Research On The Difference In Companies Of Corporate Performance And Capital Structure In Culture Media

The research on the relationship between capital structure and corporate performance of listed companies was a controversial theme both in theoretical and practical circles around the world.However,there is not a consistent view among many researches because of the choices of methods,samples and indicators.National economy is rapidly developing which means the republics have more leisure time to develop media industry.Therefore,the media listed companies are being an essential part of A Stock.The particularity in financing methods,governance structure and financial decision-making of media companies are determined by low asset-liability ratio in average,high current liabilities rate caused by project systems with low cost and partial concentration of ownership.Therefore,based on these,learning specificity of the media industry,trying to give a real insight of this industry and doing some research on the relationship of that have a indeed realistic meaning.In addition,the focus of this essay is based on the difference of capital structure between companies and describes the relation between the performance and capital structure,which shows unique characteristics of companies in this industry.As to the methodology,it is based on the analysis of the domestic and overseas research outcomes.At first,a literature review in this theme summarized recent works finds that some of the works make sure that there is a certain relationship between thecapital structure and corporate performance although some do not think so.They believe the relationship is no fixed.Summary on theories and models of capital structure and performance with an analysis of possible transmission mechanism is as follows.Then simple statistical analysis and literature method are used to find particularity of the media industry.It is under strict control by our country,Dual attribute in public and private,strong in profitability and more social benefits than economic benefits.In specific,36 media listed companies from 2011 to 2016 are chose as research samples.The relationship between their capital structure and firm performance is studied.Firstly,the relationship between capital structure and corporate performance is analyzed theoretically.Then a general regression equation of the relationship between corporate performance and capital structure is established by using panel data,and then the performance and capital structure are established in the three sub-regions regression equation,and then establish the capital structure and corporate performance regression equation.We hope to get the relationship between the capital structure and corporate performance,by combining the differences of the media industry and have a specific but general result by empirical analysis.In addition,some particular characteristics of this industry can also be summarized,which is significant to provide useful recommendations and improve corporate performance from the perspective of optimizing capital.According to the theoretical inference and empirical analysis,this paper draws the following conclusions.First of all,the capital structure in the media industry appears low debt-to-asset ratio,high liquid assets-liability ratio and high equity concentration,in general.In addition,there is a significant negative relationship between the capital structure and corporate performance of listed media companies generally.Furthermore,there is a certain quadratic curve relationship between these two variables.The current assets and liabilities ratio,company size and the shareholding ratio of the top five shareholders are related to the performance,significantly and positively.Thirdly,the relationship between structure and performance varies as companies with different levels of capital structure.Finally,companies with lower debt ratio should pay more attention to make asset-liability ratio and current asset-liability ratio under control;while those with moderate debt-to-asset ratio may pay more attention to the management of market capitalization.Enterprises with relatively high debt-to-asset ratio can pay more attention to current assets,such as project benefits.