Study On Media Enterprises' Structure Of Property Rights And Performance

Accompanying the rapid development of domestic economy, media industry has been gradually expanding in the past twenty years. However, there is a serious defeat in the management system in practice featured by the so-called management model of demutualization that no main part definitely exists in a specific media entity as well as single structure, which has been generally applied by the major media enterprises nowadays. It is of actual significance that improving the management performance through the means of transforming the structure of property right for media enterprises in the course of the systematic reform in system. In western property right theory, there is a tight relationship between the efficiency of resources disposed by the market-oriented system and the arrangement of property right. As a result, different arrangements of property right finally affect the outcome of efficiency of resources disposal, namely, the cost of execution under the state-operated system is much different from that of the private-operated system.This paper takes an empirical study on normally-reformed media enterprises, which is beneficial to offer the definite operational thoughts for the reform of property right. The results show: firm performance is significantly"U-style"related with the percent of the state-owned shareholding when the performance index is ROE; And negative when the performance index is Tobin's Q, the percentage of the float share is also positively related with firm performance respectively. The experience in developing media industry overseas shows that insisting the purpose of service for politics under the market environment regulated by the perfect legislation ,based on normalizing the conduct of market subjects as the main means, and enlarging the corporate operational scale with the excellent employment of capital on condition that giving full play to the advantage of scale economy as well as scope economy ,which is a powerful method to lift the corporate and industrial competition of media.In view of the traits of media industry tightly related to a nation's ideology, and its two-fold characters of management performance ,on one hand, we need to make the property right of media enterprises clear ,and building the normal modern system of enterprise , which enables them to make management decisions independently and take full responsibility for their own profits and losses; on the other hand ,In order to allow more outer capital to invest in media enterprises ,we need to loosen the regulation of capital entry including the foreign capital which can accelerate the development and expanse of media enterprises promoted by the powerful capital operations as more outer funds flow in; what is more ,the perfect trading market is an important platform for media enterprises to propel the reformation of structure of property right , and ensuring the transfer of property right smoothly.