Research On Capital Operation Of Chinese Universe Publishing And Media Group Co.Ltd

Since 2006,under the dual impacts of both China's "Eleventh Five-Year Plan" cultural system reform and shareholding system reform,a group of publishing media enterprises in a more advantageous position have successively carried out “enterprise transformation reform” under the support of national policies.In order to establish a modern enterprise management system and improve the industrial chain of publishing media enterprises,most publishing companies use IPO listing and backdoor listing to go public.Under this circumstance,capital operation,as a current efficient multiple-transformation channel to broaden financing channels,enrich industrial structure,accelerate the integration of new and old media,will inevitably attract more attention.As the nation's first publishing company who goes public through the overall business of editing,printing,distribution and supply,Chinese Universe Publishing & Media Group Co.Ltd ranks third among similar listed companies in China,and ranks as one of the "three carriages" of listed national publishing media companies with Phoenix Publishing & Media Inc and China South Publishing & Media Group(601999),the total assets have exceeded 30 billion.The period after its listing happens to coincide with the rise of digital publishing and integrated publishing,and capital has gradually become the decisive tool to occupy the market for media groups.As the backbone of the state-owned enterprises in the cultural field,the publishing media industry naturally has the responsibility of the party and the government's "mouthpiece" and shoulders more important social responsibilities than the general state-owned enterprises.Therefore,how to use the state's support policies to select the appropriate capital operation path to help the industry transformation and expansion are of paramount importance.Based on the relevant theories of capital operation,combined with the research methods of literature research and case study,this paper analyzes the capital operation situation and characteristics of China's publishing media groups in two periods before and after 2010.Then select Chinese Universe Publishing and Media Group Co.Ltd,a listed subsidiary of Jiangxi Public Group,as the main research object.Through analyzing the motivations and financial indicators of its capital operation activities.It is recognized that Chinese Universe Co.Ltd has certain inevitability to go public under the driving force of internal and external capital operation.Combining the stable financial indicators,the subdivided capital operation mode and the remarkable development results of the Chinese Universe for the past 9 years,the correctness and reference value of the Chinese media capital operation path are verified.Finally,this paper analyzes the problems of Chinese Universe's capital operation and provides some outlooks to its future capital operation path.This paper aims to help publishing media companies discover advantages and disadvantages of capital operation through the detailed capital operations analysis of Chinese Universe Publishing and Media Group Co.Ltd to inspire the publishing industry and provide some reference for the same type of publishing media enterprises in China.