The Empirical Analysis Of Exchange Rate Fluctuation On Import-Export Of Jiangsu Province

People, recently, emphasize more on the development of cultural industry and cultural corporations. Lower marginal cost, knowledge-intensive and spillover effects make the cultural industry to be a crucial part of structure transformation in Chinese economy. Meanwhile, more polices to shore up the cultural corporations are published by Chinese Government and the government-owned corporations accelerate the process for shareholder structure reformation and to be listed. One of the most vital issues is how do the corporations refinance and reinvest efficiently? How do corporations finance? What is the most profitable capital structure proportion for corporations? All of these issues are concerned by researchers. Only by expanding operational scale can corporations have economies of scale and economies of scope, as a result, companies can improve their efficiency of operation.Media industry, the carrier of the culture, has high proportions of government capital; however, the proportion has decreased recently. Increasing number of media corporations have taken shareholder structure reformation and listed around the world. The thesis focuses on the efficiency of equity financing. We should consider the efficiency from two different aspects:the efficiency of financing by equity and operation efficiency. Corporations should chose the best way to financing and minimize the cost, and then guarantee using capital efficiently, thus improving the value of corporation.By examining the shareholder structure and the state of operation, this thesis summarizes the characteristics of media listed corporations. Moreover, this thesis also applies DEA method to calculate the efficiency of financing and efficiency of operation for years around the exact time of financing. The result shows most of the corporations in the sample are inefficiency, which illustrate the lag period among the financing, investment and the output of profit, and the lag period is at least two years. However, shareholder structure does not affect the operation efficiency by applying DEA. In addition, some media corporations have suspended their planned projects, which were the target projects for their financing; and some media corporations just left most of capital in their back account. Finally, basing on all the results of this paper, I propose several suggestions to improve the efficiency of the media companies in China.