Research On The Correlation Between Capital Structure And Operational Performance Of Listed Cultural Media China’s Companies

In recent years, The listed companies of China’s cultural media industry received the national policy support, the majority of enterprise performance very good, some listed companies in2012launched a large-scale mergers and acquisitions, Behind this feast of capital, Capital financing capacity and restructuring of enterprises facing a great challenge. But studies the relationship between capital structure and operating performance of listed culture media companies, it is extremely rare, more and more research is focused on the listed companies as a whole or the primary and secondary industry. How to help us understand the relationship between capital structure and operating performance of listed culture media companies, especially for this unique phenomenon of cultural media industry’s asset-light, low debt ratio and equity financing preference, Take appropriate research is necessary.This paper combines the method of theoretical analysis and empirical analysis to study the relationship between capital structure and operating performance of China’s cultural media listed companies. Through the analysis of37listed culture media companies’capital structure, financing and operating status from2010to2012based on annual report and database.this paper detailed descriptive statistical analysis, and then use principal component analysis method to get the operating performance’s composite scoreas independent variables, asset-liability ratio, short-term interest-bearing debt ratio, long-term interest-bearing debt ratio, ownership concentration, the total asset size as the dependent variables for empirical analysis to explore listed culture media companies’ the relationship between capital structure and operating performance.Through empirical analysis, we draw the following conclusions that the asset-liability ratio, short-term interest-bearing debt ratio and concentration of ownership operating results are related with operating results, long-term interest-bearing debt ratio is irrelevant. The vast majority of cultural media company’s debt ratio at48.9%or less, there are negative correlation with the results of operations at this point before, state-owned holding essentially listed companies’asset-liability ratio between48.9to100%, the debt ratio and operating performance positively correlated; there is a significant positive correlation between short-listed company’s interest-bearing debt ratio and operating results.long-term debt ratio and operating results is irrelevant; equity balance has a positive impact on operating results.Finally, the author combine the actual situation of cultural media industries, Analysis results listed companies due to the good performance, higher profit margins, companies in the development process takes precedence endogenous financing, and because the investor has recognized high-growth, easier access to equity financing, which further leads to corporate liabilities rate decreased, there has been a good business performance, low debt phenomenon. Meanwhile, the majority of listed companies have a short-term liabilities Interest-bearing liabilities, short-term interest-bearing liabilities have a positive effect on business performance, and low long-term interest-bearing debt ratio, which reflects the company’s difficulties from the side in financing debt. Stockholders impact on the Company’s operations also reflect the degree of support for corporate financing, the results of the empirical analysis to make recommendations in three areas of debt financing, equity optimization, industry consolidation, etc., hoping to use a variety of means, to help cultural media industries listed companies easier access to financing, to promote the development of China’s cultural media industries.