伴随文化体制改革进程的不断深入和文化产业振兴发展战略的推进,近几年来我国已初步形成了以公有制为主体、多种所有制并存的多层次文化传媒企业体系;我国文化传媒企业直接融资的实践活动始于20世纪90年代中后期,但由于受到文化体制(尤其是文化投融资体制)与文化产业发展的政策环境以及资本市场政策法规不健全等两大宏观制度环境的影响和制约,各类文化传媒企业总体上偏好直接融资模式中的股权融资模式尤其是公募股权融资(上市融资)模式,造成当前我国文化传媒企业直接融资的来源与具体的直接融资渠道狭窄、直接融资的方式与工具也较为单一,远远满足不了大量文化传媒企业的巨大直接融资 With the continuous deepening of the process of cultural reform and the promotion of the development strategy of cultural industries, China has initially formed a multi-layered system of cultural media with public ownership as the mainstay and multiple ownership as its mainstay. The practice of direct financing of cultural media enterprises in our country The activities began in the mid-to-late 1990s. However, due to the influence and restriction of the two macroeconomic institutional environments such as the cultural system (especially the system of investment and financing of culture) and the development of cultural industries and the imperfect capital market policies and regulations, various types of activities Generally speaking, cultural media companies prefer equity financing model in direct financing model, especially public equity financing (listed financing) model, resulting in the current sources of direct financing of Chinese cultural media enterprises and the specific direct financing channels are narrow, direct financing methods and tools A single, far can not meet a large number of cultural media companies huge direct financing