近年華語媒體市場的資本活動與引發的爭議成為重要的社會現象，深刻影響區域發展形貌。由於香港無線電視產業在區域裡的重要性與經歷諸多媒體變化形式，如所有權變更、併購案、新執照審核，具有反映區域變化的代表性。故本研究以香港無線電視產業為例，分析1997年到2017年，香港亞視和無線電視的所有權變更，以及港府在2009年宣布開放新無線電視執照後的政策爭議。本文強調對香港媒體環境的分析須放置在鉅觀的歷史脈絡方能理解，特別是與中國政治社會的辯證關係。故文獻部分，首先爬梳中國發展模式下的侍從主義；中共領導層的政治思想──「向外的主權觀」、「敵我對立觀」；走出去政策與金融資本的關係。研究結果指出中國的「文化走出去」政策與習近平政權的「中國夢」主張，強化中國政府對港媒的控制擴張。擴張手段主要透過侍從政治與金融資本的結合運用，迅速改變港媒所有權與政治立場。同時，中國官僚資本亦在法律豁免下逐步浮出檯面，林鄭月娥更提出去管制化，放寬對非本地資本的限制。灰色侍從政治的隱匿性，對香港法治的規避，已經造成法治治理危機，侵蝕社會民主原則。 The frequent capital activities in the Chinese cultural-linguistic media market over the past two decades have aroused social controversies and had a great impact on social political development in the region. Hong Kong is situated on the frontline and has experienced many kinds of challenges. Due to its value of representativeness around the region, I analyze the changing ownership of ATV and TVB from 1997 to 2017 as well as the controversy of issuing new terrestrial TV licenses in 2009. To symptomatically understand Hong Kong, one must put it in the historical context, especially its dialectical relationship with China. First, I comb in detail the theory of clientelism in China from Mao until the present. Second, I dissect the political thinking of the CCP leadership, which provides the background of the Go Global policy and China Dream proclamation. Third, I investigate the relationship between financial capital and the Go Global policy. The research finding shows that clientelism with Chinese characteristics has penetrated into HK. Capitalists from China, HK, and Taiwan work together during M&A activities and use capital instruments to circumvent legislation supervision. Moreover, the role of Chinese bureaucratic capitalists has become apparent after obtaining immunity from the Chief Executive. The complicity of clientele politics, the evasion of legal sanctions, and a deregulation policy that has allowed non-citizens run local media as proposed by the current Chief Executive have demonstrated the deepening crisis of legal governance in Hong Kong and the erosion of democratic principles.