| In the national economy, Media industry is becoming more and more outstanding, how to improve the international competitiveness of the media industry has been growing attention. Capital Management as an effective means of development, the media industry has been widely used in developed countries. In support of the national policy, Chinese media industry capital operation practice has made some achievement.In order to enrich the Chinese media industry capital operation theory and improve the efficiency of the media industrial capital operation, this paper ha been using the literature analysis, comparative analysis and case analysis to explore china's media industry capital operation in the way of they operate. Research papers are:(1) Basis of the theories of the relevant literature at home and abroad, and the combined capital of China's media industry operating practice, try to propose the way of Chinese media industry capital operate, which can be broadly summarized as the media market, acquisitions, cooperative joint ventures and divestitures, then analyze the type and the pros and cons of them.(2) To the world's super-media empire - the United States for the comparative analysis of the object, investigate the similarities and differences between china and American media industry about the process of Media listing, mergers and acquisitions, joint ventures and divestitures co-application, What include the specific rules of the media listing, procedures and size of media mergers and acquisitions dominant force, the main types and sizes, cooperative joint ventures and divestitures purposes related conditions, then to learn from the successful experience of the United States, promote Chinese media industry capital operation better.(3) Media companies is the pioneer of the media industry capital operation, which issuance of shares financing, carry out domestic and international mergers and acquisitions, introduce co-operation, joint venture and other capital operation activities, which has brought a significant impact on Chinese media industry. Hunan TV and Broadcast Intermediary Co., Ltd. known as the "Chinese media first unit", is the leader in integrating to the capital market, and carrying out capital operation activities frequently. Therefore, this paper Paid Hunan TV and Broadcast Intermediary Co., Ltd. for example, analyze the way they operate and the application they do, which will be an important significant for other media companies and the entire media industry capital operating.Based on the above mentioned several parts' research, the results showed :(1) To issue shares listed has become an important means of financing for media industry, mainly "back-door", "borrow shell" or split listed, the only a listing of the whole media enterprises is Liaoning publish medium. Comparing with the more liberal media financing environment of the United States, as our country's capital market to approve the system of the management system, so that the media in domestic market listing is higher standards and more complex procedures, then block the pace of listing in domestic financing for parts of media enterprises. So, Chinese media can learn from America to register make practice, relax restrictions on media domestic listing standards; When "back-door" or "borrow shell" way listings, fully assess the value of shell resources; Finally, make media listed to become the optimization media management structure, improve operation conditions and to raise awareness of the effective way.(2) Our country media M&A is as the government as the main force, as horizontal merger as the main form, and there is a more related party transactions. Corresponding to the massive M&A, our government has been aware of accelerating the importance of medium size. In china's media industry, the speed of M&A and relative market share is not inferior; different is in our country's media M&A, the government's "the visible hand of the role of the bigger, is not the media merger dominance of the market. As Hunan TV and Broadcast Intermediary Co., Ltd. for example, found most of the merger and acquisition activity on the equity for payment of related transactions. Therefore, under the conditions of market economy, give full play to the market "invisible hand" action, Comprehensive use of Multiple M&A, reduce the related party transactions, and do a good job on the acquisition target assessment and post-merger integration.(3) In China's media industry, the operating condition of Cooperative joint venture is more stringent and the manner is single, which hinder foreign investment in this industry, private capital and foreign capital to enter. Joint venture is to expand media cooperation as a means to bring both sides to co-venture huge return on investment, but also to cross-media companies, cross-regional development and create the conditions. But in comparison with America, China's media industry cooperation in joint venture have done more strict regulation, such as business scope, the proportion of investment, personnel, etc, is not conducive to capital, foreign capital and benefits of private capital into. Therefore, the situation of the media industry cooperative joint ventures, need to keep to the state capital of media industry in the "dominant" and "holding" position, relax restrictions on joint venture cooperation conditions, and actively introduce all kinds of capital; Straighten out all kinds of capital in the industry chain in the rights and obligations of the relationship, innovation joint venture cooperation way.(4) The right of management of purchasing and cataloging, assets of business and non-business of dissection can help to realize the media public financing, clear media core business and enhance core competitiveness. In United States, divestitures activities is the goal of developing the business strategy, but in china, at present, divestitures activity is mainly to the purchasing & cataloging right, the assets of business & non-business to separation, a few media around the business strategy development to carry out the dissection of the activities. Whatever the dissection is all in order to make the core business clearly, then enhance the core competitiveness the media finally. |
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