Research On The Impact Of Government Subsidies On The Performance Of Cultural Listed Companies

Since the reform and opening up 40 years ago,the cultural industry has gradually highlighted the advantages which are different from other industries.For example,it has the dual attribute of economy and culture,low pollution and high innovation,and becomes a new growth point of promoting new economy with good pull effect.However,so far,the cultural industry is still far from the pillar industries,and compared with the developed countries,there is still a big gap in the proportion of industry and employment.At the same time,the strong externality effect of the cultural industry also has an urgent need for the government to support it more effectively.Put forward urgent requirements.How to play a better role in supporting the cultural industry by the government subsidy policy?This article selects listed cultural companies as research objects,and from a micro perspective,discusses and analyzes the corresponding mechanisms of government subsidies affecting the performance of cultural enterprises,explores how to carry out subsidies,and who can more effectively promote the level of corporate performance,so that the development of cultural industry can be effectively supported.From the perspective of externality theory,public product theoiy,infant industry protection theory and stakeholder theory,this thesis analyzes the necessity of the development of government-subsidized cultural industry.Based on this,combined with the existing government subsidy policy,this thesis tries to explore the mechanism of government subsidy affecting the performance of cultural enterprises from the perspective of government direct injection of capital to enterprises,stimulating the scientific research and innovation of enterprises,and reducing the financing costs of enterprises.On the basis of theoretical analysis combined with current situation analysis,based on the principles of continuity and science,72 listed companies of cultural enterprises from 2012 to 2016 are selected as samples to form panel data.The nature of the ownership,the industry in which the enterprise is located and the area where the enterprise is located are selected as adjustment variables.Apart from this,the company size,the asset-liability ratio of the enterprise,the growth rate of the enterprise's net assets and the proportion of the largest shareholder's shareholding are selected as the control variables.Then makes an empirical analysis on whether government subsidy can affect enterprise performance and how to influence enterprise performance.The empirical results show that government subsidies have a positive effect on promoting the performance of cultural listed companies.State-owned listed companies are significantly less able to use government subsidies to enhance corporate performance than non-state-owned listed companies.The relationship between government grants and theperformance of culturally listed companies is not affected by regional factors and will be affected by the factors in which the company is located.Based on the theory,the present situation and the results of the empirical research,this thesis holds that the direction of government subsidies for cultural enterprises should be firmly strengthened,but more optimizations can be made on specific ways and objects.For example,the performance of managers can be included in the evaluation indicators of government subsidies;the real data of enterprises can be learned by industry investigators to detemnine the targets of subsidies;government subsidies can be distributed through third-party organizations;social capital is introduced to increase the source of government subsidy funds.Apart from this,carry on subdivision subsidy to different culture industry and so on.