Research On The Impact Of Government Subsidies On Corporate Performance Of Listed Companies In Cultural Industry

Based on the theory of enterprise life cycle,this article explores the impact of government subsidies on the performance of listed companies in cultural industries with different life cycles,and provides a reference for better promoting the development of cultural enterprises and improving government subsidy policies.Focusing on this theme,based on the existing literature research,this article sorts out the related literature on the impact of government subsidies on the performance of cultural enterprises from three aspects: the basis for government subsidies to cultural enterprises,the factors that affect government subsidies,and the effects of government subsidies,and further analyzes my country The operating status of listed companies in the cultural industry and the status quo of government subsidies,summarize the problems faced by the cultural industry,and provide a theoretical basis for government subsidies to cultural enterprises.According to the enterprise life cycle theory,this paper uses the cash flow classification method to classify listed companies in the cultural industry into three categories: growth period,maturity period,and decline period.At the same time,through preliminary selection and further screening of relevant indicators,construct A relatively complete comprehensive evaluation system of corporate performance.Finally,the factor analysis method is used to calculate the corporate performance of listed companies in the cultural industry in detail,and the core research variables of this article are obtained.Further through the study of signal transmission theory and government intervention theory,the internal mechanism of government subsidies affecting the performance of cultural enterprises is explored,the research hypothesis of this article is proposed,and the panel model is used for empirical testing to verify whether the hypothesis is reasonable or not.Cycle-type companies conduct heterogeneity research and draw empirical conclusions.The research conclusions are as follows: First,on the whole,government subsidies can improve the corporate performance of listed companies in the cultural industry;second,the nature of the company has a moderating effect.In the process of government subsidies positively acting on corporate performance,the state-owned nature of the company will Produce a certain inhibitory effect;third,in different life cycle stages,government subsidies have different effects on corporate performance,which have a positive effect on the performance of listed companies in the cultural industry during the growth and mature stages,and the effect of government subsidies in the mature stage is better than that of the The effect of subsidies for cultural enterprises in the growth period,while government subsidies have no significant impact on the performance of enterprises in the recession period.Finally,specific policy recommendations are put forward based on the above research conclusions:First,adhere to the support policy for the cultural industry in general;second,refine the government subsidy policy,increase subsidies for culture in the growth and mature periods,and provide enterprises in the recession period.The subsidy policy should be implemented cautiously.Third,the implementation of differentiated policies for cultural enterprises of different corporate nature.For state-owned cultural enterprises,the performance level of the enterprise should also be included in the evaluation criteria.For non-state-owned cultural enterprises,the government should guide enterprises through policies In the direction of production,non-state-owned cultural enterprises are encouraged to assume more social responsibilities.