The Research Of Going Public’s Influence On Media Enterprises’ Operational Performance

With changes in the macroeconomic environment and easing policies,more and more state-owned media enterprises have successfully listed instock exchange market. However, what is these listed media enterprises’performance? After media enterprises went public and acquired capitalmarkets’ support, does it help them improve their performance,profitability, solvency, asset quality and development capabilities?All of the above issues have drawn wide attention in academia andindustry. This research has therefore chosen eight companies with overthree years time since IPO from the CSRC’s (China Securities RegulatoryCommission) industry categories of culture and media; such eight samplecompanies are affiliated with publishing, broadcasting and televisionindustry, and information dissemination services. Then an evaluationmodel which contains four dimensions of different indicators fromprofitability, solvency, asset quality and capacity development isestablished for analysis. Weight parameters are assigned according to theimportance of indicators, and total weight is set100%. After calculationsof two to three years’ corresponding scores in the ratio index both beforeand after the listing for each individual indicators, and a year-by-year sumscore of each individual indicators added up, this research manages topresent the annual performance trend of listed companies before and afterIPO. Analysis based on changes in the performance trend helps to explainthe impacts of four dimensions such as profitability, solvency, asset qualityand ability upon companies’operational performance. Finally, this research identifies and sorts out the problems of suchstate-owned media enterprises after and during listing, and then sheds lighton some countermeasures and suggestions, so as to help guide Chinesestate-owned media enterprises to adjust and standardize their listing motiveand to obtain practical results through listing.