"Culture Industry Promotion Plan" was published on September26,2009,supporting qualified culture enterprises seeking financing by listing on the MainBoard or the GEM. As the main force of the culture industry, the pressing tasks ofstate-owned groups in capital operation are enlarging the financing scale andperfection of the financing channels. Along with the progress of cultural restructuringand establishment of the new major players of the market, there is a certain need forthis industry to enter the capital market.The matured theory about the listing of film and television industry overseasobviously is not totally fit for China as the huge differences in social property andbasis of ownership system. This paper is based on the dynamical mechanism, thesector domain and the foundation of the listing of Chinese state-owned film andtelevision enterprises, combined with the actual conditions of China,discussing howcan these enterprises get a ideal integration with the capital market in the support ofthe government policies, in order to give a major push to the further prosperity. Thispaper has also proposed an appropriate model of listing for current conditions,so as toconclude a theory with regularity and patterns of operation.The only way that can lead the state-owned film and television enterprises inChina to success,when facing the competition of both international and domesticmedia groups,is improving their own competitiveness. According to our research,forthe dynamic mechanisms of the listing of these companies,the support of governmentis the active force,and the capital resources act as the driving force,the dynamicprinciple is to build a suitable exit mechanism for state-owned capitals by thefinancing way of listing,consequently relive the fiscal pressure,and also set up aclear institution of property and a complete governance structure. We have alsoclassified these corporations into three types:"Propaganda","Social service", and"Business". For the ones oriented by "Business",our conclusion encourage them tolist as a whole through dual-IPO of A shares and H shares after striping of the problemassets off. |