Abstract

A surge of global Internet capital market results from converges of the industrial and media，and from the rapidly expanded network media industry，remodeling the Chinese network media industry where the capital operation varies in speed，strength and frequency. However，is there a routine or is there an association suggesting us to foresee the future？These questions constitute the point of this thesis. It’s a practical and leading edge subject to operate and develop network media capital.

The academic value of this thesis comes from resurveying the capital operation and development of media industry normally based on the converges of the industrial and media；from theoretically analyzing the expansion for network media industrial organization driven by capital operation；from discovering the evolution rules of capital operation with the theory of industry lifecycle，which refines the connotation of traditional capital operation and fuel the growth for industrial future. A practical value of the thesis embodying the effect problem from network media capital in real life exams performance on operating strategy of network media capital as well as demonstrate collaborative interaction between capital operation and network media industry.

The main body of this thesis along the horizontal and vertical with its focal point problem in three levels：firstly，the rule and evolution of network media capital operation. In comparision to the traditional media industry，this thesis interprets the marketization and characteristics of industrial capital operation in network media，revealing the relation between convergence of the capital and the industry and demonstrate characteristics of network medium industry in network economics as well as the influence on capital operation of motivation in network media，effect and model，describe the capital market scale in network media industry and effect problems suffering from capital operation and empirical analysis the strategic performance on capital operation in network media industry. Under the theoretical framework of industry lifecycle，this paper analysis the capital operation behavior characteristics of typical enterprise in all industrial stage of start-up，growth and rapid expansion for exploring the changeable model and innovation of capital operation of network media. Secondly，the development of network media industry means illustrating the essential characteristic of network media industry under the condition of internet economy，clarify the effect on bilateral economy，and platform economy as well as evolution on organization of structural integration and competitive monopoly market structure，analysis organization expansion，the market scale and lifecycle of online media industry for greater inference to future border and future development trend in network media industry. Thirdly，the association between capital operation and network media industry appear convergence from above study. From horizontal study，we dissect the motivation on capital operation of network media through the essential characteristic of network media industry under the condition of internet economy，aiming at the demonstrating on interaction between organization expansion and capital operation. To discuss the logical relations between the investing and financial changes and development changes in the field of network media industry analyzed from market scale in network media industry，current situation of capital market scale and effect problem that capital operation encounters is designed. Trough empirical analysis on performance of capital operation for typical platform network media industry，the way to demonstrate positive relation between capital operative performance and enterprise development is designed to disclose the relation among development between capital and network media industry. From vertical study，through analyzing the evolution on typical enterprise in all stage of lifecycle and its capital operation model，this paper demonstrate the trajectory of industrial development contained in the evolution processing of capital operation，ending up with deducing the prospect of industrial development in network media from the innovation of capital operation model.

This essay masters the topic involving theoretical achievements and theoretical framework with the methods of literature research. The case study is mainly to analyze the performance on capital operation from typical case in all stages that network media industry develop under the default hypothesis and analyzing framework. The comparative study of capital operation between network media and traditional media means summarizing the characteristics of capital operation in network media and redesigns the connotation of capital operation for discovering the evolution law of capital operation by vertical comparing industrial progress.

Through in-depth investigation，the conclusion of this paper are listed as follows：

·Rewriting the connotation of traditional capital operation by the business of network media and product innovative model.

The economic logic of bilateral market and network externality hidden in the property of network media platform embody numerous creative space and extensibility. It’s an innovation of capital operation model to fully tap huge capital flow and operate on the platform by business and product innovation. This internal operation differs from the connotation of traditional in vestment and financing. While entering into high-speed expansion，the logic of capital operation has started to exceed certain category. The fundamental change means that capital operation model truly evolves for rewriting the connotation of capital operation.

·The changing role of industrial market made by capital operation innovation in network media.

Under network economy，as the participant in traditional capital market，network market create numerous commercial value by virtue of advantage of platform innovative “embedding” with the commercial element to match various scenery. Therefore，network media platform becomes a constructer of newly capital market and manipulator of network capital instead of the function of the original capital market. The substitute trend becomes more and more significant.

·The process of revolution on capital operation contains the trajectory of lifecycle on industrial development while acting on industrial development process.

The revolution of capital operation implies the industrial development process. Meanwhile the revolution of capital operation model is a course forming from its core comparatives of industry，developing from industry landscape to platform，completely constructing commercial ecosystem. The model of capital operation of lifecycle on industrial development is confirmed to interleave with each other. This is the essence of the relationship.

The network capital accumulating on the platform has been no longer the traditional enterprise or industrial capital. Meanwhile，the model of capital operation on platform has changed traditional capital operation；What’s more important is unconventional capital operation platform has occurred in the quality of function to accelerate the evolution of industrial development and improvement of media coupled with the capital. This process is mingled with each other. Therefore，network media industry has a better manifestation of what we definite the comprehensive characteristics in network media platform aggregating information flow，material flow and fund flow.

·The innovation of capital operation in network media will boost the industry Integration.

In the course of innovation in network media，the infinite platform has broken original industrial boundary，while the boundary of the network media industry is changed by the innovative business. We have a clear realization that integration occurs between e-commerce and finance，further promoting integration between media，finance and other industry. Or it is to be understood that media network industry place in the process of structural integration embodying the trend of media convergence and industrial convergence. However，this integration in sustainable development accomplish by capital operation. In the future，the most dynamic innovation will come from the cash flow field based on the interactive platform of internet. Network media will impact the operation of traditional capital market and the way traditional financial system works，furthermore，new financial system based on internet and industrial convergence are underway. As a conclusion，network media will play an important role in the capital market given the outlook of development in the future.

Keywords：Industry Convergence；Capital Operation；Innovation；Development of Media Industry