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    政大典藏 > College of Commerce > International MBA > Theses >  Item 140.119/31299


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/31299


    Title: 評估媒體產業的財務表現:以中信的緯來及力霸東森為例
    Authors: Huang,Kathy Kuei
    Contributors: 沈中華
    Shen, Chung-Hua
    Huang,Kathy Kuei
    Keywords: Assessing the Financial Performances of Two Media Companies:
    Case Studies of Videoland of China Trust Group and Eastern Broadcasting of Rebar Group
    Date: 2004
    Issue Date: 2009-09-14 09:45:28 (UTC+8)
    Abstract: Media industry has been through various changes in past two decades due to technological advancement, merger and acquisition. Also, privatization and de-regulation took places throughout of 1980s, which has caused various changes and provided opportunities for the media industries. This thesis aims to find out the financial performance of two media companies in Taiwan whilst such changes and opportunities took place and also to highlight whether so call “synergy” created through diversification, mergers and acquisitions provides real financial incentives and whether public interests are the sacrifice of such financial incentives and highlight the legal framework which affects the media industry in Taiwan.

    The media industry covers a wide range of businesses, it is almost everything we live with; technological changes made the boundaries between media blurry and common trend of convergence occurred and this has a strong social impact of who is really controlling the information that is provided through the different media. Therefore, the analysis of content control in the media industry will be evaluated with reference to the theories of public interests.

    Furthermore, conglomeration becomes a phenomenon from 1990’s when many industries consolidated in the economic downturns. Especially, in the USA and Europe, media industries were soon riding the wave of the phenomenon from more than a hundred companies reduced to less than a handful of the gigantic big six media corporations. On the other hand, Taiwan’s media companies are also dominated by a few big business conglomerates and two of them have substantial business interests in the media industry. The two media companies under the two biggest conglomerates in Taiwan are chosen to examine their financial performance and using statistical tool to forecast its key ratios.
    Keywords
    Media industry, Synergy, Public interests, Conglomerates, Convergence, Social impact, Business integration, media regulation, Media democracy, global media.
    Contents
    Acknowledgement 2
    Abstract 3
    CHAPTER ONE INTRODUCTION 7
    1.1 Objective of the study 7
    1.2 Research methodology 8
    1.3 Structure 8
    CHAPTER TWO LITERATURE REVIEW 10
    2.1 Business Integration 10
    2.2. The landscape of the international media industries 15
    2.3 The current scenario of media industry in Taiwan 16
    2.4 Legal Framework 20
    2.5 Theories related to public interests and media democracy 23
    2.6 Future trend of worldwide media industry 28
    CHAPTER THREE CASE PROFILES 30
    3.1 China Trust Group 30
    3.1.1 Group’s business interests 31
    3.1.2 Media business 32
    3.2 Rebar Group 35
    3.2.1 Group’s business interests 36
    3.2.2 Media business 37
    CHAPTER FOUR ANALYSIS OF THE TWO CASES 40
    4.1 Financial Statement Analysis 40
    4.2 Ratio Analysis 43
    4.3 Dynamic Ratio Analysis 52
    4.4 Summaries of dynamic ratio analysis 73
    4.4.1 Current Ratio Summaries and Comparison 73
    4.4.2 Net Profit Margin Ratio Summaries and Comparison 75
    4.5 Findings 77
    CHAPTER FIVE RECOMMENDATION 80
    5.1 Regulatory Framework of Media Market 80
    5.2 Recommendations of further study 82
    CHAPTER SIX CONCLUSION 83
    6.1 Limitation of the Study 83
    6.2 Conclusion 83
    BIBLIOGRAPHY 85


