投资媒体应认清的三大问题
<p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; mso-char-indent-count: 2.0;"><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">长期以来，由于计划经济体制的影响，以及传媒单位的事业性质，中国传媒业的发展一直主要依靠内生性力量，缓慢地积蓄着发展所需的资金。尽管如此，在一种封闭的市场环境中，这依然不失为一种行之有效的办法。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> 然而，环境已经发生了变化，社会主义市场经济体制已经建立起来，中共十六大把文化单位分成两大类：一类是公益性事业组成部分，即为公共事业服务，隶属于国家的一些事业性质的部门，今后继续以事业体制进行管理；一类是经营性产业组成部分，今后要按现代企业制度进行体制创新，它的产品要通过市场来实现其价值。在一个开放的市场环境中，绝大部分传媒单位作为经营性文化产业的组成部分，必须按照市场经济的要求来调整自己原有的运行规则，建立起与市场经济要求相适应的新的运行机制和规则。打通传媒与资本市场的通道，建立一种合规的传媒资本关系，是社会主义市场经济的内在要求，也是传媒业体制改革进入企业转制阶段后必须解决的问题。传媒业与资本市场关系的核心是传媒业如何以市场主体的地位开辟安全的融资渠道，利用资本市场壮大主业、拓展非主营业务，推进自身的发展。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">随着传媒业新型市场主体的逐步确立，传媒业不断传来开辟安全的投融资渠道、建立符合规范、合理有序的传媒资本市场的日益高涨的呼声。观察家们一致认为，业外资本投资媒体的脚步声越来越近了！</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><p></p></span></span></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; mso-char-indent-count: 2.0;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">自</span><span lang="EN-US"><font face="">1998</font></span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">年以来，国内就已经逐步出现了业外资本对传媒业的投资热潮。如三九广告公司注资《新周刊》，新世纪成功集团入主《中国新闻周刊》，国利埠康公司与三联书店合资成立三联埠康文化公司直至最近的《北青》计划香港上市等等，“资本想圈地，媒体想圈钱”，各种来路的资本通过渗透、重组、整合等各种方式共同拓展了中国传媒业。</span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">但是必须看到，业外资本进入传媒，潜在的风险同样巨大，遍布深不可测的陷阱。</span></span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">已经有人称这一现象是“继互联网之后又一个最大的泡沫”，本文试就业外资本进入传媒应认清的三大问题作一番探讨。</span></p><p></p> <p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-size: 10.5pt;">一</span><span style="mso-bidi-font-size: 10.5pt;"><font face=""><span style="mso-spacerun: yes;"> </span></font></span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-bidi-font-size: 10.5pt;">需了解<span class="fontfzd1"><span style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">传媒投融资政策的变迁</span></span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> 曾几何时，传媒业对于资本一直抱着一种恐惧的心情。也许</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">“</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">资本来到人间，每个毛孔都滴着肮脏的血</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">”</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">的经典论断给业界的印象过于深刻了。由于担心资本的逐利性影响到传媒的导向性，传媒业一直对资本市场采取一种抵触态度。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> 其实在改革开放初期，国家曾经允许</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">IDG</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">与国内单位合资合作出版《计算机世界》报，也就是现在赫赫有名的计算机世界出版服务公司。但这只是一个特例。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> </span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">1985</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年，国家在统计分类上，第一次把广播电视列入第三产业。</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">1992</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年，中共中央、国务院在《关于加快第三产业发展的规定》中将广播电视明确为第三产业。上个世纪</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">90</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年代中期，国家把报刊经营列入了需要加快发展的第三产业。中共十四届六中全会强调</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">“</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">建设社会主义精神文明要有物质保障。没有必要的物质保障，精神文明建设的许多任务就难以落实。要从社会主义现代化建设的全局出发，把精神文明建设纳入经济和社会发展的总体规划，保证必需的资金。要适应社会主义市场经济的要求，建立规范有效的筹资机制，逐渐形成对精神文明建设多渠道投入的体制。</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">”</font></span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/><span style="mso-spacerun: yes;"><font face=""> </font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">虽然政策上提出了要</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">“</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">建立规范有效的筹资机制</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">”</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">和</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">“</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">形成对精神文明建设多渠道投入的体制</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">”</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">，但在实际操作中这个要求并没有真正落到实处。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/><font face=""><span style="mso-spacerun: yes;"> </span><span class="fontfzd1"><span style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">1999</span></span></font></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年，中国经营报和精品购物指南事件在建构中国传媒业与资本市场尤其是投融资市场的关系上成为一个标志性事件。