大陸報業從一九九二年加速報業商業化進程後,多數黨報紛紛實施變革,其中廣州日報堪稱「先行一步」。本文試圖從制度變遷理論的觀點,分析廣州日報在經營制度、編採制度以及所有制上的變革,論證該報如何從過去「黨的喉舌」角色逐漸轉變成為「黨營傳媒全業」。本文也認為廣州日報的變革走向,體現了未來大陸黨報的趨勢:「黨的喉舌」功能在弱化,但是仍未卸下重任;「傳媒全業」角色在加弛,但仍然是在黨的經營下。 Since 1992, the commercialization of Communist China's news media has been gaining momentum. As party newspapers race for institutional reforms, Guangzhou Daily has become the most obvious pathfinder. This paper, applying an institutional change approach, explores Guangzhou Daily's management, editorial, and ownership reform, and points out that through the commercialization process, Guangzhou Daily has been transformed successfully from a ”party mouthpiece” to a ”party-run media incorporation.” This paper concludes that the Guangzhou Daily may become a role model for other party media. Yet, although the function of party mouthpiece may wither and the trend of media commercialization may firmly set, the very nature of party press is still present in media that shoulders the obligation of party-state propaganda and is firmly controled by the communist party.