笔者通过对美国上市前与上市后的报纸经营状况的对比,发现了上市对美国报纸的经营有很大的影响。首先是上市后的报纸会为了提高盈利能力而缩减开支,其次上市后的报纸通常会讲采编与经营分离。笔者分别论述了这两个变化对于报纸长期发展的不利影响。最后,笔者提出了报纸除上市之外可采取的其他措施,以保证报纸的发展。 The author compares the state of the newspapers before and after listing in the United States and finds that the listing has a great influence on the operation of American newspapers. The first is that post-IPO newspapers will cut expenses in order to increase their profitability. Second, post-listing newspapers usually talk about the separation between editorial and business operations. The author separately discusses the adverse effects of these two changes on the long-term development of the newspaper. In the end, the author proposes other measures that newspapers can take besides listing, so as to ensure the development of newspapers.