Research On The Impact Of CEO Tenure And Internal Control On The Financial Performance Of Media Industry Mergers And Acquisitions

Mergers and acquisitions are an effective way for enterprises to rapidly achieve scale expansion,promote the transformation and upgrading of industrial structure,and enhance core competitiveness.In recent years,with the increasing spiritual and cultural needs of people,my country's support for the cultural industry has gradually increased.As an important part of it,the media industry has also joined the wave of mergers and acquisitions in order to achieve rapid development of enterprises.However,researchers have found that the financial performance of most companies' mergers and acquisitions has not been significantly improved in the short term,and even some companies have fallen into financial difficulties due to mergers and acquisitions.In the process of corporate mergers and acquisitions,the CEO plays a key role,deciding the direction of corporate mergers and acquisitions,and affecting the effect of resource integration after corporate mergers and acquisitions.CEOs in different tenures have different ability and goals to manage the company,and the CEO's different strategic decisions will also affect the financial performance of the company's mergers and acquisitions.Effective internal control can supervise the CEO's behavior,prevent him from abusing his power,and reduce corporate agency costs.At the same time,internal control can standardize corporate operating procedures,optimize M?A strategies,and help improve corporate M?A financial performance.On the premise of combing and summarizing relevant domestic and foreign literature and related theoretical foundations,this article combines the literature research method and empirical analysis method to analyze the characteristics of the media industry and the status quo of M?A.First,the factor analysis method was used to evaluate the financial performance of corporate mergers and acquisitions,and it was found that the financial performance of the media industry improved in the year of the merger,but fell to the level of performance before the merger in the second year after the merger.The financial performance of corporate mergers and acquisitions will take a long time to show up.Secondly,by analyzing the impact of CEO tenure and internal control on the financial performance of mergers and acquisitions through the multiple regression method,the research found that: CEO tenure is negatively correlated with financial performance of mergers and acquisitions.The longer the CEO's tenure,the worse the financial performance of the company' s mergers and acquisitions;Under the premise of change,the effectiveness of corporate internal control will promote the improvement of the financial performance of mergers and acquisitions;and perfect internal control can weaken the negative correlation between the CEO ' s tenure and the financial performance of corporate mergers and acquisitions.Therefore,to improve the financial performance of M?A in the media industry,it is necessary to avoid frequent CEO replacements,and at the same time improve the internal control of the enterprise,strengthen the supervision of the CEO,and ensure the orderly and efficient operation of the enterprise after M?A,thereby improving the financial performance of M?A in the media industry.