Research On The Effect Of The Industrial Chain Evolution On Publishing Enterprises’ Investment

The development of our national economy has brought an incredible development opportunity for the culture industry. While the industrial chain of the publishing industry has evolved led by a tendency towards digitalisation, the publishing industry, as the core of the culture industry, in spite of having developed fast these years, is in a difficulty, such as, the overcapacity of production of the papery books and slow growth in books’ sale. In contrast, the multimedia publishing industry has experienced great growth. It is commonly accepted that the publishing industry chain has evolved driven by the change in market demand and technology. Therefore, based on the evolution of the publishing industry, it is both theoretically important and practically meaningful to systematically study the transformation of investment in this industry from perspectives of structure of corporate investment, inter-firm competition and cooperation, and the value distribution across industrial chains.This paper is to explore the investment transformation, including the new choice of its products and market, as well as the adjustment of the industrial chain and the change of the strategy. With the statistics of the investment and sales, together with the case study, this paper analyzes the process of the investment transformation in this industry and the effect on the development of the industry and enterprises.With the theory of industrial chain evolution, analysis of the statistics, and the relative theories, this paper studies the evolution of the industrial chain. Meanwhile, digital reading is taking in. The regulation is loosened which leads more and more capital forms competing in this industry. The big investment made by the network operators, communication operators and the electronic equipment manufacturers improve and perfect the business model of digital publishing and diversify its products. In such context, the publishing industry chain has evolved. Editing-printing-distributing is the traditional mode of the industry chain. But this mode can’t include all the modes of publishing now because there are new multimedia products and enterprises characterized by the digital publishing. And the modern mode of this industry is content production-integration-media dissemination-derivative products. Papery publishing and digital publishing develop side by side. The way of dissemination is getting diversified. The electronic reading media is getting more important. The forms of its products are diversified. All these are the features of the new publishing industry chain.With the help of grey models, this paper analyzes the change of the consuming potential energy in publishing industry. It is shown that the papery publishing has overcapacity and the potential energy in digital publishing is increasing, which indicates that the enterprises should transform their investment structure. With the induction of the evolutionary game model and the analysis of the industrial chain value distribution, it can be drawn that the competition and cooperation of these enterprises have changed. It is a practical investment strategy to abandon the integration and revise the layout of the investment in the limited industrial chain.With the statistical analysis and the empirical method, this paper studies the transformation of investment structure of the quoted publishing enterprises and the effect. The researches show that the traditional industrial chain is also the focus of their investment. In the evolved industrial chain, only a few enterprises made some tentative investment which hasn’t brought capacity. The investment structure transformed slightly. Analyzing the relationship between investment and development, the original investing mode can increase the capacity but not meet the need of the transformation of the new consuming mode. It is proved that the management operation can be promoted slightly with this investment.With the case analysis and the research of the publishing enterprises abroad and domestic, it is indicated that abiding by the classification of the content, the enterprises should try to choose one category to promote the books’ quality and the by-products. The enterprises should cooperate in the field of digital integration and communications media to lay out the investment in limited industrial chain. This will do great good to the strategy transformation for our publishing industry, which is instructive for our publishing enterprises to transform investment structure.