Research On The Relationship Between Property Reform And Performance Of China’s Publishing Groups

Under the background of the culture industry reform, the strategy of collectivization, marketization and industrialization in the press and publication industry is having been deeply implemented. The formation of publishing groups, which is an important way to achieve industrialization, marketization and scale economy, has brought new impetus to the publishing industry. On the other hand, it is also critically challenged. The paper aims at answering the following questions by researching property reform of publishing groups:Why and how to reform? Does the reform affect the performance of publishing groups? What should be noticed in the reform? The paper respectively analyzed the necessity of the reform, put forward that reforming property structure is an effective way to reform. And the relationship between property structure, transaction cost and performance of publishing groups has been analyzed. The empirical part used the data of listed publishing groups from2004to2011, made empirical analysis on the relationship between property reform and economic performance by Wilcoxon and multivariate regression measurement, and came to conclusion that property reform has improved the economic performance. Moreover, basing on the previous achievements, the paper put forward a set of index, which is more comprehensive and reasonable, to evaluate the social performance of publishing groups. Through theoretical deduction and empirical data, it has been proved that the reform has improved the economic performance and social performance of publishing groups. And in samples, the fact that the state-owned property has negative economic effect has been proved. Therefore, the paper argues that publishing groups should deepen property reform in the present stage, and the diversification of property structure can effectively improve the performance of publishing groups.The paper first introduces the transaction cost of publishing groups to form the analytical paradigm of property structure, transaction cost and business performance, theoretical deduced the relationship between the property reform and business performance, as well as used the empirical data to test the performance in publishing groups.Because of the complexity of the research, as well as the limitations of my knowledge, a lot of problems should be further studied and discussed.