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> 中国经营报和精品购物指南是上个世纪九十年代崛起的两张报纸，前者是一份经济类报纸，后者是一份城市生活服务类报纸，在业内外具有较大的影响力。该报创办时是自筹资金解决办报经费的，后来出现了产权纷争。</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">1999</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年，国务院机关事务管理局、新闻出版署、财政部就两报的产权纠纷作出了明确的界定。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> 此次三部委的联合界定再次明确了报刊不允许个人、集体投资，即使在报刊创办时，个人、集体有自筹启动资金的，</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">“</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">也不能认定为对该报刊的投资，应按债权债务关系处理，由主办单位参照银行同期贷款利率予以退还</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">”</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt;"></p> <p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">这个文件在当时对那些试图投资传媒的人泼了一头冷水。显然，对于投资者来说，投资传媒并不是想得到贷款利率，而是投资的收益。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> 正因为传媒行业的特殊性质，资本与传媒在缺少法律保护的联姻中各怀鬼胎，同床异梦。资本想的是尽快兑现收回投资（因为投资存在合法性风险），媒体想的是怎么弄来资金给自己解困，最终的结果是鲜有胜利者，要么资本在哺育媒体成长后被媒体所抛弃，媒体达到了借船出海的目的，而资本却只能败兴而去；要么资本选择退却，留下</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">“</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">烂尾楼</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">”</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">贻害媒体；要么合作被政策叫停。</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><p></p></span></span></p><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">2001</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">年由中共中央办公厅、国务院办公厅转发了《中央宣传部、国家广电总局、新闻出版总署关于深化新闻出版广播影视业改革的若干意见》（即</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">“</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">两办</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">”17</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">号文件），文件提出要</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">“</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">开辟安全有效融资渠道，提高资本运作效率。新闻媒体主体由国家主办经营，不吸收外资和私人资本。根据事业发展需要，报业集团、出版集团、广电集团的新闻宣传部门经批准可在新闻出版广播影视部门融资，其经营部门（报刊的印刷发行和广电的传输网络等）经批准可以有限责任公司或股份有限公司的形式，由集团控股，吸收国有大型企事业单位的资金，但投资方不参与宣传业务和经营管理。</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">”</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';"> </span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">2002</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">年，</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">“</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">两办</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">”</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">转发了《中央宣传部、新闻出版总署关于进一步加强和改进出版工作的若干意见》即</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">“</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">两办</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">”16</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">号文件，再次强调要开辟安全有效的融资渠道，提高资本运作效率。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';"> 这些文件为传媒单位向国有企事业单位融资提供了政策保证。虽然仍不允许业内外资金参与编辑业务，也不允许控股，更不允许外资和私人资本介入，但毕竟为传媒单位的资本运作在政策上打开了一道门缝。</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">2001</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">年人民日报与北大青鸟合资创办的《京华时报》拉开了国有商业资本合法进入传媒业的序幕。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';"> 也就是在</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">2002</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">年，中国证券监督管理委员会颁布了《上市公司行业分类指引》，该</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">“</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">指引</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">”</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">将</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">“</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">传播与文化产业</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">”</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">增列确定为上市公司的</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">13</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">个基本产业门类之一。其中，传播与文化产业又主要分为出版、声像、广播电影电视、艺术、信息传播业等</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">4</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">个大类。这意味着无论是国有还是民营文化企业在上市融资方面已经基本上没有政策障碍。