公司治理结构是影响企业行为的制度因素，研究传媒上市公司内部治理结构对融资 行为的影响，对完善传媒业公司治理结构有重要意义。本文采用二手数据分析法，通过 统计性描述、相关分析及多元回归分析等，研究了2012年至2014年间22家传媒上市公司 的公司内部治理结构与融资结构（本文用资产负债率衡量）的关系。分析结果显示，在 传媒行业中，传媒上市公司的所有者无法影响企业的融资结构，传媒上市企业的董事会 能影响企业的融资结构，传媒上市企业的经理人能通过集中控制权来影响企业的融资结 构并偏好债务融资。

Corporate governance structure is the system factor that influences corporate behaviors. In order to exploring the relationship between internal governance and financing structure(measured by asset-liability ratio), 22 listed companies of media industry are researched on by using secondary data analysis. The results show that in the listed companies of media industry, owners can not affect the corporate financing structure; while both the Board and the manager can. What is more, managers play the role by centralized control of enterprise and they prefer debt financing.