The Analysis On Financing Environment And Methods Of Hunan TV & Broadcast Intermediary Co.,Ltd.

Hunan TV & Broadcast Intermediary Co., Ltd. (TBI), founded in January 1999, is the first listed company in China's media industry, which came into capital market. TBI's successful initial public offering (IPO) and rapid capital expansion played an exemplary role in capital operation and management of China's media industry. Meanwhile, in the post-IPO period, TBI employed many experts of capital operation and financial management and brought into full play the various financing approaches, which were characteristic of corporate financing.The capital management is the core of financial management and financing is the basis of capital management. The thesis firstly introduces the main concepts related to financing and analyzes the basic characteristics of listed companies. Secondly, based upon the analysis of TBI's financing environments (i.e. economic environment, legal environment, financial environment and media industrial environments), the thesis explores TBI's strengths and weaknesses in financing and evaluates the advantages and disadvantages of TBI's main financing approaches. Thirdly, the thesis elaborates the difficulties and challenges that TBI is facing in its financing and studies TBI's financing strategy and other financing approaches. Then the thesis, based upon the study of TBI's financing environments and approaches, makes a brief analysis of the future development of China's financial market and forecasts the choice of financing approaches of a listed company.Based on the above analysis, the thesis makes a game analysis on the financing environments and financing, concludes that the basis for the choice of financing approaches is the matching of financing amounts with the main business, the micro-computation of capital cost and the optimization of the capital structure. The thesis also stresses the necessity for a listed group company to follow the financing philosophy of attaching importance to capital accumulation, and points out, in view of the structural conflicts of money stock in China's financial market, the necessity of innovation in financial instruments by introducing derivative and hybrid financial instruments into Chinese market.The thesis is expected to be of practical significance both to TBI's follow-up financing and to the financing of other listed companies as well as of policy implication to the development of China's capital market.