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';"> </span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br style="mso-special-character: line-break;"/></span> <p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt;"><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">正是在这种背景下，资本和传媒重新看到了希望，虽然前车之鉴殷殷，但传媒与资本的合作却更加生生不息。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> </span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">2003</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年，文化体制改革拉开了序幕，中国传媒业的改革进一步向纵深发展。改革旨在推动传媒业面向市场，建立一套适应社会主义市场经济的管理体制和运行机制，充分发挥市场在资源配置中基础性作用。中央文化体制改革政策明确了公益性文化事业和经营性文化产业的区分，与之相配套的报刊管办分离、让权力推出报刊经营以及国办</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">105</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">号《文化体制改革试点中支持文化产业发展的规定》等政策的出台，使改革迈出了具有操作性的关键步骤。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> 在文化体制改革试点中，中国证券报社和电脑报社被列为整体转制为企业的试点单位，而此前媒体单位作为事业单位，要想借力资本市场，无论从法理上还是具体运作上，都存在一定障碍。随着改革的深入，今后将会有更多的媒体单位转制为企业，而企业必然按照市场规律运作。因此，媒体单位转制为企业，成为真正的市场主体，实际上为传媒业借力资本市场真正奠定了基础。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> 根据我国政府的入世承诺，</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">2003</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">5</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">月</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">1</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">日，《外商投资图书、报纸、期刊分销企业管理办法》正式实施，我国出版物分销市场正式向世贸成员国开放，首先开放的是零售企业，外商设立零售企业的注册资本为</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">500</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">万元，批发企业为</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">3000</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">万元；</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">2004</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">12</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">月将向外资开放批发市场。</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">2003</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">9</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">月</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">1</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">日，修订后的《出版物市场管理规定》正式颁布实施。一时间中国出版物分销市场</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">“</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">热钱</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">”</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">涌动：闽台书城成为《管理办法》出台后第一家获批的合资分销企业，文德广运成为第一家获得总批发权的民营资本企业，有数家国有资本组建的全国文化体制改革试点单位新华发行集团总公司也在京挂牌。</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><p></p></span></span></p> <p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">二</span><font face="">
</font><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">注意媒体需要融资的深层次原因</span></p><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">一是经营不善，患了资金饥渴症。虽然总体上中国传媒业发展速度很快，是朝阳产业，另外还有较高的准入门槛，但传媒业内部的竞争已经非常激烈。一些媒体由于理念、体制、机制、人才、产品、市场等问题在竞争中败下阵来，陷入了困境，亟需有人</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">“</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">扶危济困</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">”</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">，于是资本成了救命稻草。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';"> 二是规模扩张的需要。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';"> 在股份制出现以前的历史中，企业要得到扩张只能依靠自身的积累。计划经济体制内，传媒业的发展有着类似的经历。但在一个分工已经高度社会化而且不再封闭的社会里，想依靠自身的积累完成扩张的使命几乎已没有可能</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">——</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">在其他行业和其他国家地区，企业规模的扩张都在依靠资本市场和新的企业制度。早在</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">100</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">多年以前，马克思就说过这样的话：</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">“</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">假如必须等待积累去使某些单个资本增长到能够修建铁路的程度，那么恐怕直到今天世界上还没有铁路，但是通过股份制公司转瞬之间就把这件事完成了。</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">”</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">同样，要让中国的媒体单位等待自身积累增长建立起像新闻集团、时代华纳、维亚康姆这样的国际传媒集团，几乎是一种天方夜谭。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';"> 当然，对于中国媒体单位来说，目前迫切需要的是依靠强大的资本支持，在市场的拉锯争夺战中打破僵局，战胜对手，并伺机扩张。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';"> 因此，资本运作在媒体单位谋求发展或进行战略重组时，对其资源重新配置迅速扩张有着巨大的作用。