In recent years,the further opening of Chinese policies has led to a good environment in which publishing enterprises can conduct their capital operation more successfully.Publishing enterprises have good profitability and credibility,which can provide the essential support for the operation.At the premise of ensuring the absolute controlling interests by the state,a group of publishing enterprises have been restructured and reorganized.As a result,their cooperation has been becoming more regular.And the publishing capital begins to combine with the stock market to raise the financing fund.The internationalization is also speeding up.

Under such a background,the research on the capital operation of publishing enterprises has the practical significance and the theoretical significance.From the practical point of view,it is necessary for publishing enterprises to carry out the capital operation.It can not only develop enterprises themselves,but also can cope with the competition with the international media capital,and can optimize the allocation of publishing resources.From the theoretical point of view,the publishing enterprises' capital operation belongs to the research category of publishing economics.Speaking of the discipline development and the theory construction of the publication,a more sophisticated theoretical system of publishing economics has not yet been formed.The correlative theoretical research mostly pauses in the stage of the discipline system conception of the publishing economics and the basic category discussion.The publishing capital research is a weak link.The research on this issue which is done by many domestic scholars and foreign scholars exists insufficiency.Chinese scholars favor the theoretical research,but their research are not close to the practice of publishing enterprises' capital operation.The foreign scholars mostly begin their studies at the capital's natural quality.They have done the quantitative research to the capital operation with the economic theory and the media theory,but they have neglected to research the capital's social attribute.

In the view of these insufficiency,the book continues using the research mentality of the“basic condition-structure-behavior-achievements”that is from the modern economic theory.After analysing the nature of publishing enterprise,the book introduces the capital's natural quality and the social attribute,discusses the publishing enterprises' capital composition and their capital operation behavior characteristic.Going on the market,the merger and acquisition,and the assets integration are the three kinds of main forms of capital operation.So the book researches emphatically on the problem of how to enhance publishing enterprises' operation achievements by those three main forms of capital operation.The research content of this thesis concentrates on the category of new system economics.At the same time,the book combines the theory closely with the practice of publishing industry in order to impel the development of the publication theory and provide the theoretical instruction to some extent for our publishing enterprises' capital operation practice.Under the premise of insisting on the principle of innovation,the book takes the basic economic theory of Marxism as the instruction,takes the dialectical materialism and historical materialism as the essential methods,and uses many concrete research techniques,such as normative analysis and empirical analysis,micro analysis and macro analysis and comparative analysis.

Under this research mentality instruction,the book is composed by six parts.That is the introduction,the research on the theories of publishing enterprises' capital operation,the research on the comparison of Chinese and foreign publishing enterprises' capital operation,the research on the publishing enterprises' going on the market,the research on the publishing enterprises' merger and acquisition,the research on the publishing enterprises' assets integration.The main contents of each part are as follows：

The first chapter: Introduction.

The publishing economy is an important component of the social economy.And the publishing enterprises' capital plays a more and more important role in the social capital market.Corresponding with the development of the publishing economy,the research on it has also gone forward step by step.Publishing enterprises' capital operation is an important research content in the studies of the publishing economics.It analyses the activity and the phenomenon of the publishing enterprises' capital operation and summaries the laws of publishing economic,so it has the vital practical significance and theory significance.This part discusses the concept of“publishing enterprises' capital operation”,introduces the research background of the publishing enterprises' capital operation,narrates and comments the research conditions and the research tendency about this topic in and abroad,and then proposes the research mentality,the research content,the research methods and the innovation of the book.

The second chapter: Research on the theories of publishing enterprises' capital operation.

When researching the publishing enterprises' capital operation,we should regard the publishing enterprises as the main players in the market,put them in the macroscopic background of the social economy,and summarize its action laws by the basic publishing theory and the economic theory.This chapter elaborates the theories which are correlative with the publishing enterprises' capital operation in the academic history and the publication history in order to provide the theoretical backing for the following research and put the action of the publishing enterprises' capital operation into the vast theoretical background.The chapter carries on the rational analysis and the historical analysis of publishing enterprises' capital operation in our country backed by the capital operation theory,the financing theory and the propety right theory.

The third chapter: Research on the comparison of Chinese and foreign publishing enterprises' capital operation.

The capital operation started early in the foreign countries.The publishing enterprises abroad have the rich experience of capital operation.However,in our country,because of the system and environment,the publishing enterprises' capital operation is subject to certain limitations and is still at the exploration stage at present.This chapter compares the Chinese publishing enterprises' situation with foreign in capital operating conditions,operating mode and operating performance,and hopes to get some inspiration to improve the efficiency of our publishing enterprises' capital operation.

