我国传媒产业投融资现状透视.doc.doc

我国传媒产业投融资现状透视 PAGE  PAGE - 18 - 我国传媒产业投融资现状透视 [内容摘要] 时值2008年，在这个被业界誉为资本介入元年的奥运之年，传媒业在“事”改“企”的转变中，将如何与“资本”共舞，必将是业界关注和思考的焦点。而众所皆知的是，投融资体制的建设问题是制约任何一个产业发展的瓶颈问题。因此，传媒产业要发展，必须要有资本和金融的鼎力支持。本论文在探讨资本和传媒产业发展互动关系的基础上，通过对近几年中国大陆传媒业投融资状况的剖析研究，探讨传媒产业如何才能突破投融资“瓶颈”，试图为建立完善的投融资体系，配置有效适宜的投融资体制和机制，提供一些依据和思路。 [关键词] 传媒产业，媒介资本市场，投融资，机制 Abstract: When it comes to 2008--the year of Olympics, which is called the first year of capital insertion by the industry, how the media industry can interact with capital in the tfansformation from “public institution” to “enterprise units” ,must be the focus of attention and consderration in the industry. And it is well known that the construction of investing and financing systems is one bottleneck problem which restrains the development of any industry. Therefore the development of the media industry must obtain strong support of capital and finance. This thesis tries to provide some bases and trains of thought ,to establish complete investing and financing systems, to deploy effective and appropriate investing and financing systems and mechanism, through dissecting and researching the investing and financing conditions of media industry in Chinese mainland in the last few years, via discussing how media industry can break through the“bottleneck” of investing and financing , on the basis of probing the interactive relations between capital and media industry development . Key words: media industry;the media capital market;investing and financing;mechanism ￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣ 一个产业从限制到逐步放开的过程中，无疑会充满了超常赢利的机会。目前我国的媒体产业正是这样一个备受瞩目的产业领域。而资本追逐利润的本性，使它最为敏锐???感受到了传媒市场的春潮涌动和投资价值。虽然，允许媒体接受投融资的政策尚待明朗，各类资本已经急不可待。在这个被称为资本介入元年的奥运之年，形式繁多、数目庞大的合作“项目”在洽谈；另有大批找“壳”的资金和待价而沽的“壳”自由电子般运作，求耦合碰撞机会…… 一、我国传媒市场投融资现状 纵观我国传媒市场，其大体的投融资现状有以下几大特征：1、现有市场规模与社会投融资需求不相匹配 与西方发达国家相比，我国媒介资本市场中的上市媒介在媒介总量中的比例远远低于他们，这与我国传媒资本市场运营起步晚有着不可分割的关系。但是我国媒介资本市场有相当大比例的股票不能流通。去年新上市的粤传媒的股本结构如下： 股票简称： HYPERLINK