中国广告行业资本化运作的发展研究  

Research on capitalization development of advertising industry in China

作　　者：李彦仪[1] 

机构地区：[1]北京大学新闻与传播学院

出　　处：《广告大观（理论版）》2011年第3期77-95,共19页Journal of Advertising Study

摘　　要：进入21世纪以来,我国资本市场广告企业的联姻,谱写了一曲又一曲行业发展的新篇章。白马户外传媒、分众传媒、省广股份、昌荣传播等一批又一批本土广告企业,在资本的助力下,实现IPO,并依托资本带来的优势,不断地进行扩张、兼并、整合,对我国广告行业的格局产生了深刻的影响。中国本土的广告市场,已经进入了广告业本身业务能力和资本市场资本运用实力的双重角逐。本文从资本运作的视角,结合企业生命周期理论与北京大学新闻与传播学院陈刚教授提出的"中国广告企业的三次资本化浪潮",进行数据统计和案例分析,梳理了中国本土广告公司(户外媒体、网络广告、无线广告、广告代理)在前进道路上与资本市场嫁接的历史进程;从资本运作的风险投资、股权投资、兼并与并购等角度,详尽阐述了我国广告业资本化运作各个阶段的历史、方法、特点及其影响;结合政治、经济、企业内外因等方面分析概括了这些特点产生的原因,预测了我国广告行业在资本市场的前景。In the 21st century, capital market went actively. More and more companies, like Clear Media, Focus Media successfully landing the capital market （IPO） in the capital of power. Relying on the benefits of capital, the giant advertising companies continued to emerge, expand and integrate. Nowadays, the new trend in the advertising field is the competition between the business model of the advertising company and the power of the capital. From the perspective of capital operation, combined with the advertising industry＇ s three capital waves theory of Chen Gang, vice president of Journalism School Peking University, did data statistics and case studies （the outdoor media advertising, wireless media and etc.）. It elaborated on the capital of China＇ s advertising industry at all stages of the operation of the history, methods, characteristics and effects, in the perspectives of the operation of venture capital from the capital, equity investment, mergers and acquisitions point of view, and combined with the political, economic, business and other aspects of internal and external factors, analyzed and summarized the reasons and predicted advertising industry in the capital market prospects in China.

关 键 词：广告行业 资本化运作 企业生命周期 资本化浪潮 

分 类 号：F713.8[经济管理—广告]