Research On Financing Efficiency Of Listed Chinese Media Companies

With the development of stock market and the loosening regulation of the government on the media industry, more and more media companies choose being listed to funding for their own development. According to the previous annual reports of the listed media companies, the capital market is considered to be in favor of the listed media companies which would have lots of choices in the equity financing or the issuance of bonds.Therefore, this thesis holds the idea that the study on financing of the present listed companies should be diverted into the financing efficiency from the financing amount. The financing theory developed in 1970s insists that the financing efficiency and financing structure are closely related. The same amount of financing, due to the different sources and constitutes, has different impact on the administration efficiency and the rate of refinancing. From the analysis of the annual accounting forms of eight representative listed media companies in 1999-2008, it's concluded that Chinese listed media companies have different choices in the financing patterns and are diverse in the financing mix owing to the different listed ways.In addition, by applying the fuzzy mathematics evaluation, it makes the appraisals on the three financing patterns respectively and ranks financing efficiency from high to low as: internal financing, bond financing and the equity financing. On the basis, comparing the different stages of the listed media companies, it points out the optimal financing patterns:as for the newly listed media companies, the best financing order is:equity financing, bond financing, internal financing; as for the mature listed ones, the best order is:internal financing, bond financing, equity financing. As for the difference between the real and ideal financing structures of the listed media companies, this thesis puts forwards a series of strategies to promote the financing efficiency, including improving the internal financing organism, developing the capability of bond financing and perfecting the financing market.