The fourth chapter: Research on the listed publishing enterprises.

The international publishing industry is transferring from the product management to the capital management.The strength of capital becomes an important elements that make publishing enterprises strong.Financing in the stock market can rapidly accumulate the capital which the publishing enterprises need.Therefore,listed to finance is a kind of capital operation mode which is used commonly by international publishing enterprises.With the development of stock market and publishing organizational reformation in our country,being listed publicly and trading shares will be an important mode of our publishing enterprises' capital operation.This chapter introduces the overview of the listed publishing enterprises in and abroad,analyses the reason why most of our publishing enterprises listed indirectly or wholly.

The fifth chapter: Research on the publishing enterprises' merger and acquisition.

In the capital market,the merger and the acquisition are important ways of enterprises' capital operation.Financing by going on the market is only the publishing enterprises' first step to the capital market.It is worth researching the problem of how to use the fund effectively.Many big international publishing enterprise groups are spend massive funds on mergering and acquisiting.They are carrying on those style to expand funds and to be stronger and bigger.This chapter introduces the overview of the publishing enterprises' merger and acquisition in and abroad,and analyses the motive of merger and acquisition,and points out how to circumvent the risk of merger and acquisition effectively.

The sixth chapter: Research on the publishing enterprises' assets integration.

The assets integration is the key to decide the success or failure of merger and acquisition.Its essence is the value integration.The merger,acquisition and the assets integration belong to the category of the assets reorganization.The assets reorganization usually takes place after the merger and acquisition.The enterprises' merger and acquisition can realize the expansion of extension,and the assets integration can realize the growth of connotation.They are complementing each other.Looking from the merger practice and acquisition and the profit condition of the domestic and foreign publishing enterprises,it is the trend of the future publishing enterprises that they will transform to the digital publication by mergering and acquisiting the new technology companies and integrating the digital publication property.This chapter emphatically researches the content of assets integrating which is after mergering and acquisiting,and discusses how to maximize the capital value of publishing enterprise by optimizing the capital structure,improving the corporate governance structure and adjusting the publishing business.

Keywords: Publishing Enterprise; Capital Operation; Culture Industry;Listed Company; Merger and Acquisition; Assets Integration.

