Research On Performance Evaluation Of Merger And Acquisition Of Hunan TV&Broadcast Intermediary Co.,Ltd

With the rapid rise of new media,the traditional radio and television production business has been seriously impacted,which urges TV&Broadcast Intermediary to seek the transformation and upgrading of enterprises with a positive attitude.In 2015,TV&Broadcast Intermediary made full use of its power to acquire four new media companies at one stroke.This Internet merger and acquisition has become a representative event of cross-border merger and acquisition of traditional media enterprises.To study whether the Internet merger can bring all kinds of synergy and increase the value of the enterprise,we can provide some reasonable suggestions for other enterprises preparing for the Internet merger.In order to evaluate the performance of this Internet M&A of TV&Broadcast Intermediary in a more comprehensive way,this paper will study from two aspects.First of all,this paper studies the factors that affect the performance of M&A from the aspect of theory,which provides the theoretical basis for the later research.Then take the merger and acquisition event of TV&Broadcast Intermediary in 2015 as an example to conduct a case study.First,it conducts a systematic performance evaluation study from three aspects of strategic performance,business performance and financial performance,and then uses the data envelopment analysis method to comprehensively evaluate the Internet merger and acquisition of TV&Broadcast Intermediary.Through comprehensive evaluation,it can be seen that the merger and acquisition of TV&Broadcast Intermediary did not achieve the expected good results,but the performance declined.In view of this result,the paper further analyzes the reasons for the performance decline of the merger.In addition,from the internal and external aspects,the paper puts forward methods and ways to improve the performance of M&A,so as to provide reasonable reference for other enterprises' M&A activities.It is found that this time,there are some problems such as excessive M&A premium,large amount of cash paid,high expected profits of Internet enterprises,and unfavorable integration between the two sides of M&A.After M&A,the performance of TV media has not been improved.Therefore,the traditional Internet M&A activities of enterprises need to use more advanced enterprise value evaluation methods to reasonably evaluate the premium;fully understand the business characteristics of Internet enterprises,and use the advantages of their own main business to select the projects related to the existing social relations,business activities and market environment for M&A;after M&A,focus on the integration to promote the compatibility of advantages and resources of both sides to understand the risks that are prone to occur in the industry where Internet enterprises are located,comprehensively manage various risks that may occur in the process of M&A,and reduce the occurrence of risk factors.