Research On Enterprise Value’s Influential Factors And Operating Pattern For Cultural Media Companies In China

In recent years,traditional industries are mostly impacted under the "Internet Plus"background,while the "green industry",cultural industry has developed rapidly as a new growth engine to the national economy.As a number of policies were introduced to support this industry,cultural enterprises have flourished.Compared with traditional industries,cultural industry has fast growth rate but low GDP proportion.It is therefore of great importance to improve the value of cultural enterprises,and to achieve this we need to identify the primary influencing factors to cultural enterprise’s value growth and take research of suitable pattern for enterprise’s value creation.This paper takes the cultural media industry as the research object,for it has the highest proportion in the cultural industry.Firstly,the theoretical analysis of enterprise value is introduced,including value definition,value creation theories and so on.Then it moves on to discuss the definition and characteristics of cultural media enterprises,analyze the current situation of the industry and status of listed companies,and based on Port’s Value-Chain model,construct the value chain for cultural companies and identify their influencing factors.In the empirical analysis I choose China’s listed culture media companies dating from 2012 to 2016 as the research sample.Six prospective,from innovation ability,asset structure,management ability,financial ability,enterprise scale and customer value,are studied to uncover their relevance to the value-added of culture media companies and to identify the key factors to construct the cultural media enterprise value creation model.The econometric analysis methods include principal component dimension reduction analysis(PCA),multiple regression method and panel data analysis,and the results show positive correlation between enterprise value and factors of innovation ability,customer value and light asset structure,while negative correlation with enterprise scale.Financial ability or Governance ability has little impact from the model.And from panel data model it shows the pattern of "High Light Assets + High Innovation" is the optimal value creation model for cultural media companies.In conclusion of combined theoretical analysis and econometrical model results,this paper puts forward some suggestions for improving the enterprise value creation and value management of cultural media companies.