Capital Structure Dynamic Optimization Study Of Cultural Industries Listed Companies

In order to respond positively to the state support for cultural industries to become "the strategic orientation of national economic pillar industry", to solve a series of financing problems that hinder the development and growth of the cultural industry, this article draw on the research results of the of Western capital structure theory, China’s Shanghai Stock Exchange and Shenzhen Stock Exchange Cultural industries listed companies as an object of study, build dynamic adjustment model of optimal capital structure to complete the empirical study of the dynamic optimization of its capital structure, and according to the conclusions, proposing cultural industries listed companies’ capital structure optimization recommendations and conclusions. On the theoretical side, Enriched the theory of cultural industry development research’s perspectives and research methods, but also enriched the theory of capital structure research; On the practice side, cultural industries listed companies can help solve the financing difficulties, the low debt financing, and preference equity financing and other issues, strengthen the cultural industries listed companies management attention to the problem of capital structure, set up the target capital structure to reduce the cost of capital, increase corporate value, and thus to enhance the value of many micro-enterprise to lead the entire macro cultural industries’ rapid development and expansion.Cultural industries listed companies’ capital structure research ideas and research contents of this article are around the theme of dynamically optimize, according to research ideas, the content of the article is divided into four main parts:The first part is Chapter1Introduction. Research background and significance; Induction and summarizes the capital structure dynamic optimization study of Chinese and foreign literature, put forward the main innovative points and limitations and has played a role in a manner the full text outline. The second part is the basis of the cultural industries listed companies’ capital structure dynamic optimization research, including Chapter2and Chapter3. In this part, described the theoretical basis of the capital structure dynamic optimization-the Western basic theory of capital structure and dynamic adjustment of capital structure theory, has analyzed China’s cultural industries listed companies’ capital structure formation background and the environment as well as the realistic foundation. The third part is the empirical research of the cultural industries listed companies, including sections4,5,6chapters. Cultural industries listed companies’ capital structure is a dynamic process of adjustment, on the one hand, influenced by national macro level, industry level and enterprise micro level of various factors, on the other hand, to adjust itself there are adjustment costs, adjustment costs determines the adjustment speed of capital structure, these two aspects comprehensive generalization of the research content of the capital structure dynamic optimization. Chapter4, through the analysis of the literature and the actual situation of cultural industries listed companies’ capital structure, predict the relationship between the optimal capital structure, the adjustment speed and micro and macro impact factors; Chapter5to establish the required empirical research design model, such as static model, quasi-dynamic adjustment model and dynamic adjustment model, and model variables; Chapter6chose22China’s Shanghai Stock Exchange and Shenzhen Stock Exchange Cultural industries listed companies in2007-2011data as the study sample, use non-linear least squares to estimate and regression analysis, get micro factors which significant positively related to optimal capital structure are company size, profitability, operational capacity, the proportion of fixed assets, significant negatively related micro factors are debt paying ability and human capital ratio, macro factors which significant positively related to optimal capital structure are fiscal expenditures in cultural industries and narrow money supply minus cash, significant negatively related macro factors are actual loan interest rates and securities market development degree; Factors which significant positively related to the adjustment speed are company size, operational capacity, narrow money supply minus cash and actual loan interest rates, significant negatively related adjustment speed are the degree of deviation from the optimal capital structure and fiscal expenditures in cultural industries; Optimal capital structure of the cultural industry listed companies showed a declining trend, the adjustment significantly faster, an average of adjustment speed is0.395; In the Cultural industries listed companies’ subdivision, optimal capital structure of radio, film and television industry is the highest levels, optimal capital structure of information dissemination services industry is the lowest levels, but it’s adjustment speed is the fastest in all major industry segments, Publishing industry adjustment speed is the slowest. The fourth part is the cultural industries listed companies’ capital structure optimization Countermeasures, is Chapter7. From the internal construction of cultural industries of listed companies, proposed target capital structure and capital structure dynamic adjustment mechanism and monitoring mechanism, building capital structure optimization combination of macro policy, to build the institutional basis of the capital structure optimization by optimizing the internal governance structure recommendations; From the aspects of macro policy and the environment, increase government policy support, cultivate and improve the capital market and optimize the companies’external governance mechanisms to form the complete countermeasures and Suggestions of cultural industries listed companies capital structure’s dynamic optimization.This article’s main innovation as the following points:Firstly, the first to use the latest achievements of domestic and international capital structure theory to cultural industries listed companies, Enriched the culture industries development’s research methods, but also enriched the capital structure theory, increase the effectiveness of the capital structure dynamic optimization research, to help cultural enterprises to establish effective capital structure optimization program, and efforts to promote the development and growth of the cultural industry;Secondly, this article start from the micro perspective of the cultural industries listed companies financing problem, analysis the cultural industries listed companies’ capital structure dynamic optimization problem, combined with the influencing factor of the optimal capital structure and adjustment speed changes designed to optimize the capital structure, enrich the perspective in the research of the development of the cultural industries, to help cultural industries listed companies to achieve reasonable financing decisions; Again, better combining qualitative and quantitative studies, according to the the cultural industries listed companies’ financial data to create a dynamic data panel, build dynamic adjustment model of optimal capital structure, using a nonlinear least squares method to estimate and regression analysis, and improve the cultural industries listed companies’ financing research methods.Finally, through to the empirical research of cultural industries listed companies’ capital structure dynamic optimization Research, confirmed that the cultural industries listed companies’ capital structure and other industries exist significantly with differences, research on cultural industries a single industry listed companies’ capital structure, capable of enhance the effectiveness of the capital structure research; Dynamic model is relatively static and quasi-dynamic model is better able to explain China’s cultural industries listed companies in the capital structure of the dynamic optimization problem; Company size, debt paying ability, profitability, operational capabilities, assets structure as the microeconomic factors and fiscal expenditures in cultural industries, narrow money supply minus cash, actual loan interest rates, securities market development degree as the macroeconomic factors have a significant impact on the capital structure of cultural industries listed companies; Capital structure adjustment speed of cultural industries listed companies is0.395, and the degree of deviation from the optimal capital structure, company size and operational capabilities as micro factors, fiscal expenditures in cultural industries, narrow money supply minus cash, actual loan interest rates as macro factors, there are also very significant impact on the adjustment speed.