| The international soft power competition lies in the development of cultural industry. The18th National Congress of the Communist Party of China advocated deepen cultural system reform, and the3rd Plenary Session of the18th Central Committee of the Communist Party of China would also improve on the agenda of the financing system of the cultural industry. As the core and key of cultural industry, the news publishing industry wants to become bigger and stronger, which focuses on enterprises’ development. However the financing problems of press and publication enterprises restrict their developments, so it is urgent to widen the financing channel to perfect the financing system.Combined with the dual attributes of the news publishing industry, this paper analyzes the changes of financing mode based on the evolution and development of the news publishing industry. This paper analyzes the financing characteristics and problems of the reality, applying the cultural industry, life cycle and financing related theories. From the angle of enterprise life cycle, this paper then analyzes financing demand, financing risk of each stage, in order to find the suitable financing mode. Finally the author carries on the empirical analysis on the listed news publishing enterprises, and improves some feasible countermeasures to propose the news publishing enterprises financing performance.Firstly this article uses the literature research method. The author extensively collects the literature and theory about the news publishing enterprise financing, life cycle theory and the combination of the two aspects from the domestic and foreign, and then makes comments of the existing literature to look for a vacancy as the main contents of this paper. Secondly it adopts normative research method. This article synthetically uses various theories of financing, to analyze the present financing behavioral characteristics, existing problems, and deeply reasons for the adverse financing system of Chinese news and publication enterprises.In addition, there is the application of comparative analytic method. Comparison of financing demand, risk and methods of different development stages makes the demonstration more distinctive. Finally, it uses the method of empirical analysis. Through selecting the27samples of the domestic listed publishing and printing enterprises, the paper makes life cycle division of them, then discusses the problems about the relationship between financial structure and financial performance, the financing preference, the existence of financing constraints or not etc..It is not uncommon to find some enterprise researches from the angle of life cycle, but it is rarely to see the researches on the news publishing enterprises in domestic on the basis of this angle. From this angle, this article draws the following conclusions: firstly, because of the news publishing industry’s special commodity attribute and ideology attribute, the enterprise’s financing is different from the other enterprises which it has a background of national policy support. However, after the transition, the news publishing enterprises present three kinds of behavior characteristics. Secondly, in the formation period, the enterprise has a huge capital demand, small supply and high business risk, so it is suitable to using the endogenous financing, angel investment and venture capital investment; in growth period, money demand is still very big, but the supply has promoted, realized the short-term balance.Operating and financial risk coexist, so it is suitable to using shell resource financing strategy and the convertible bond financing; in mature period, financing demand continues to expand, but the increase in supply is greater than demand. The risk decreases to a minimum, so it is suitable to using all kinds of credit financing, especially bond and equity corporate bond; in recession period, the direction of financing demand has changed, and financial risk increases, so it is suitable to using asset securitization financing. Lastly, statistics drawn from the empirical researches indicates that the financing structure of Chinese listed news publishing enterprises is the equity financing>endogenous financing> debt financing. The corporations in growth period have better effect on endogenous financing, and the corporations in mature period should combine with the various financing methods to improve financing performance. Most enterprises do not have financial constraints... |
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