The Research On The Influence Of Capital Structure Of Culture Media Listed Companies On Corporate Performance

China has taken the cultural media industry as a new growth point in its economic development,and its government has raised the necessity and claim to vigorously develop the cultural media undertakings and the industry in the Government Work Report with an awareness of its significance value.With certain practical significance,studying the internal relationship and influence mechanism between enterprise performance and capital structure as well as ways to establish a perfect capital structure to improve enterprise performance not only provides supplement for relevant research but also meets the development demands of enterprises,which is beneficial to improving the business efficiency of enterprises in the field of cultural media and promoting the optimization and upgrading of industrial structure.After collecting,sorting out and analyzing the relevant theoretical research results and literature at home and abroad,this paper analyzes and studies the internal relationship between the operating performance and capital structure of listed cultural media enterprises,and understands the operating characteristics of cultural media enterprises in accordance with the research results,including higher profit,less debt and higher current debt ratio.Based on data collected from 122 classic cultural media companies from 2014 to 2018,this paper constructs a regression model with the element of year control added to it for empirical analysis,considering the different influence of economy on enterprise performance in different years.With Zhejiang Huace Film&Tv Co.,Ltd.,a representative enterprise of cultural media enterprises in China,as its sample,this paper has carried out a case study.The result shows that factors such as debt-to-capital ratio,long-term debt-to-capital rate,ownership concentration have a great influence on enterprise financial performance while the floating debt ratio of enterprises will not affect their performance.Higher debt-to-capital ratio means lower enterprise performance the higher the long-term debt-to-capital ratio is,the poorer performance cultural enterprises show.Besides,the higher the shareholding ratio of the top ten shareholders,the largest shareholder and the legal person,the better the financial performance is,which indicates the ownership concentration and the financial performance are positively related.Based on above research results as well as the current operation of the enterprise,the paper puts forward three optimizing suggestions:optimizing debt structure and broadening financing channels for enterprises;optimizing the ownership structure and improving the governance and supervision mechanism;strengthening the integration within the industry and improving the ability to resist risks.