A Empirical Research On Chinese Media Listed Company Operation And Management

Since Reform and opening, the media enterprises had experienced three organizational forms which were public institution, enterprise and public institution mixed unit, enterprise, and with the national industrial policy supported, the media enterprises entered the capital market, opened up the new road for going public in order to enhance asset size and reach scale operation. Because the nation controlled and led the development of media, when the media listed companies pursued market value maximization, they should take the government interests into consideration, take the government publicity function and make strategic planning in accordance with national policy. For the media listed companies possessed mass media function, they should also consider the public interest. So there were three interests involving in the operation and management of media listed companies, and compared to other industries, in addition to the general nature of enterprise, the media listed companies had their own industry particularity.This paper selected10media listed companies as sample, get information from the sample companies’financial statement ranging from2007to2010and studied the managerial and operational performance of sample company through financial analysis, correlation analysis between capital structure and corporate performance and corporate strategy analysis. During the course of the studying, this paper combined empirical analysis, standard theoretical analysis and data analysis to ensure the qualitative and quantitative in the research, and in order to make a intensive analysis, the research was made from part to whole, beginning from financial index analysis to overall performance analysis, and then raising to the corporate business strategy analysis.In the chapter of financial analysis, the study began with profitability analysis, asset management ability analysis and solvency analysis, made explanation with the information from financial statement, and then combined these three analyses using DuPont analysis in order to make an overall understanding of enterprise performance changes.In the chapter of correlation analysis between capital structure and corporate performance, this paper collected financial date from9sample companies between2007and2010and made regression analysis with general asset-liability ratio and the top5shareholders stock rate as independent variable; return on equity and earnings per share as dependent variable; company size and growth as control variable.In the chapter of corporate business strategy analysis, this paper made research on strategic planning, investment strategy and business operation of sample companies and investigated the corporate business strategies’adaptability to the change of national policy.