Research On Media Industry Listed Company Governance Structure And Comparative Study

In order to improve our media industry structure and adapt to the international media industry system evolution, improve the international competitiveness of the media industry, China’s media enterprises have the experience abroad and take holding and equity participation way such as capital operation. The structure of company governance is the key of modern enterprise system reform. Because of the particularity of the media industry, media industry listed company facing the reform process multiple pressures and challenge, political power and capital combination of forces, management of the main body of the diversification, profit model of simplification, intelligence and tech-intensive industry characteristics, decision of the advantages and governance structure and general industry significantly different. The media industry is always the governance of listed company structure at home and abroad and the theory and practice of the hot spots, but in many of the study of the method of selection, because the sample and index has not been consistent different point of view. This paper adopts rules and positive study the method of combining the listed company and the Chinese media electric power or gas and water supply and production, communication service, professional technology service, computer application services industries of stock right structure and three will run, incentive such as executives were compared. This paper studies had found a strict government regulatory monopoly nature and with "asset light" management of the media give priority to the corporate governance structure of a company and other industry has significantly different features. The media industry which have significant listed company of high concentration of ownership structure characteristics, the share ratio of the largest shareholder and the top five shareholders’ equity concentration significantly higher than electric power or gas and water production supply industry, communication services and computer application service industry, but between degree of ownership balance is significantly lower than above contrast industry, although management characteristic is more obvious. Network media, online animation and other emerging media companies relative radio, film and television, and plane media and other traditional media companies, management structure more perfect, corporations and the selection of senior executives of marketization is high, the incentive mechanism relatively flexible, and how many directors and executives to strengthen the equity incentives, establish the reasonable incentive structure, become traditional media company to improve corporate governance have an important problem to be resolved.