Study On The Performance Of BesTV's Acquisition Of Oriental Pearl

Under the background of Internet companies entering the television industry,traditional media groups are also speeding up the integration with the Internet to explore new product forms and patterns of the television industry in the Internet era.In general,the results do not have the internal reform,industry mergers and acquisitions has become the best choice.The government's related policies have also promoted the integration of industries to the greatest extent.General Secretary Xi Jinping has repeatedly stressed that China should build several new media groups with strong comprehensive strength in the future to enhance the influence and credibility of China's media industry in the international market.The 17 th National Congress of the CPC put forward the idea of "vigorously developing cultural industry",which means that the government's thinking of building new media groups has changed to a certain extent.Therefore,it is of practical significance to strengthen the research on M & A in the media industry.This paper discusses and analyzes the performance of BesTV's merger and acquisition of Oriental Pearl by case study.Firstly,this paper introduces the background and purpose of M&A,and combs and summarizes the development process and behavior basis of M&A performance research combined with literature review.On this basis,this paper selects the case of the merger and acquisition of Be and Oriental Pearl Company,which ranked No.1 and No.2 in the market value of cultural media in the A-share market in 2014.The motivation and process of M&A in this case are analyzed.Subsequently,in this paper,the M&A performance of the case company is analyzed from the perspective of financial data and shareholder wealth.From the perspective of financial data,the financial performance of M&A is analyzed according to the comparison of financial status and financial indicators before and after M&A.Then,DuPont's analysis of the successive factor substitution method is used to make a further comprehensive analysis,and relevant financial indicators are collected to analyze the synergistic effect of M&A.The more accurate research conclusion is drawn,which proves the correctness of this M&A.From the perspective of wealth shareholders,this paper uses the idea of event study to analyze the stock price changes and stock returns of case companies in M&A events,and finds that M&A events create positive value for shareholders.Finally,according to the results of M&A performance analysis,this paper puts forward relevant suggestions and brings enlightenment to other enterprises in the media industry.