传媒业企业并购绩效及其影响因素研究

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。

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

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.