The More,the Better?

This paper makes a regression analysis of panel data of 147 cultural media listed companies from 2006 to 2017.It studies and explores the relationship among government subsidies,diversification strategy and performance of Cultural Media Listed companies.It focuses on the differences of diversification strategy between related and non-related perspectives,and then analyses the diversification strategy in government subsidies and corporate performance.The important intermediary role between the performance of cultural media enterprises.The main conclusions are as follows: government subsidies have a significant negative effect on the performance of cultural media enterprises;related diversification can significantly improve the performance of cultural media enterprises,but not related diversification can significantly reduce the performance of enterprises;diversification has a significant intermediary effect between government subsidies and the performance of listed cultural media enterprises,and government subsidies can lead to inefficient investment,but low.Efficiency investment is mainly manifested in non-related diversification,which ultimately leads to the decline of enterprise performance.