The Study On Corporate Governance,financing Structure And Enterprise Growth

The cultural industry is one of the driving forces of China's economic restructuring and transformation of economic development mode.The Chinese government has provided a good political environment and market conditions for the development of cultural industries,but there are few theoretical or empirical researches on subjects of this emerging cultural industry in the academic circles.Listed culture media companies in China are the backbone of the cultural industry,but due to the late start and the small size of these companies,low growth is still commonly existing in them even with the high-speed development.The listed culture media companies in China have their own peculiarities in terms of corporate governance and financing structures.It is crucial for the future development of cultural industry to improve the current situation of listed culture media companies in China,such as small number,small size and low economic benefit,etc.through the improvement of corporate governance structure and optimization of the financing structure.Hence,there is theoretical significance and practical significance to study on the relationship among corporate governance,financing structure and enterprise growth of listed cultural media company in China.First of all,this paper reviews domestic and overseas researches of corporate governance,financing structure and enterprise growth,and then it describes basic concepts and theories of enterprise growth,corporate governance and financing structures,also analyzes the status quo of corporate governance and financing structure of listed cultural media company in China.On this basis,the paper selects 256 companies which listed in Shanghai stock exchange and Shenzhen stock exchange between 2009—2014 as research samples,proposes nine assumptions about the impact of corporate governance and financing structure on the enterprise growth.This paper adopts the factor analysis to integrate 11 finance indicators for the measurement of enterprise growth and constitutes effective factor models to research on enterprise growth influenced by corporate governance and financing structure.To further investigate whether the corporate governance can affect financing structure,thus affecting the enterprise growth,the paper constructs six regression models of the interaction term of corporate governance and financing structure in order to testify whether corporate governance and financing structure common influence on enterprise growth.Through the study,the author has found that state share-holding rate,the size of the board,top management share-holding rate,the rate of external financing and asset-liability ratio have a significant impact on the enterprise growth.In addition,top management share-holding rate and asset-liability ratio interact with each other,and together they exert positive influence on the enterprise growth.At last,according to the theoretical and empirical research,the paper put forward some countermeasures including that how to change the structure of stock right,implement the policies of stock right's motivation and maintain the reasonable liabilities level,so as to provide reference for improving enterprise growth of listed cultural media company in China.