Publishing Industry In Our Country Enterprise Performance

In this paper, we first review the domestic literatures on publishing and mediaindustry and enterprises in that industry, then from the aspects of firm size, ownershipstructure, management incentives, intangible assets, and financial management, we discussthe main influential factors of listed companies’ performance and the relevant influencemechanism. On this basis, by selecting the relevant variables and constructing econometricmodel, we investigate the determinants and characteristics of the performance of listedcompanies in publishing and media industry. The main findings are as follows:Overall, the extent that the performance of listed companies in publishing and mediaindustry are explained by the variables is quite low, and there are big differences of thedirection, size, and the extent of significant of the influences of various explanatoryvariables that on ROA and ROE; The same with our expectations is that, the influences ofthe variables including company size, the stake of the controlling shareholder, andownership of controlling shareholder on the performance variable are all positive, butwhich contrary to our expectations is that, the influences of the proportion of tradableshares, the proportion of intangible assets, and financial variables are either significant orsignificant negative. We consider that, the above results are some extent the reflection ofshort period after the units in publishing and media industry transfer to enterprises, andmanagement in the enterprises are not mature enough, the results also illustrate from theother side that, there are still a lot of room for improvement of the management in thelisted companies in publishing and media industry.Finally, from the aspects of the establishment of modern enterprise system, the settingup of enterprise groups, the ownership structure, intangible assets, and financialmanagement, we put forward the relevant recommendations for improving the level ofmanagement and performance in the enterprises in publishing and media industry.