中国传媒上市公司投融资行为研究  

Investment and Financing Behavior of Chinese Media Listed Companies

作　　者：孙建军[1] 王浩[2] 朱鸿军[3] 

机构地区：[1]吉林大学商学院 [2]清华大学公共管理学院博士后流动站 [3]清华大学新闻与传播学院博士后流动站

出　　处：《江海学刊》2011年第3期90-95,239,共6页Jianghai Academic Journal

基　　金：国家社科基金项目“新时期我国报刊经营体制研究”(项目号:06BXW013);教育部人文社会科学研究基金青年项目“跨国公司地区总部与东道国城市发展:基于GIS技术研究”(项目号:10YJC790252);中国博士后科学基金项目“我国传媒集团公司治理结构优化研究”(项目号:20100470366)的阶段性成果

摘　　要：传媒上市公司是中国传媒业的主力军,对文化产业发展意义重大。但是,正处在产业化起飞阶段的中国传媒上市公司存在强烈的股权融资偏好,投资行为呈现随意性和非效率特征,缺乏多元化投资,这显然不利于实现传媒企业和产业整体价值最大化。基于非平衡面板数据的计量研究结果显示:中国传媒上市公司的融资行为、股权结构、资产特性对投资效率具有不同程度的影响。因此,应尽快建立具有中国特色的国有资本主导型传媒产业投融资体制,以更好地推进中国传媒上市公司科学发展。The Chinese listed companies of media are the main force of Chinese media industry,playing a very significant role for the development of the cultural industry.However,these companies in the taking off period of the industry have the preferences for strong equity financing,and their investment behavior tends to be arbitrary and inefficient,and short of diverse investment,which is obviously not conducive to the maximization of the value of the media enterprises and the whole industry.According to the metric research results based on the imbalance panel data,the financing behavior,the equity structure and the assets characters of the media listed companies have varying influence on the investment efficiency.Thus,it is earnest to establish the financing system for the state-assets oriented media industry with Chinese features,so as to better promote the scientific development of the Chinese media listed companies.

关 键 词：投融资 传媒上市公司 文化产业 

分 类 号：G206-F[文化科学—传播学] F832.51[经济管理—金融学]