An Empirical Study On The Impact Of The Financing Structure Of Listed Companies In Minority Cultural Industries On Company Performance

With the expanding of global economic integration development, the development of cultural industry has risen to national strategic height of the economic and cultural development. In China, the development of the ethnic minority areas is closely related to the state development strategy. Based on such backgrounds, the implementation of "One Belt, One Road" strategy, bring unprecedented opportunities for the development of minority areas, it will also create a new situation of cultural industry development in minority areas. Focus on cultural industry development, especially the new opportunities of cultural industry with unique features in minority areas, will fully promote the development of China’s ethnic minority culture, and even the level of economic and social development. However, due to the development of cultural industry in China’s minority areas is relatively lagging behind, the cognition of cultural industry is not high, the overall plan of cultural industry development is not perfect, related system is not sound, there is a serious shortage of talent of cultural industry, the cultural industry companies are facing the present situation of the financing difficulties and low corporate performance. Because there is a high correlation between corporate performance and financing structure, research on financing structure and corporate performance of listed cultural industry companies in China’s ethnic minority areas has very strong realistic and practical meaning.This article starts from the perspective of financing structure, then analyzes the impact of financing structure on corporate performance of listed cultural industry companies in China’s minority areas, finally explores the methods to optimize the financing structure of ethnic cultural industry and the measures to improve company performance of the listed ethnic cultural industry. Choosing the listed companies which main business is about cultural industry or related to cultural industry.In the end, determine the Tibet Tourism Co.,Ltd., Xinjiang Youhao (Group) Co.,Ltd., Lijiang Yulong Tourism Co.,Ltd., Yunnan Tourism Co.,Ltd., Guilin Tourism Corporation Limited, Guangxi Guitang (Group) Co.,Ltd. as the selected samples. The study is mainly based on data from the WIND information. Take 2006 to 2014 semi-annual balance sheet and the related financial indicators of listed ethnic cultural industry companies as the original data. In this paper, main conclusions are as follows:On one hand, through descriptive statistics, we found that cultural industry in minority areas exist the problems of low proportion of internal financing and high proportion of external financing. In addition, the debt financing structure of listed cultural industry companies in minority areas is not very reasonable, such as the small proportion of bond financing and fiscal financing. From the view of equity concentration, the ownership structure of listed ethnic cultural industry companies is in a relatively holding form.On the other hand, the empirical results showed that:(1)The corporate performance correlated positively with the internal financing in the financing structure of the listed cultural industry companies in China’s minority areas, however negatively with credit financing and equity financing. The results are consistent with the hypothesis of this paper. This verifies the theory of pecking order. Therefore, the listed cultural industry companies in minority areas should choose internal financing first and then choose external financing for making a reasonable financing structure.(2)For the listed cultural industry companies in minority areas, there exist significant positive correlation between equity restriction ratio and corporate performance; equity concentration ratio CR5 and corporate performance present an inverse-U shape. The empirical results are consistent with the hypothesis. Therefore how to improve the performance of listed cultural industry companies in minority areas is closely connected with reasonable equity structure.The features and innovations in this paper are as follows:There are a lot of researches on minority cultural industry at present, but there are not so much researches which are related to the impact of financing structure on corporate performance of cultural industry in minority areas, especially the empirical studies of listed companies are little involved. So this paper mainly takes listed ethnic cultural industry companies as the research object, by using the method of descriptive statistics to study the financing structure characteristics, then makes empirical analysis of the impact of financing structure on corporate performance of Listed Cultural Industry Companies in China’s ethnic minority areas, in order to promote the rapid development of the ethnic cultural industry.