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进入20世纪90年代以来,中国媒介资本市场出现了了许多令人振奋人心的资本联姻。综观这些媒介资本进入资本市场的个案,可以大部分归结为直接上市和间接上市两种主要模式。随着我国股权分置改革的逐步完成,资本市场的制度逐渐健全和完善,同时也由于我国传媒管理政策的逐步放开,再次推进和加快了我国媒介机构的上市步伐。而对于采用直接上市还是间接上市的讨论也成为整个业界关注的焦点。本文基于对这两种模式的优势和劣势分析,采用对比参照的方法,旨在构建一条适合中国媒介生存环境的投融资上市之路。
Since the 1990s, there have been many exciting capital alliances in China’s media capital market. Looking at these media capital into the capital market cases, most can be attributed to the direct listing and indirect listing of the two main modes. With the gradual completion of the split share structure reform in our country, the capital market system has been gradually improved and perfected. At the same time, due to the gradual liberalization of the media management policies in our country, the pace of listing of media agencies in our country is once again promoted and accelerated. However, the discussion about adopting direct listing or indirect listing has also become the focus of the entire industry. Based on the analysis of the advantages and disadvantages of these two modes, this paper adopts the method of comparison and reference, aiming to build a listing of investment and financing that is suitable for China’s media environment.