    TABLES AND FIGURES
    Tables:
    2-1: Theories relating to the synergy created through business integration…12
    2-2: Media conglomerates…………………………………………………….…..16
    3-1: Production line of China Trust’s media companies………………………..32
    3-2: Product line of Rebar’s media companies………………………………….37
    4-1: Simplified balance sheet – Videoland……………………………………... 41
    4-2: Simplified balance sheet – Eastern Broadcasting Co.,……………………42
    4-3: Simplified income statement – Videoland…..……………………………...43
    4-4: Simplified income statement – Eastern Broadcasting Co.,……………….43
    4-5: Current ratio data…………………………………………………………….. 46
    4-6: Debt to total asset ratio data…………………………………………………47
    4-7: Profit margin ratio data ………………………………………………………49
    4-8: Return on asset ratio data …………………………………………………...50
    4-9: Earnings per share data ……………………………………………………. 51
    4-10: Mean of current ratio …………….………………………………………... 53
    4-11: Mean of profit margin ratio …………………………………………………53
    4-12: Median of current ratio ……………………………………………………..54
    4-13: Median of profit margin ratio ……………………………………………….54
    4-14: Variance of current ratio ……………………………………………………55
    4-15: Variance of profit margin ratio ……………………………………………..56
    4-16: Standard deviation of current ratio ………………………………..………56
    4-17: Standard deviation of profit margin ratio ………………………………….56
    4-18: Coefficient of variance of current ratio ……………………………………57
    4-19: Coefficient of variance of profit margin ratio ……………………………..57
    4-20: Skewness of current ratio ………………………………………………….58
    4-21: Skewness of profit margin ratio ……………………………………………58
    4-22: Coefficient of skewness for current ratio ………………………………….59
    4-23: Coefficient of skewness for profit margin ratio …………………………...59
    4-24: Kurtosis of current ratio …………………………………………………….60
    4-25: Kurtosis of profit margin ratio ………………………………………………61
    4-26: Current ratios and net profit ratio data ……………………………………62
    4-27: Regression data of current ratio …………………………………………...63
    4-28: Regression data of profit margin ratio …………………………………… 66
    4-29: Re-build regression model data of profit margin ratio …………………..70
    4-30: Dynamic analysis summary for current ratio …………………………….73
    4-31: Dynamic analysis summary for profit margin ratio ………………………75


    Figures:
    3-1: China Trust group…………………………………………………………….32
    3-2: Videoland’s organizational chart………………..…………………………..35
    3-3: Rebar group…………………………………………………………………...37
    3-4: Eastern Broadcasting’s organizational chart……………………………….39
    4-1: Current ratio trend from 1998-2003…………………………………………45
    4-2: Debt to total assets ration 1998-2003……………………………………….47
    4-3: Profit margin ratio …………………………………………………………….48
    4-4: Return on total asset ratio……………………………………………………50
    4-5: Earnings per share……………………………………………………………51
    Reference: Albarran, A.B. and Chan-Olmsted. S.M. Global Media Economics, Iowa State University Press. 1998
    Albarran, A. B. Media Economics: Understanding Markets, Industries and Concepts. Iowa State University Press. 1996
    Alexander, A. Owers, James and Carveth, R. Media Economics: Theory and Practice. New Jersey. Lawrence Associates, 1998
    Croteau, C and Hoynes, W. The Business of Media: Coporate Media and the Public Interest. London. Pine Forge Press. 2001
    Dennis, E.E. and Merrill, J.C. Media Debates: Great Issues for the Digital Age. Belmont. Wadsworth/Thomson Learning. 2002
    Grant, R.M. Contemporary Strategy Analysis. 4th edtion, Oxford. Blackwell Publisher Ltd. 2002
    Herman E.S. and Mcchesney R.W. The Global Media: The new missionaries of Global Capitalism. London. Cassell 1997
    Hutchson, D Media Policy: An Introduction. Oxford. Blackwell Publishers Ltd. 1999
    Macleod, V. Media Ownership and Control in the Age of Convergence. London. International Institute of Communication. 1996
    McCullagh, C. Media Power a Sociological Introduction, New York. Palgrave. 2002 pp 65-83
    Porter, M. E. Competitive Strategy: Techniques for Analyzing Industries and Competitors: with a New Introduction. New York. The Free Press. 1980
    Png, I. Managerial Economics. 2nd edition, Oxford. Blackwell Publishers Ltd. 2002. pp261-291
    Pratt, J. Financial Accounting in an Economic Context. New York. John Wiley & Son, Inc. 2003
    Tunstall, J and Palmer, M. Media Moguls. London. Routledge. 1991
    Stokes J. and Reading A. The Media in Britain: Current Debates and Developments. London. Macmillan Press Ltd. 1999
    Street, J. Mass Media, Politics and Democracy. London. Palgrave. 2001
    Weaver, S.C and Weston, J.F. Mergers and Acquisitions. New York. McGraw- Hill. 2001
    Woodhull, N.J. and Snyder, R.W. Media Mergers. New Jersey. Transaction Publisher. 1998
    Wu, C.S. Practical M&A: A Global Vision. Taipei. Hsin Lu Publisher, 2000
    Description: 碩士
    國立政治大學
    國際經營管理碩士班(IMBA)
    91933001
    93
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0091933001
    Data Type: thesis
    Appears in Collections:[International MBA] Theses

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