In recent years,the further opening of Chinese policies has led to a good environment in which publishing enterprises can conduct their capital operation more successfully. Publishing enterprises have good profitability and credibility,which can provide the essential support for the operation. At the premise of ensuring the absolute controlling interests by the state,a group of publishing enterprises have been restructured and reorganized. As a result,their cooperation has been becoming more regular. And the publishing capital begins to combine with the stock market to raise the financing fund. The internationalization is also speeding up. Under such a background,the research on the capital operation of publishing enterprises has the practical significance and the theoretical significance. From the practical point of view,it is necessary for publishing enterprises to carry out the capital operation. It can not only develop enterprises themselves,but also can cope with the competition with the international media capital,and can optimize the allocation of publishing resources. From the theoretical point of view,the publishing enterprises' capital operation belongs to the research category of publishing economics. Speaking of the discipline development and the theory construction of the publication,a more sophisticated theoretical system of publishing economics has not yet been formed. The correlative theoretical research mostly pauses in the stage of the discipline system conception of the publishing economics and the basic category discussion. The publishing capital research is a weak link. The research on this issue which is done by many domestic scholars and foreign scholars exists insufficiency. Chinese scholars favor the theoretical research,but their research are not close to the practice of publishing enterprises' capital operation. The foreign scholars mostly begin their studies at the capital's natural quality. They have done the quantitative research to the capital operation with the economic theory and the media theory,but they have neglected to research the capital's social attribute. In the view of these insufficiency,the book continues using the research mentality of the“basic condition-structure-behavior-achievements”that is from the modern economic theory. After analysing the nature of publishing enterprise,the book introduces the capital's natural quality and the social attribute,discusses the publishing enterprises' capital composition and their capital operation behavior characteristic. Going on the market,the merger and acquisition,and the assets integration are the three kinds of main forms of capital operation. So the book researches emphatically on the problem of how to enhance publishing enterprises' operation achievements by those three main forms of capital operation. The research content of this thesis concentrates on the category of new system economics. At the same time,the book combines the theory closely with the practice of publishing industry in order to impel the development of the publication theory and provide the theoretical instruction to some extent for our publishing enterprises' capital operation practice. Under the premise of insisting on the principle of innovation,the book takes the basic economic theory of Marxism as the instruction,takes the dialectical materialism and historical materialism as the essential methods,and uses many concrete research techniques,such as normative analysis and empirical analysis,micro analysis and macro analysis and comparative analysis . Under this research mentality instruction,the book is composed by six parts. That is the introduction,the research on the theories of publishing enterprises' capital operation,the research on the comparison of Chinese and foreign publishing enterprises' capital operation,the research on the publishing enterprises' going on the market,the research on the publishing enterprises' merger and acquisition,the research on the publishing enterprises' assets integration. The main contents of each part are as follows：The first chapter: Introduction.The publishing economy is an important component of the social economy. And the publishing enterprises' capital plays a more and more important role in the social capital market. Corresponding with the development of the publishing economy,the research on it has also gone forward step by step. Publishing enterprises' capital operation is an important research content in the studies of the publishing economics. It analyses the activity and the phenomenon of the publishing enterprises' capital operation and summaries the laws of publishing economic,so it has the vital practical significance and theory significance. This part discusses the concept of“publishing enterprises' capital operation”,introduces the research background of the publishing enterprises' capital operation,narrates and comments the research conditions and the research tendency about this topic in and abroad,and then proposes the research mentality,the research content,the research methods and the innovation of the book. The second chapter: Research on the theories of publishing enterprises' capital operation. When researching the publishing enterprises' capital operation,we should regard the publishing enterprises as the main players in the market,put them in the macroscopic background of the social economy,and summarize its action laws by the basic publishing theory and the economic theory. This chapter elaborates the theories which are correlative with the publishing enterprises' capital operation in the academic history and the publication history in order to provide the theoretical backing for the following research and put the action of the publishing enterprises' capital operation into the vast theoretical background. The chapter carries on the rational analysis and the historical analysis of publishing enterprises' capital operation in our country backed by the capital operation theory,the financing theory and the propety right theory. The third chapter: Research on the comparison of Chinese and foreign publishing enterprises' capital operation. The capital operation started early in the foreign countries. The publishing enterprises abroad have the rich experience of capital operation. However,in our country,because of the system and environment,the publishing enterprises' capital operation is subject to certain limitations and is still at the exploration stage at present. This chapter compares the Chinese publishing enterprises' situation with foreign in capital operating conditions,operating mode and operating performance,and hopes to get some inspiration to improve the efficiency of our publishing enterprises' capital operation. The fourth chapter: Research on the listed publishing enterprises. The international publishing industry is transferring from the product management to the capital management. The strength of capital becomes an important elements that make publishing enterprises strong. Financing in the stock market can rapidly accumulate the capital which the publishing enterprises need. Therefore,listed to finance is a kind of capital operation mode which is used commonly by international publishing enterprises. With the development of stock market and publishing organizational reformation in our country,being listed publicly and trading shares will be an important mode of our publishing enterprises' capital operation. This chapter introduces the overview of the listed publishing enterprises in and abroad,analyses the reason why most of our publishing enterprises listed indirectly or wholly. The fifth chapter: Research on the publishing enterprises' merger and acquisition. In the capital market,the merger and the acquisition are important ways of enterprises' capital operation. Financing by going on the market is only the publishing enterprises' first step to the capital market. It is worth researching the problem of how to use the fund effectively. Many big international publishing enterprise groups are spend massive funds on mergering and acquisiting. They are carrying on those style to expand funds and to be stronger and bigger. This chapter introduces the overview of the publishing enterprises' merger and acquisition in and abroad,and analyses the motive of merger and acquisition,and points out how to circumvent the risk of merger and acquisition effectively. The sixth chapter: Research on the publishing enterprises' assets integration. The assets integration is the key to decide the success or failure of merger and acquisition. Its essence is the value integration. The merger,acquisition and the assets integration belong to the category of the assets reorganization. The assets reorganization usually takes place after the merger and acquisition. The enterprises' merger and acquisition can realize the expansion of extension,and the assets integration can realize the growth of connotation. They are complementing each other. Looking from the merger practice and acquisition and the profit condition of the domestic and foreign publishing enterprises,it is the trend of the future publishing enterprises that they will transform to the digital publication by mergering and acquisiting the new technology companies and integrating the digital publication property. This chapter emphatically researches the content of assets integrating which is after mergering and acquisiting,and discusses how to maximize the capital value of publishing enterprise by optimizing the capital structure,improving the corporate governance structure and adjusting the publishing business. Keywords: Publishing Enterprise; Capital Operation; Culture Industry; Listed Company; Merger and Acquisition; Assets Integration.（AI翻译）