Research On Capital Structure And Corporate Performance Of Listed Companies Of Cultural Industry

With all-around development of our national economy, the culture industry is paid great attention by our country as a vigorous developing and rising industry. The companies of cultural industry have been important parts of market economy, and actively contact capital market in recent years. The cultural industry in our country started relatively late, is still exploring and cultivating its development path. The particularity of cultural industry in our country determines the finacing way and governance structure and financial decision,which are different from other companies in the other industries. The purpose of the study in this paper is not only to guide the listed companies in cultural industry, but also the companies which have not listed in stock market yet. It hopes to promot the development of the whole industry.Based on the western capital structure and combined with the actual situations in our securities market, this paper studies the relationship between listing corporates' capital structure and their performances in cultural industry by empirical analysis, and gives the explanation to the empiraical results, and then gives some concrete countermeasures and advices to refine the listing corporates'capital structure. The whole paper consists of five parts:The first part introduces about the research background, research values, and research status, research ideas and methods as well as brief introduction to the framework. The second part is the theoretical study, based on capital structure theory and business performance related theories, selects the suitable relevant indexes to describe Chinese listed companies'capital structure and performance.The third part introduces the status of the Chinese cultural listed companies.A simple analysis by selected indexes describes the capital structure and the coporate performance. Part IV are empirical studies,select appropriate samples in year 2004 to year 2008. and variables, process empirical analysis of the cultural listed companies'capital structure and performance. The last part,based on analysis of previous empirical studies,put forward some suggestions to optimize the capital structure and to improve the corporat performance of listed companies in cultural industry. The empirical results show that, the listed companies in cultural industry have a capital structure with a low ratio of the endogenous financing and financial leverages,a high ratio of current liabilities; There is a significant positive correlation between corporate performance and capital structure,but no definite curve relationship between them; Corporate performance are negatively related to short-term loan ratio.At present,the samples of most domestic correlation study on capital structure and corporate performance are all of the listsd companies or hot trade,such as estate industry,manufacturing industy and retail industy,so those conclusions are lack of pertinence to cultural industry. But the conclusion of this paper has guiding significance to this industy, because the samples of this paper are limited in cultural industry.