Research On The Performance Of Chinese Publishing Media Listed Companies In Mergers And Acquisitions Of Game Enterprises

Since the 21 st century,China's media industry has developed rapidly,and the game market is one of the most prominent emerging areas.Thanks to the concept of "Internet +" and the rapid development of mobile equipment,the overall trend of the game industry is good.Currently,the market has rapid-growth net profit,promising prospects for the capital market,and has intensive capital injection,which far exceeded other traditional media areas.Due to the competition of publishing media companies become more and more intensive,and the fact that the traditional book publishing business is losing sales in recent years,the traditional publishing companies are in urgent need of transformation.The national policy also supports media integration company mergers and acquisitions,and the concept of "Internet +" also brings new opportunities to the publication medium enterprise of transformation and upgrading.Through merging and acquisitions,the publishing media companies can break the trade barriers and reach the game industry resources in a short time,which makes the publication companies has the ideal transformation opportunities.On the other hand,publishing media and game industry both belong to the cultural industry and have relatively similar business patterns and modes,which will make the acquisition more efficient.In recent years,the listed publishing and media companies have set off a wave of mergers and acquisitions targeting game enterprises,which has accelerated the accumulation of capital and expanded the asset scale of the listed publishing and media companies rapidly.This paper chooses the listed publishing companies that merge and acquire game companies as the research object and the performance of those publishing companies as the research core.This paper also focuses on the overall motivation of the acquisitions as well as the overall strategy behind the implementation.This paper builds a performance evaluation model of the performance of listed publishing companies on the acquisition with game companies using the quantitative analysis and qualitative analysis with the accounting method,factor analysis steps,multiple comprehensive financial indicators.Firstly,the performance scores after the M&A between those companies are appare ntly different: Chinese Media and Tangel Culture have a dramatic arise in performanc e score,Zhejiang Daily Digital Culture have a fair performance score and,on the othe r hand,B-ray Media and Phoenix Media have a drop in performance score.Moreover,Zhejiang Daily Digital Culture,B-ray Media and Phoenix Media have an overall decli ne in most indexes in this model,and have a trend of decline after the M&A.Finally,due to the premium of the merged game companies,the solvency,operation capacity,and profitability are the most important factors in the evaluation system.And the publ ishing companies need to improvement those three factors after the M&A.As the conclusion,according to the statistics of acquisitions between listed publishing companies and game companies,this paper puts forward our country implement the strategy of mergers and acquisitions of listed companies publishing media revelation mainly include the following: making overall plans in advance,choose the correct area;avoid blindly mergers and acquisitions,correct selection of target;have the rational valuation and strengthen the evaluation of intangible assets of cultural enterprises;optimize the allocation of resources,and also focus on the synergy effect after acquisitions.This study is expected to have theoretical and practical significance for the merger and acquisition activities of publishing media companies.