可转换债券作为国际通用的融资工具,其价值特点正好吻合传媒上市公司的融资需求,综观学界鲜有学者将视点关注这一独特的融资渠道。本文从财务指标、关联交易、体制和可转换债券自身风险四个方面探讨了现实传媒上市公司发行可转换债券的阻力所在,并且尝试从如何规避市场、体制风险、加大传媒上市公司资本经营力度等层面提出应对困境策略。 As an internationally accepted financing tool, the value of convertible bonds is just in line with the financing needs of listed companies. Few academics will pay special attention to this unique financing channel. This article discusses the resistance of real media listed companies issuing convertible bonds from four aspects of financial indicators, related party transactions, institutional and convertible bonds themselves, and try to avoid the market and system risks and increase the capital operation of listed companies Level and other strategies to cope with the dilemma.