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';"> 三是借助资本市场建立起适应市场经济要求的管理体制和运行机制。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/><span style="mso-spacerun: yes;"> </span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">目前传媒单位绝大多数仍然是事业单位，其管理体制、运行机制已经越来越不适应产业化发展的需要，另外这种制度长期实行后形成了一种惰性，阻碍着新制度的建立。某种意义上说，单纯依靠内生的改革力量很难冲破这种惰性和阻力。引入资本有助于改变媒体单位的股权结构，重新设计和建立起规范的法人治理结构，并通过发挥资本市场的监督作用，达到提升媒体管理水平的目的。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br/></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';"> 事实上，一些媒体单位借壳上市也罢，</span></span><span class="fontfzd1"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">IPO</span></span><span class="fontfzd1"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-bidi-font-family: '';">也罢，某种意义上也希望借助资本的力量解决内部的改革难题。</span></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><br style="mso-special-character: line-break;"/><br style="mso-special-character: line-break;"/></span> <p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; mso-char-indent-count: 2.0;"><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">最近十多年来，国际上主要传媒业巨头纷纷通过参股、收购、兼并等资本运作构筑综合性传媒产业集团，加速资本的聚集，迅速扩大资产规模。</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">1988</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年，美国时代公司和华纳出于各自利益与发展的需要，宣布合并组成时代华纳公司，成为全球最大的媒介及娱乐集团。</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">1995</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年，迪斯尼公司以</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">190</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">亿美元兼并了美国广播公司（</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">ABC</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">）之后，取代了时代华纳公司的地位。</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">1995</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">年</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">9</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">月，时代华纳公司宣布以</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">67</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">亿美元收购拥有有线电视新闻网（</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><font face="">CNN</font></span></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;">）的特纳广播公司，重新夺回了世界传播及娱乐公司的头把交椅。后来，时代华纳再次与新媒体公司美国在线联姻，完成了到目前为止最大的一桩媒体并购案，虽然最终婚姻不尽完美，但人们从中可以看出资本的威力。随着计算机技术、通信技术、多媒体技术在许多方面逐渐融合，美国、欧洲各国纷纷修改媒体法和电讯法，放松对电子媒介的管制，推动电信产业和传媒产业的整合重组。</span></span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt;"><br/></span><span class="fontfzd1"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: ''; mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"> 当纳入经营性文化产业媒体单位逐渐转制成企业后，理论上为资本市场与传媒业缔结神圣同盟创造了合法性前提，使传媒资本运作成为可能。</span></span><span class="fontfzd1"><span lang="EN-US" style="mso-ansi-font-size: 10.5pt; mso-bidi-font-size: 10.5pt;"><p></p></span></span></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; mso-char-indent-count: 2.0;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">三</span><font face="">
</font><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">要意识到适应传媒产业化运作的体制还未建立，投资者对于媒介核心经营者具有不可改造性</span></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; mso-char-indent-count: 2.0;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">首先，中国传媒业是一个限制性或垄断性的行业，其产业性质长期得不到认可。基于国家安全和社会稳定性考虑，中国媒体在开放程度和进入原则上仍有一些政策性的限制，加上相关的政策法规还不太完善或不很明确，对业外资本来说，这块“禁地”很容易“踩雷”；</span><span lang="EN-US"><span style="mso-spacerun: yes;"><font face=""> </font></span></span></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; mso-char-indent-count: 2.0;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">其次，媒介的核心领导者不是由资本权力而是由行政权力来决定的。因此，资本对于核心领导者的影响是相当有限的。</span></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; mso-char-indent-count: 2.0;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">再者，媒体资产均属国有资产，注入媒体的外部资金只能是债权债务关系。业外资本注资到传媒只能叫借贷关系，不可能享受股东权益。</span></p><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; mso-char-indent-count: 2.0;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';">因此，投资传媒最大的风险是政策风险，如果没把政策吃透就进来，难免会赔了夫人又折兵。投资方在畅销媒体投资的良好投资回报的同时，更需要冷静考虑投资的风险成本与退出机制。一些投资方自持财大气粗，不管有无风险，抓到篮子里就是菜，拿过来再说，结果，煮熟的鸭子飞到别人的餐桌上是常有的事。如《中国经营报》、《精品购物指南》的产权风波，北京国康实业有限公司与《三联生活周刊》的合同纠纷都是发人深省的教训。</span></p>
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