本文採取批判的傳播政治經濟學的研究取徑,針對中國大陸市場化媒體的興起與衰落進行分析。首先,本文耙梳傳統市場化媒體在中國大陸興起與衰落的變化軌跡與歷史性,並試圖解釋這樣的過程是如何發生的?本文的核心論證是,在中國大陸特殊的傳媒政治經濟形構下,市場化媒體的歷史性興起其實是偶然,而最近的衰落則是必然。中國大陸市場化媒體雖然曾經發揮過相當重要的作用,在輿論監督、新聞專業和普世價值的追求上迭有建樹,但仍難敵來自政治與經濟的雙重壓力,而最終迎來衰落的命運。最後,本文探問中國大陸深度與調查報導以及懷抱理想的新聞人的可能出路。本文認為,中國大陸新聞業的未來出路不在於期待市場化媒體榮景再現,而是走向「獨立」之路,為深度與調查報導另闢蹊徑,或有重新找回新聞改變中國的可能。 With the end of a “golden era” of the marketized press in China, this article aims at clarifying the trajectories and historicity of the inevitable collapse of the hitherto vibrant marketized press there. Central to the rise and fall of China’s marketized press is that the rise of it was of contingency while its fall was of necessity because of the peculiar political-economic formation in China. Despite its boom over the last decade, the marketized press has been declining rapidly due to the combination of economic setbacks and political crackdown. This article concludes by exploring the possibilities of a revitalized investigative journalism despite (and/or because of) the expected demise of the marketized press in China.