Capital operation is an inevitable choice of China's media industry for further development, and listing is a key factor for enterprises to enter the capital market and conduct capital operation. To make use of the power of capital to boost the transformation of enterprises and improve the present situation of Hunan’s advertising industry, this paper analyzes current situation of listed local advertising companies in Hunan Province from such three aspects as the number of listed companies, the registration of capital markets and the types of advertising companies, probes into both the internal driving force and the external stimulation, and concludes several feasible measures from the choice of the stock market and listing model.