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

In recent years,China has paid more and more attention to the development of the cultural industry,and has continuously issued a number of favorable policies to support the development of the cultural industry.Publishing and media companies are an important part of the cultural industry.While enjoying policy benefits,they also face various challenges.For example,the public's demand for commodities is more diversified,the company's original market share is shrinking,and the profit model is relatively simple.Therefore,in order to develop and grow,many publishing and media companies adopt mergers and acquisitions to expand their business scale and seek new profit points to enhance their competitiveness.Tianzhou Culture is the first listed company in the private publishing and media industry,which has a certain influence in the entire industry.This article selects Tianzhou Culture M & A Youai Network as an example for analysis,focusing on the motivation and performance of this merger.Firstly,it introduces the basic theory of M & A and related research on M & A motivation and performance,and explains the related research of three methods of performance evaluation,namely event research method,financial index method and EVA research method.Then,this article introduces the situation of the publishing media industry and the problems of mergers and acquisitions,and analyzes the background of the publishing media industry that needs to be transformed and upgraded.After that,through a case analysis of Tianzhou Cultural M & A Youai Network,a detailed analysis of the M & A process,payment methods,and M & A motivations was conducted,and the M & A performance was analyzed through three methods: market performance,financial performance,and economic value-added indicators.The short-term performance of Tianzhou Culture's acquisition of Youai Network is better than the long-term performance.To release the positive long-term performance of this acquisition,Tianzhou Culture needs to continue to strengthen its integration.Finally,combined with the relevant conclusions of the case,I proposed merger and acquisition suggestions to the publishing and media industry: publishing and media companies should reasonably select the target company before the merger and acquisition,and scientifically evaluate the value of the merger and acquisition target,control the premium,and do a good job of resource integration after merger synergy.