Most companies in the media industry operate in an asset-light mode.The intangible assets such as the IP and brand owned by the company,as well as core elements such as innovation and talent,will have a crucial impact on the company's development,and also affect the value of the company Evaluation.This paper hopes to research on the relationship between the premium of M&A and the performance of M&A,thus helping the listed companies realize the necessity of flull due diligence.This paper also hopes to help reasonably price the target company of M&A and improve the efficiency of M&A.It will help investors treat M&A rationally.It will also help government improve relevant systems and effectively regulate and promote mergers and acquisitions of listed companies in media industry.From 2014 to 2015,M&A of listed companies in China's media industry has been increasing rapidly.This paper selects 90 M&A events of listed companies in media industry completed in 2014 and 2015,and uses the financial indicator method to construct a M&A performance evaluation system to measure the M&A performance.Then we build a regression model used for multivariate regression analysis on the relationship between the M&A premium and the M&A performance of each year.We further research on the relationship between the M&A premium and performance whether there is Valuation Adjustment Mechanism or Affiliate Transaction.We also research on the relationship between the two whether the price of M&A is paid in cash or not.Finally,based on the results of empirical research,we draw a conclusion and put forward practical and feasible policy recommendations.At the same time,we summarize the shortcomings of this paper and come up with the improved methods in the future.According to the research,it is found that the M&A premium has a negative impact on the M&A performance of listed companies in media industry,but this effect will weaken over time.At the same time,it is also found that when there is no Valuation Adjustment Mechanism,the correlation between the premium and the performance of M&A is stronger.And when there is Affiliate Transaction,the correlation between the premium and the performance of M&A is stronger.Compared with paying in other ways,the correlation between the premium and the performance of M&A is stronger when paying in cash.Based on the above conclusions,we put forward the following suggestions:controlling the premium of M&A;improving the binding terms of the target companies and strictly supervising the implementation;perfecting the M&A system and strengthening the supervision of information disclosure in M&A;strengthening the internal governance of the company to avoid the abuse of cash flow by managers;using a variety of methods to pay for M&A,and design a reasonable trading plan. |