TResearch On The Performance Analysis Of Enterprise M&A From The Perspective Of EVA

With the development of information technology and the acceleration of social rhythm,the demand for information interaction,customization,instant,openness and information sharing continues to increase.The Internet has begun to occupy the mainstream route of new media communication and formally developed into a leader in the media industry.With the increasing demand for information and cultural products and the gradual improvement of the domestic capital market,the government has issued a series of preferential and favorable policies in order to promote the integration and development of traditional media and new media.Development trend.First,this article introduces the relevant theories of M&A,objectively analyzes the causes of M&A activities,and the evaluation method of M&A performance,which provides theoretical support for the following research.Next,an overview of the basic situation of BesTV and Oriental Pearl Company.Analyze the motives of its mergers and acquisitions,including:the introduction of favorable policies by the state is conducive to the development of the industry,the elimination of inter-industry competition to achieve synergies,and the unified platform to achieve the extension and integration of the industrial chain.Thirdly,by comprehensively comparing the three methods of financial index method,EVA evaluation method and event research method,it is concluded that the EVA evaluation method can meet the objective needs of corporate equity cost and debt cost.Compared with the other two methods,it is more effective in performance evaluation.In order to comprehensively adjust the accounting projects of BesTV,calculate and analyze the EVA value before and after the M&A from 2013 to 2018,select the M&A performance indicators suitable for the media industry,and combine the core advantages of the EVA evaluation method to draw the conclusion of this M&A activity:(1)In order to ensure the accuracy of EVA results,the quality of accounting information should be improved,and related accounting items should be adjusted;(2)EVA indicators can objectively reflect the results of mergers and acquisitions,because equity capital and debt capital are considered during the analysis of merger performance,Research on changes in corporate performance in terms of after-tax net operating profit,capital turnover rate and weighted average cost of capital;(3)BesTV has improved the level of corporate operations through the merger and acquisition of Oriental Pearl Corporation.This merger is a successful merger case;At present,EVA has been widely used in corporate mergers and acquisitions activities,and provides new ideas and new methods.The improvement of corporate M&A performance not only depends on the improvement of value-driven indicators,but also should be combined with the company's own development status.After the merger and acquisition of BesTV,it should consider comprehensively from the aspects of technology upgrade,accurate positioning of business content and rational use of capital,etc.,properly apply industry resources,form complementary advantages between industries,and enhance its comprehensive strength in a synergistic way to help enterprises further Improve industry competition.