Empirical Study On Total Factor Productivity Measurement And Influencing Factors Of Chinese Media Listed Companies

China's media industry is currently faced with the challenges of new media and new technologies while undergoing in-depth structural adjustments.Therefore,studying the total factor productivity(TFP)and influencing factors of listed media companies can find effective ways to improve production efficiency and better respond New situation in the media industry.From the perspective of investigating TFP,the article uses the literature analysis method and comparative analysis method to construct the DEA-Malmquist model.According to the calculation of the TFP of 36 media listed companies in the sample from 2014 to 2018,it is found that: TFP is in an average annual downward trend,from the composition It is found that the direct cause of the decline in TFP is the lag of the technological progress index;from the perspective of the nature of the subdivided enterprises,the TFP of the non-state-owned enterprises in the sample listed companies in 2014-2018 remained basically unchanged,and the TFP of the state-owned enterprises declined slightly;In terms of sub-sectors,TFP of listed companies in the broadcasting and television industry has achieved a slight increase,followed by a decline in the news and publishing industry,and the film and television entertainment industry lags behind in the total factor productivity.Based on the calculation results,the author uses multiple regression models to perform regression and analysis of TFP-related influencing factors.It is found that: overall,enterprise size,capital intensity,and asset turnover rate have a positive effect on TFP;enterprise age has a negative effect on TFP.Impact;government subsidies,intangible asset ratios,asset-liability ratios,non-current asset ratios and equity concentration have no significant impact on TFP.In view of the above research conclusions,five measures are proposed: deepening the management and reform of media companies,improving the market operation mechanism of the media industry,paying attention to the health and stability of media companies 'financial indicators,enhancing media companies' awareness of innovation and technology,and raising the level of media companies 'intangible assets Policy recommendations.