Research On The Relationship Between Digital Publishing Industry Policy,Enterprise Investment And Enterprise Performance

Industrial policy,as an important tool of national macro-control,is widely used in our country.According to the 14 th Five-Year Plan for the Development of Digital Economy,China’s digital economy has shifted to a new stage of deepening application,standardizing development and benefiting all,and enterprises’ digital transformation is advancing steadily.With more confidence and advocacy of culture,the field of digital publishing has long been an important part of social development and has had a significant impact on socio-economic and cultural development.Under the new historical environment and new opportunities,only by changing the concept and accelerating the digital transformation can we maintain success in the fierce market competition.For digital publishing companies,the most important thing is to improve business performance.Therefore,on this basis,through the in-depth discussion of the interaction mechanism among industrial policy,enterprise investment and performance,this thesis reveals the impact of industrial policy on enterprise performance from the micro perspective of enterprise performance.From the perspective of enterprise investment,this study makes an in-depth analysis of the relationship between digital publishing industry policy and enterprise performance.The concrete research includes: the empirical analysis of our digital publishing industry’s industrial policy and the construction of its influence mechanism on the company’s performance.This study finds that the digital publishing industry policy has a positive impact on the performance of enterprises.The digital publishing industry policy increased the investment of enterprises,especially the investment in fixed assets,but reduced the efficiency of fixed assets investment and total investment,and improved the investment efficiency of intangible assets.Under the support of the digital publishing industry policy,the increase of fixed asset investment improves the performance of enterprises,while the increase of intangible asset investment helps to improve the performance of enterprises.Taking Phoenix Media as an example,supported by industrial policies in the field of digital publishing,the investment level of the enterprise increased,thus improving the performance of the enterprise.Therefore,this thesis suggests three ways to accelerate the development of enterprises: effectively improving the level of innovation investment of enterprises,improving the efficiency of public subsidies and ensuring their full performance of financial functions,improving the financial constraints of enterprises and supporting their development and growth.This study connects macro economic policies with micro corporate behaviors,builds the transmission mechanism between digital publishing industrial policies and corporate performance,and expands the research related to corporate investment.The research on the impact of digital publishing industrial policies on the performance of publishing firms is still a relatively new field,and only a few existing studies have evaluated industrial policies from the perspective of firm behavior and performance.In this context,it is of great significance to study the influence of the digital publishing policies formulated and implemented by the government on the investment behavior and performance of enterprises.