我国传媒上市公司并购绩效影响因素的实证研究  

An Empirical Study of the Influencing Factors of Mergers and Acquisition Performance: Cases of Chinese Media Companies

作　　者：向青平 XIANG Qing-ping

机构地区：[1]中国传媒大学传播研究院,北京100024

出　　处：《新闻大学》2020年第8期85-98,129,130,共16页Journalism Research

基　　金：中国传媒大学中央高校基本科研业务费专项资金资助。

摘　　要：并购是企业外延发展的重要方式。2009年后,我国传媒传媒上市公司出现了并购潮。本文以45家传媒上市公司2009—2016年并购案为研究对象,采用多元线性回归分析法等考察影响传媒上市公司绩效的多重因素。研究结果显示:资产相对规模、行业相关性与并购绩效呈正相关;溢价收购、现金收购、并购比例与并购绩效呈负相关。我国传媒上市公司存在高溢价现金收购问题,科学估值、采用多种支付方式会对传媒上市公司并购产生正面效应。Seeking a merger is an important way for further development of enterprises.Since 2009 there has been a wave of mergers among listed media companies in China.This paper takes the merges of 45 listed media companies as the research object in the time range of 2009-2016,applying the multiple linear regression analysis,to investigate different factors affecting the performance of listed media companies.The research result shows that the relative size of assets,industry correlation and M&A performance are positively correlated;premium purchases,cash purchases,and M&A ratios are negatively related to M&A performance.What’s more,China’s listed media companies have high premium cash acquisition issues.Scientific valuation and the use of multiple payment methods will have a positive effect on media listed companies.

关 键 词：传媒上市公司 并购 并购绩效 多元线性回归 

分 类 号：G211[文化科学—新闻学]