Journal of Liaoning Petrochemical University

Journal of Liaoning Petrochemical University ›› 2022, Vol. 42 ›› Issue (2): 86-90.DOI: 10.3969/j.issn.1672-6952.2022.02.014

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Research on the M&A Performance and Influencing Factors of Media Industry

Lin Liu(), Lihua Wang()   

  1. School of Economics and Management,Liaoning Petrochemical University,Fushun Liaoning 113001,China
  • Received:2020-12-28 Revised:2021-11-28 Published:2022-04-25 Online:2022-05-21
  • Contact: Lihua Wang

传媒业企业并购绩效及其影响因素研究

刘霖(), 王莉华()   

  1. 辽宁石油化工大学 经济管理学院,辽宁 抚顺 113001
  • 通讯作者: 王莉华
  • 作者简介:刘霖(1997⁃),女,硕士研究生,从事财务管理研究;E⁃mail:1193674528@qq.com
  • 基金资助:
    辽宁省教育厅面上项目(LJKR0157)

Abstract:

Mergers and acquisitions is an effective way to rapidly expand the scale of enterprises and achieve profit growth. This article selected the M&A events of China's media industry listed companies from 2016 to 2017 as a sample, and conducted an empirical analysis on the relationship between CEO tenure, internal control, and media industry M&A performance. The results show that the M&A performance of the media industry has a tendency to rise first and then decline after the M&A; CEO tenure is negatively correlated with the M&A performance of the media industry; under the premise that other conditions remain unchanged, the effectiveness of media industry corporate internal control will promote the improvement of M&A performance; perfect internal control can weaken the negative correlation between CEO tenure and M&A performance in media industry. Based on the above research conclusions, some suggestions were put forward to improve the M&A performance of enterprises in the media industry.

Key words: Media industry, CEO tenure, Internal control, M&A

摘要:

并购是快速扩大企业规模、实现利润增长的有效方式。选取我国传媒业上市公司2016-2017年发生的并购事件为样本,对CEO任期、内部控制及传媒业并购绩效的关系进行实证分析。结果表明,传媒业并购绩效在并购后有先升后降的趋势,CEO任期与传媒业并购绩效呈负相关关系;在公司规模、资产负债率和现金流量不变的前提下,传媒业企业内部控制的有效性会促进并购绩效的提升,完善的内部控制可以弱化CEO任期给传媒业并购绩效带来的负相关关系。基于以上研究结论,提出了提高传媒业企业并购绩效的相关建议。

关键词: 传媒业, CEO任期, 内部控制, 并购绩效

CLC Number: 

Cite this article

Lin Liu, Lihua Wang. Research on the M&A Performance and Influencing Factors of Media Industry[J]. Journal of Liaoning Petrochemical University, 2022, 42(2): 86-90.

刘霖, 王莉华. 传媒业企业并购绩效及其影响因素研究[J]. 辽宁石油化工大学学报, 2022, 42(2): 86-90.