Study On China’s Media And Publishing Companies’ Investment And Financing Strategy

As an important part of the cultural industry, media and publishing industry has great significance to people’s peaceful living and happiness, national stability and long-term development. It has multiple attributes, such as spiritual, material, cultural and economic ones, and it has its unique characteristics and development law. Since the Reform and Opening, the media and publishing industry has been expanding rapidly. However, some drawbacks on the investment and financing have been hindering the development of the industry.This dissertation firstly analyzes the history of the media and publishing corporations’ investment and financing. By analyzing the various historical stages of the media and publishing business investment and financing, it summarizes the fact that government’s management of the media and publishing corporation investment and financing market behavior gradually relaxed, as well as the historical characteristics that investment and financing autonomy gradually decentralized of the main business entities as enterprise. Then, media and publishing business investment basic theory, the macro-environment and micro-environment of the investment and financing were analyzed, followed by analysis of the current domestic publishing corporations’ existence and development of domestic and foreign media and publishing corporations’ investment and financing market, pointing out disadvantages of domestic investment and financing, as well as the gap between foreign investment and financing market and domestic market. Next, using classic investment and financing theories to analyze companies’ valuation, portfolio and after-investment management, risk aversion, the economic cycle, the exit mechanism, and other major issues, combined with macro and micro environment of investment and financing, with the specific case at home and abroad,(of Pearson Group, News Corporation, Zhejiang newspaper media, Phoenix media), it presented systematic solutions of media and publishing business investment and financing.Industry Characteristics of Chinese media and publishing business is very obvious, which is under strict control of the national ideology, and its investment and financing development history is very short, so that from the internal point of view, aspects of a professional team, experience, insurance mechanisms are not perfect, while, from the external environment point of view, the development path of the international publishing industry are much wider, as area of investment is not restricted and is various. Despite the existence of special Chinese national conditions, there is still a lot of good experience that is worth learning from. For investment and financing strategies, Chinese media and publishing companies should pay more attention on aspects of shortening decision-making processes, breaking the bottleneck of valuation, training of professionals, state-owned company’s culture.