企业资金管理是财务管理的核心，融资是资金管理的起点。本文首先概述企
业融资的主要相关概念，并指出上市公司及其基本特征，以此作为本文的基础。
通过对“电广传媒”融资环境—经济环境、法律环境、金融环境和行业环境—进
行分析，总结出“电广传媒”融资的优劣势。并在此基础上对“电广传媒”的主
要融资方式进行研究，一一分析与评价其利弊。总结归纳“电广传媒”融资所面
临的困惑与挑战，对融资策略进行研究。对“电广传媒”其他融资方式进行研究。
并在对“电广传媒”融资环境与融资方式进行研究的基础上，对未来中国金融市
场发展作简要的分析和上市公司融资方式选择进行展望。
最后本文在上述基础上，提出融资环境与融资的博弈关系；融资方式选择的
依据—融资数额与主营业务的匹配，资金成本的微观计算和资本结构的优化；主
张集团型上市公司重积累的融资理念，并由中国金融市场上货币存量的结构性矛
盾，导出要进行金融工具创新，引入金融衍生工具和混合金融工具。
本文为“电广传媒”下一步融资、其他上市公司融资提供参考与借鉴，为中
国金融资本市场发展提供一定的政策建议。
关键词：电广传媒；融资环境；融资方式；资本成本；资本结构
Abstract
Hunan TV & Broadcast Intermediary Co., Ltd. (TBI), founded in January 1999, is
the first listed company in China’s media industry, which came into capital market.
TBI’s successful initial public offering (IPO) and rapid capital expansion played an
exemplary role in capital operation and management of China’s media industry.
Meanwhile, in the post-IPO period, TBI employed many experts of capital operation
and financial management and brought into full play the various financing approaches,
which were characteristic of corporate financing.
The capital management is the core of financial management and financing is the
basis of capital management. The thesis firstly introduces the main concepts related to
financing and analyzes the basic characteristics of listed companies. Secondly, based
upon the analysis of TBI’s financing environments (i.e. economic environment, legal
environment, financial environment and media industrial environments), the thesis
explores TBI’s strengths and weaknesses in financing and evaluates the advantages and
disadvantages of TBI’s main financing approaches. Thirdly, the thesis elaborates the
difficulties and challenges that TBI is facing in its financing and studies TBI’s financing
strategy and other financing approaches. Then the thesis, based upon the study of TBI’s
financing environments and approaches, makes a brief analysis of the future
development of China’s financial market and forecasts the choice of financing
approaches of a listed company.
Based on the above analysis, the thesis makes a game analysis on the financing
environments and financing, concludes that the basis for the choice of financing
approaches is the matching of financing amounts with the main business, the
micro-computation of capital cost and the optimization of the capital structure. The
thesis also stresses the necessity for a listed group company to follow the financing
philosophy of attaching importance to capital accumulation, and points out, in view of
the structural conflicts of money stock in China’s financial market, the necessity of
innovation in financial instruments by introducing derivative and hybrid financial
instruments into Chinese market.
The thesis is expected to be of practical significance both to TBI’s follow-up
financing and to the financing of other listed companies as well as of policy implication
to the development of China’s capital market.
Key words: TBI; financing environment; financing approaches; capital cost; capital
structure
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