The Contrastive Study On The Transaction Structure Of Main Public Listed Newspaper Enterprises In The Chinese Mainland

This paper studies 24 annual and half-annual reports of the public listed newspaper enterprises in 2008 and 2009. Through horizontal and vertical contrastive analysis of the transaction structures of these enterprise, over 30 major transactions of six enterprises are classified into advertisement transaction, printing issuing transaction, delivering transaction, cross-media transaction and non-media transactions. The author incorporates the advertisement transaction, printing issuing transaction and delivering transaction into one:the traditional newspaper transaction.With the reference of the development of these enterprises in the last two years, the author categorizes six enterprises into 3 types:first prudent enterprises such as Xinhua Media, Huawen Media and Beiqing Media; Second developing ones such as Borui Media and Yue Media; Third, weak ones such as Saidi Media. After the analysis of over twenty finance data out of the annual reports of these six listed newspaper companies, the author finds that:1. There are certain corresponding relations between the transaction structure and companies'operational performance; 2. The higher rate of the traditional newspaper transaction compared with the total turnover of the company, the relatively better of the operational performance; 3. As for the prudent listed newspaper companies, the operational performances are the best when the rate between the traditional newspaper transaction turnover and total turnover is the golden separation ratio-(0:618).At the same time, the author makes a bold predication that when the newspaper industry enters free trade era, the transaction structures of current newspaper listed companies are similar to that of today's prudent listed newspaper companies. The reasonable ratio between the traditional newspaper transaction turnover of the listed newspaper companies at that time and the total turnover of the companies should be the golden separation ratio (0.618).The author gives suggestions to the problems during the business operation of each listed newspaper company:1. It is good if the listed newspaper companies can maintain the higher quota of the traditional newspaper transaction. If the quota of the traditional newspaper transaction is higher, operative performances of the listed companies are relatively better; 2. The listed newspaper companies with high quota of the traditional transaction should balance traditional newspaper transaction; 3. The newspaper groups planning to go public may unite with other enterprises with good advantages. The author calls it "combined go public"; 4. During the choosing of the cooperative partners in the "combined go public", the newspaper groups should put priority to choose the enterprises of cross-media industries such as network, book, audio-visual publishing, broadcast and television and carry out multi-facet all-around flexible cooperation.5. When the newspaper groups choose their non-media enterprises to the "combined go public", they should consider the good position of the cooperative partners whose lines should be sunrise industries.Listed newspaper companies are new. This thesis makes research only on current six listed newspaper companies and the conclusion could be testified in a wider range.