Research About The Influence Of Capital Structure On Enterprise Value Of The Listed Companies Of China's Cultural Media Industry

With the rapid development of economy, the management have released a number of policy to promote the development of cultural industries in the deepening reform of cultural system background. The companies of China's cultural media industry usher in a new opportunity. With the deepening corporate governance, promoting mergers and acquisitions and equity incentive, the production value, growth and structure are undergoing tremendous changes. When the companies enjoy the opportunities, it is important for companies that have asset-light, low debt ratio and equity financing preference to take appropriate research to use various investment opportunities to avoid risks and enhance enterprise value by optimizing the capital structure. This paper studies the influence of capital structure on enterprise value of the listed companies of China's cultural media industry. It is very important to promote the development of the companies of China's cultural media industry.In this paper, this paper analyses the basic situation of the capital structure and the enterprise value on the listed companies of China's cultural media industry. Firstly, this paper elaborates the capital structure theory, the enterprise theory and the mechanism of the capital and enterprise value, and this paper analyses the important role of capital structure in the enterprise valuation assessment. Then this paper analyzes the current status of the capital structure and development of the cultural characteristics of media enterprises. This paper selects EVA evaluation model to assess the listed companies of China's cultural media industry. This paper chooses the 38 listed companies of China's cultural media industry as study samples in this empirical research. The research also collects these companies'annual financial data from 2009 to 2014. Through established the panel data models, using Stata software to do empirical study. This paper also analyses the different influence of private and state-owned listed companies of China's cultural media industry.Through the empirical analysis, this paper finds the asset-liability ratio and enterprise value in an inverted U shaped relationship. The long-term interest-bearing debt ratio has negative impact, but the relationship is not significant. The concentration of ownership has negative impact, but it has positive impact to the private companies. The company size and growth and core competence have positive impact. Finally, according to the empirical findings, it proposes some strategies of increasing enterprise value by optimizing capital structure.