Empirical Analysis On Ownership Structure,Corporate Governance And Performance Of Media Industry Listed Company

The 13 th Five Year Plan has put forward to complete public cultural service system construction as well as make the culture industry a pillar industry of national economy by 2020.Media industry,as an important part of the cultural industry,is apparently enjoying a broad space for its development.Therefore,how to efficiently improve the operating performance of media companies has been a hot research topic.This paper carries out an empirical study on the relationship between ownership structure,corporate governance and operating performance of listed companies in China's media industry,and puts forward reasonable suggestions for ownership structure optimization and corporate governance structure adjustment.This paper introduces the background and significance of the research,and elaborates some related concept and theories as well as the research summary.And the paper respectively analyzes the characteristics of the ownership structure,corporate governance and business performance of listed media companies combined with the current situation of China's media industry.Studies show that the business performance of listed companies of media industry presents an upward tendency,in which the business performance of new media industry and enterprises with relatively high ownership concentration is higher.With the empirical research on the data from 44 listed companies of media industry and regression analysis of 12 variables of equity structure and corporate governance,hypotheses proposed in the article are verified and analyzed according to the regression result.It is summarized that the shareholding ratio of top 10 shareholders,state-owned shareholding ratio,circulated share ratio have reverse influence on business performance with the influence coefficient of-0.003,-0.002 and-0.003;Herfindahl index(H5),Z index,ratio of independent directors,duality,annual salary of senior executives show a positive correlation with business performance with the influence coefficient of 0.331,0.001,0.011,0.133 and 0.178.Referring to the research result of empirical research,the article proposes three suggestions as 1.Maintain the shareholding ratio of major shareholders and reduce the state-owned shareholding properly;2.Control the system of Board of Directors and Board of Supervisors and increase the independent directors shareholding properly;3.Innovate the methods and establish a diversified incentive mechanism of senior executives,to promote and increase the business performance of media enterprises and impel its fast and sound development.