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Research On Capital Structure Influenced Factor And Dynamic Adjustment Of The Domestic Cultural Industry Listed Company

Posted on:2016-11-04Degree:DoctorType:Dissertation
Country:ChinaCandidate:X ZhongFull Text:PDF
GTID:1109330503454916Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
In recent years, as an emerging industry, the cultural industry has experienced rapid development in our country. It has gradually become the pillar industry of Chinese economy as well as the growth point of new economy. However, behind the prosperity and development, the cultural industry is facing the bottleneck of financing difficulty and insufficient development fund due to its industrial characteristics of "creativity first, assets second". As the main force of the cultural industry, the listed companies expose such capital structure management issues as low debt asset ratio, equity capital preference, and irrational time limits of indebtedness. Capital structure, as one of the three core elements in corporate financial management, plays a large role in the survival, growth and added value of the enterprises. As a result, it is of great importance to study the capital structure, influence factors of the capital structure and the dynamic adjustment of the capital structure of the listed companies in the cultural industry.Firstly, the paper analyzes the financing modes, financing channels and capital structure situation and characteristics of the listed companies in the cultural industry. Through the statistical description of the above analysis, it is considered that the main source of financing is still equity financing and a wide range of financing channels have already taken the shape. There also exist such capital structure shortcomings as unreasonable debt maturity structure and low asset-liability ratio. At the same time, through the comparative analysis of the capital structure in other industries and well-known cultural enterprises at home and abroad, it is concluded that the asset-liability ratio of the cultural industry is greatly lower than that of other industries, and the tax shield effect of debt has not given full play. There is a large gap with foreign cultural enterprises in terms of debt maturity structure.Secondly, this paper conducts the theoretical study on the micro and macro economic factors that influence the capital structure of the listed cultural companies. It is thought that such five dimensions as macroeconomic development, inflation landscape and fiscal policy, etc. can reflect the macro economic factors that influence the capital structure. And such nine dimensions as company scale, cash flow, nature of property rights and asset structure, etc. can reflect the micro economic factors that influence the capital structure. On that basis, all the dimensions are given the corresponding variable indicators.In the third part, the relationship between capital structure and influence factors of the listed cultural companies is analyzed and discussed from the static perspective. After the inspection, correction and regression analysis of the model between static capital structure and influence factors, it is thought that such relationship gives more supports to pecking order theory. There is an obvious negative correlation between such factors as profitability, asset structure, economic development level, fiscal policy, monetary policy and capital structure. The further testing is given to this model from the particular view of external environment of listed companies. It is deemed that in different listed markets, the relationship between capital structure and influence factors is different. The optimization measures and suggestions should be put forward according to local conditions.In the fourth part, the capital structure dynamic adjustment of the listed cultural companies is discussed from the dynamic perspective. The system GMM method is adopted to test, rectify and make the regression analysis on the dynamic adjustment model of capital structure and dynamic panel model of adjusting speed and its influence factors. It is concluded that there is the target capital structure in the listed cultural companies. The capital structure adjustment is faster, while the macroeconomic factors will dampen the speed of adjustment. Microeconomic factors affecting the company capital structure will gradually weaken over time, but the fiscal policy affecting the capital structure has a long-term effect. The relationship between adjustment speed and influence factor is dynamic. The relationship between the early adjustment speed and current adjustment speed is negative. The debt paying ability will produce a continuous effect on the adjustment speed.Finally, on the basis of the theoretical study and empirical analysis, rational proposals for capital structure optimization are put forward from internal and external aspects of the listed cultural enterprises. such as changing asset structure to increase financing effect of fixed assets, constantly improving the profitability, establishing a long-term follow-up and feedback system of the target capital structure, inviting the government to provide more supports for cultural industry and actively play a guiding role, and establishing credit evaluation system for cultural enterprises.
Keywords/Search Tags:cultural industry, capital structure, listed enterprise, GMM, dynamic adjust
PDF Full Text Request
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