Institutional Environment,the Cost Of Debt Financing And The Acquisition On Performance Of Cultural Enterprise

After reformation and opening,accompanying the deepening of market oriented and the continuous development of market economy,the development of China’s national economy has made great progress.At the same time,cultural industries will be developed greatly,so as China.In recent years,the state put a high value on development of cultural industry development,to encourage and support cultural industries by coming up with a series of policies,to establish ring-fenced funding for cultural industries and improve the cultural industries system,such as the introduction of cultural industry promotion plan.As we all know,mergers and acquisitions have become the main way to expand the production scale quickly and upgrade the industrial structure in the development of companies.So,the local government departments of all levels respond positively to the call of the central government,and vigorously support the cultural industrial diversification,trans-regional,cross-ownership mergers and acquisitions.But the activity is not always effective,the number of mergers and acquisitions does not mean that the quality of merger and acquisitions.Although most of cultural enterprises mergers and acquisitions accomplished the fast-growing scale of production in the short term,but in the long term,it didn’t realize the M & A performance improvement,some even less than before.There are many factors affecting the performance of mergers and acquisitions of cultural enterprises,but considering the situation of special period of China in the transition of market economy,must have their own unique,and China’s vast and institutional environment in various regions are different,the unbalanced development of marketplace process,thus as the external influencing factors,institutional environment how to affect the performance of enterprise culture M & A has received highly attention in academic circles.Nevertheless,mergers must relate to huge capital demands.Therefore,compared with external factors,as an internal influencing factor,the cost of debt financing has also attracted much attention on how to affect the performance of enterprise culture M & A.The relationships among the institutional environment,the cost of debt financing and the performance of M& A of cultural enterprises is also the field this article will study.First,on the basis of combing the dissertation,this article finds out the blank points of the previous studies,and points out the value of the research in this article.Secondly,it defines the concepts of mergers and acquisitions,debt financing costs,cultural enterprises,institutional environment and other related concepts,and summarizes the related theoretical basis.Then,the corresponding hypothesis is put forward according to the theoretical analysis,then validate the hypothesis model through the part of the positive analysis.The part of the positive analysis is divided into three aspects: first,research on the influence of institutional environment on merger performance of enterprise culture from five concrete aspects respectively;second,research on the impact of debt financing cost on the performance of M&A culture;third,research on how institutional environment regulate the relationship between the debt financing cost of listed firms and the performance of mergers and acquisitions.On the basis of the analysis above,this article draws some following conclusions :(1)the less government intervenes in the market,the higher the M & A performance of cultural enterprises;the better the development of non-state-owned economy,the better the performance of cultural enterprises.(2)the higher the cost of debt financing,the lower the performance of mergers and acquisitions of cultural enterprises.(3)the more perfect the system environment,the weaker the negative correlation between the cost of debt financing and the performance of M & A of cultural enterprises.Finally,according to the conclusions of the empirical part,we put forward some suggestions on the development of the bond market.