Research On Capital Structure Of Listed Companies In Culture And Related Industries In China

The study of capital structure is not only a hot topic of economic theory,but also a key issue of enterprise development.On the one hand,the choice of capital structure will affect the financing cost of enterprises;on the other hand,it will affect the operating performance of enterprises,and then have a certain impact on the economic growth of a region or even the whole country.In addition,with the development of Chinese economy and society,culture has been defined as "the faith of the people","the hope of the nation" and "the power of the state",and its importance and necessity have been highlighted.Compared with other industry,the particularity of cultural industry lies in that the proportion of intangible assets of culture and its related industries is much higher than that of fixed assets.Therefore,the capital structure of cultural and related industrial companies is worth studying.This study systematically reviews related capital structure theory,on the basis of which,combined with the macro-economic environment and micro-enterprise factors,makes an empirical analysis of listed companies in culture and related industries based on the theory,in an attempt to provide a more scientific reference for enterprise managers to make financing decisions and optimize capital structure.This study selected 34 listed companies of culture and related industries.Based on the theoretical framework,variables were investigated from multiple dimensions at macro and micro levels,and a dynamic model was constructed.In order to make the research results more convincing,this study established a new dynamic model by replacing the explained variables,conducted a second verification of the consolidation of the empirical results,and tested the stability of the empirical research results.Empirical research shows that at the micro level,enterprise scale,growth ability and financing demand are significantly positively correlated with enterprise capital structure,while enterprise profitability is significantly negatively correlated with enterprise capital structure,while the proportion of non-debt tax shield and fixed assets is not significantly correlated with enterprise capital structure.At the same time,the capital structure of listed companies in culture and related industries in China will be significantly affected by the macro environment,that is,the uncertainty of economic policies,the scale of credit and the scale of equity financing.These macroeconomic factors are significantly negatively correlated with the asset-liability ratio of enterprises.In addition,the choice of capital structure of listed companies in culture and related industries in China largely follows the logic of generalized tradeoff theory.However,the significant negative correlation between profitability and asset-liability ratio,and the significant positive correlation between growth ability and asset-liability ratio in this study are not consistent with the expectation of the impact of the trade-off theory.It is found that this is related to the preference of enterprise financing mode and the industry nature of culture and related industries.This study steps forward on theory logic and model completeness,based on comprehensive combing and overall grasp of the capital structure theory,the model construction are not limited to the static model and fixed effect,but the system GMM method is practiced to estimate the model,and this paper tries to introduce the uncertainty index of economic policy into the dynamic research of capital structure of listed companies in culture and related industries.However,the capital structure theory involved in this study cannot comprehensively analyze the complex process of enterprise financing decision,and the selection of research samples is also not perfect affected by the availability of data.