Study On Operating Performance Of Listed Companies In Cultural Industry

With the improvement of people’s living quality and rapid ascension of national strength, China’s cultural industry ushered in a new period of rapid development. The cultural enterprises are the main body of the development activities of cultural industry, and their operation capacity directly determine the level and quality of China’s cultural industry. Evaluating the operating efficiency of cultural enterprises contributes to inspecting and analyzing the development status, characteristics and the problems of China’s cultural industry. It also can chart the course for the future development of China’s cultural industry.Firstly, this paper introduces the research background of China’s cultural industry listed companies operating efficiency. The theories and concepts such as efficiency and enterprise efficiency are also explained. In addition, this paper summarizes the evaluation methodology and empirical research on the enterprise efficiency. Secondly, this paper generalizes the connotation and denotation of the cultural industry and the development status of cultural industry in the world and in China. Its opportunities and challenges also have been analyzed and summarized. According to the research before, there are some restrictions in traditional DEA method, and some deviations exist between the true efficiency and the estimating. To solve this problem, we propose an evaluation model made by a factor analysis combined DEA-Bootstrap method, and we respectively correct the selection of input and output indicators in DEA model and the problem of insufficient samples, so that the evaluation results of business efficiency is more scientific and informative. Finally, we select 50 cultural industry listed companies in Shanghai and Shenzhen stock exchanges as samples, and use the method consists of factor analysis and DEA-Bootstrap method empirically analyzing the operating efficiency of listed companies in China’s cultural industry. The results showed that:There are differences in operating efficiency among different parts of cultural industry. Advertising industry and Animation industry which belong to the emerging industry exhibit the best business efficiency; Print Media and Studio Entertainment industry rank in the middle; Internet, Radio and Television industry rank in the relatively lower locations. In addition, this paper accordingly summarizes the problems in the development of China’s cultural industry and provides the corresponding solutions by the comparison of horizontal and vertical analysis on the results.