Research On Performance Evaluation Of The Listed Publishing Companies

In recent years,the state has vigorously developed the cultural industry and formulated the strategy of developing the cultural industry into a pillar industry of the national economy.Publishing industry is an important part of China's cultural industry and national economy,and is considered as a new growth point of the world economy in the future.In recent years,the state has vigorously supported the publishing industry,issued a series of supporting policies,and promoted publishing enterprises to enter the capital market.From the perspective of the development of international publishing industry,although the overall scale of China's publishing industry has been expanding in recent years,there is still a big gap compared with the powerful publishing countries in Europe and the United States,and the development of China's publishing industry itself is still unbalanced and unstable.Under the background of our country's economy attaching importance to high-quality development,it is of great significance to study the performance level of listed publishing companies,put forward countermeasures and policy suggestions to promote the development of publishing enterprises,and enhance the international competitiveness of our publishing industry.After a comparative study of different performance evaluation methods,this paper finally chooses three-stage DEA model to conduct empirical research on listed publishing companies.Based on the principle of index construction,considering the characteristics of DEA model and the economic and social benefits of listed publishing enterprises,three input indicators are determined as total employees,total assets and main business costs,and four output indicators are main business income,net profit,market share and the number of projects selected from the national publishing fund.Three environmental variables are selected as the company's location.Local government subsidies,disposable income per capita in the area where the company is located,and GDP of the area where the company is located.Considering the overall performance of listed publishing companies in recent years,and following the requirements of DEA model,11 sample companies such as Phoenix Media,Chinese Media and Zhongnan Media were selected for the period of 2013-2017.The research data comes from Wind database and the analysis reports disclosed by listed companies from 2013 to 2017.Using DEAP2.1 and Frontier 4.1 software,the first stage calculates its performance value through BCC model,the second stage carries out SFA stochastic frontier regression analysis,eliminates the influence of environmental factors and statistical noise,and in the third stage,makes DEA analysis again for the adjusted input value.Through three-stage calculation,the result is more accurate.Based on the data results,the horizontal and vertical comparative analysis is carried out.After studying the relevant background,the existing research results,the construction of performance model and the process of software operation,this paper obtains the five-year comprehensive technical efficiency,pure technical efficiency,scale efficiency and scale compensation status of 11 listed publishing companies.Through the analysis and comparison of the three stages,the results show that the overall technical efficiency of 11 listed publishing companies is relatively low.The technical efficiency can be divided into pure technical efficiency and scale efficiency.The technical inefficiency of listed publishing companies is mainly affected by the overall scale efficiency.Therefore,the future development of listed publishing companies needs to pay special attention to improving the scale efficiency of enterprises.There is a big gap between listed publishing companies.Publishing companies with low performance should learn to refer to excellent benchmarking enterprises,and there is a greater room for improvement.Of the 11 listed publishing companies,only five are listed publishing companies,namely,Central Plains Media,Chinese Media,Central South Media,Phoenix Media and Reader Media.They are always at the forefront of efficiency.The efficiency of other companies changes greatly after excluding environmental factors,which indicates that publishing enterprises need to strengthen internal management level and reduce the impact of external factors on their efficiency in the future.Among them,urban media,science and biography of China,southern media,publishing media,the economic environment of the region and government intervention have improved their scale efficiency,but have affected their pure technical efficiency;the technical efficiency and scale efficiency of urban media have declined greatly,indicating that the economic environment of the region and government policies have played a better impact on it.It can be seen that the government should not only support and guide the listed publishing companies to integrate technology and expand the industrial scale properly through various policies,but also stimulate the market in policy subsidies and try to stimulate the initiative and initiative of the principal innovation of publishing companies.And in the third stage of DEA,there are six listed publishing companies in the state of increasing returns to scale,which shows that these enterprises can increase investment appropriately and expand their business scale in the future.According to the pure technical efficiency and scale efficiency of 11 listed publishing companies,this paper divides them into two categories: doublehigh and high-low.In view of the performance performance of listed publishing companies,this paper,from the perspective of the main body of enterprises,puts forward countermeasures and suggestions for the future development of publishing enterprises in order to enhance the scale efficiency and pure technical efficiency of enterprises and enhance the environmental response ability,involving five aspects: promoting multi-industry compatibility,emphasizing technology integration,emphasizing personnel training,strengthening internal management and realizing double-effect integration.From the government's point of view,this paper puts forward three policy suggestions: improving the fiscal and taxation system,guiding enterprises to carry out technological innovation,promoting digital publishing,promoting Industrial Transformation and Upgrading,improving the statistical system,and laying a good foundation for industry research.