A Study On The Model Of Issuing And Listing Of The State-owned Film And TV Enterprises In China

With the increasing economy globalization and transition of social economy, thedevelopment of state-owned film and television enterprises in China economic changeis facing rigorous challenges. Listing is one of the most important ways of theseenterprises rapidly growing, while the selection of the listing mode is one of thedecisive factors for enterprises getting success after listing. How to select an efficientlisting mode is the key point that the media industry should be solved in itsdevelopment process, which is also the main purpose and the key issues the paperresearched.This paper, based on the status of the state-owned film and TV listed enterprises,and takes five companies for instances, makes a detail introduction of the models andthe modes of IPO, indirect listing, overall listing, spin-off listing, oversea listing, andputs forward the most suitable mode of the listed state-owned film and TV enterprisein China by comparing the analysis of different market models in property rights,corporate governance structure, the profit model and incentive differences.State-owned film and television enterprise has recreational and educational doubleproperties, in the strict supervision system, state-owned film and television enterpriselisted facing more serious listed barriers. Comprehensive six listed mode comparison,appear on the market directly listing would cost more than the indirect listed, but directlisted model can raise more capital, incentive system to be more perfect, equity alsomore centralized, The whole appears on the market and listed more can keep enterpriseintegrity and continuity, and the overall listing financing model also has large scale,the connection transaction has some advantages, such as less. The domestic listedlisted abroad than facing policy barriers is small, the television industry for themainland market, no matter from the box office or from the influence for it should firstselection of the domestic listed.Therefore, the author thinks that Chinese state-owned film and televisionenterprise listed mode from listed the way of analysis, direct listed model is superior toindirect listing of the model; From the business structure analysis, the overall listingmode is superior to split listed mode; From the location of the listed in comparison, isbetter than that of the domestic listed listed abroad. Accordingly, the author putsforward the most suitable for Chinese state-owned film and television enterprises listedon the best mode is: to haven’t listed state-owned film and television enterprise can choose in the mainland motherboard initial public offering whole appears on themarket, has been part of the assets of listed state-owned film and television group, theparent company can use reverse acquisition mode, will need to listed assets injection inin order to achieve the purpose of whole appears on the market.