A.From the perspective of transaction relevance,non-related transaction in media companies is better than related transaction in media companies.In the end,the author provides feasible suggestions for the government and the corporations according to empirical results and hopes it can provide some reference for the M&A activities of listed media companies. |
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