Research On The Internal Governance Mechanism Of Cultural Enterprises In China

Cultural industry is the essential part of the national economy.President Xi pointed out in the 19th congress that we should deeply reform the cultural system,improve cultural management structure,and establish a cultural mechanism which highlighting the social benefits and combining the economic benefits.Therefore,it is important to improve the governance of cultural enterprises.Since 1980s,our country has begun the study of corporate governance,which appears a large number of experts and research results.These results became the foundation of our research.However,the dual attributes of cultural enterprises,which is the commodity and ideological attribute,makes the cultural enterprises governance more complicated.As a result,the existing studies on corporate governance of cultural enterprises has little research literature and weak theoretical analysis.They still regard cultural enterprises as general enterprises,ignoring the analysis of dual attributes.Therefore,the essay chooses to study the internal mechanism of cultural enterprises governance.This essay draws the conclusions as following.(I)Cultural enterprises have not only commodity attribute,but also ideological attribute,which is the dual attributes.Correspondingly,their products will produce social and economic benefits as well.(II)Due to the particularity of the cultural industry,the corporate governance appears both universal and particular characteristics.Specifically,the management objectives should pay high attention to social benefits,and consider economic benefits at the same time.Considering the governance mechanisms and the equity structure,special shares of management should be introduced.We also need to strengthen the CCP's leadership and the introduction of professional managers in the board of directors,while setting up regular professional committees,editorial committees and art committees according to the business necessity.The senior executives' salaries should reflect not only commercial benefits but social benefits as well.Above all the results,this essay puts forward to many suggestions in the aspects of equity structure,board governance,external management of enterprises and supervision system.We hope our suggestions can bring innovation of corporate governance,which helps the cultural enterprises developing faster and stronger.This essay has its creative value in such three aspects as follows:1.From macro level to micro level,the study perspective is special.In recent years,various countries have paid more and more attention to the development of cultural industry.China has indicated to promote cultural industry to become a crucial part of national economy,and the academic studies have also increased correspondingly.However,most existing studies focus on the macro-level issues of cultural industry,while this essay chooses the micro-level issues according to the actual practice,and expands the research on cultural industry from macro-level to micro-level.2.This study establishes the corporate governance analysis framework of cultural enterprises.After decades of research,corporate governance has developed a series of classical theories,empirical research is more detailed,and cross-disciplinary research with other disciplines is increasing,sub-industry research is becoming more and more specific.But unfortunately,there is no specific study on corporate governance of cultural industry.Therefore,this essay fully considers the dual attributes and two benefits of cultural industry,and identifies the industry characteristics such as creative,high-risk,sustainable development and externalities.I attempt to establish the corporate governance analysis framework of cultural enterprises,based on the classical theories of corporate governance and my working experience.I hope to clarify the particularity and specific content of cultural enterprises governance from the theoretical level,and brings theoretical guide for both empirical research and governance practice.3.The essay combines with various research methods.The existing analysis of cultural industry is mainly about qualitative analysis or case study.But this essay,on one hand,has conducted a lot of interviews,including leaders of Ministry of Culture,State Administration of Radio Film and Television,think tank researchers,and supervisors in China Securities Regulatory Commission.Based on the first-hand information,I summarize the current situation and existing problems of corporate governance of cultural enterprises,and discuss how to improve the governance.On the other hand,I collect complete data of listed cultural enterprises from CSMAR database,WIND database and other data source.Then I design a suitable model to test the impact of the existing internal governance mechanism of cultural enterprises on corporate performance.