试论出版上市公司资本运营策略的选择

Choice of the Publishing Listed Company's Capital Management Strategy

新闻出版广电总局2012年提出在"十二五"末期要培育多个年销售收入超200亿元的大型骨干出版传媒集团。出版上市公司进行以兼并与收购为特征的资本运营将是必要途径。出版上市公司应如何选择具体的资本运营策略才能实现上述目标?本文根据未来出版产业数字出版将会有所增长,纸质图书仍占主要地位,以及教育类图书在未来几年仍将保持第一的市场份额的发展趋势,通过对出版上市公司可供选择的内生式资本运营策略、外延式资本运营策略以及转型式资本运营策略进行分析,提出出版上市公司应以产业发展趋势为核心,以构建企业核心竞争力以及现实与前瞻兼顾为原则作为资本运营策略选择标准。

After the publishing companies appeared on the market, these companies have attracted attention and faced as- sessment of performance from capital markets. From the perspective of policy, State Administration of Press, Publication, Radio, Film and Television of The People＇s Republic of China requested several Publishing and Media Group whose annual sales revenue exceeding 20 billion Yuan should be fostered by the end of Twelfth Five-Year Plan in 2012. Therefore, capital management is a necessary way for publishing listed companies. But how does publishing listed companies achieve above objective？ This is an important question for managers of these publishing analyze listed companies. In our article we analyze the strategies available to capital management according to the publishing industry trends and proposed the principles and standards of choice capital management strategy.