Research On The Impact Of Capital Operation On The Performance Of China's Animation Enterprises

Capital operation is a crucial method,where the resource is optimized by the enterprise.Through various operating means of assets reorganization and equity transaction,it produces the Effective flow of capital,which gets the goal of optimizing resource distribution.According to omni-bearing and even deep dig of the capital appreciation potential,we achieve the capital appreciation,and profit increase,which is a sort of enterprises management model.“Law of resource scarcity” is a common phenomenon for all the industries.The cultural resource,in terms of cultural industry,is the basis of the cultural producing,which develops cultural resource in different degrees and even different forms,in order to achieve transformation of cultural products.We compose cultural products of the different forms,combining the elements of innovation in the process of developing and according to the differences of the transfer intermediary.In the process of transferring,the source of culture gradually achieves economical value and cultural value,in which the long-term accumulation of the cultural value makes the cultural capital.For cultural industry,cultural resource,on the basis of being out of damage and losing,is the repeatability of the resource usage.“Scarcity of resources”,for cultural industries,concentrates more on the abilities of “comprehension” and “innovation” towards the cultural resource for individuals and enterprises.The innovation of cultural meaning and value can reflect on the words,pictures,studios,videos,entities,works of art and the cultural entity products,which contains the culture.These innovations contain scarcity,uniqueness,and diversity.Meanwhile,transmission technique and communication media also influence the receivers who can touch the transmission of cultural products and the rage of expansibility.Cultural enterprises,as the main part of cultural industry,whose essence are innovating and creating,using cultural resource innovation,according to the differences of needs and constructions of the consuming market,combines the different methods of transmission to make commercial operation and promotion,in order to produce cultural production and service organization.The development of technique blurred the boundary of the industry.In the ecological industrial environment,enterprises play different parts in the ecology system.According to the location and advantages of itself,it provides services for other enterprises.Every enterprise has its unique competitive advantages,which mainly reflects on the enterprise qualification,creative ability,creative and production ability,communication ability,platform audience resources,technology research and ever development,talent resources and so on.The living and development of the enterprise needs the support of economical capital.Capital can inject blood for the enterprises,which can also support the development of business diversification.Facing with the increasingly different environment needs and the needs of enterprise development of itself,according to various ways of capital operations,such as investment,financing,merger,recombination,stockholding,bargain,listing and so on,it is a good way to dig the potential value of the resource to reasonably allocate resource effectively,in order to reduce the consumption of the resource,which can preserve the capital of the enterprises and even achieve the scale expansion,so that it gains a better economical profit,which shows a bigger social value.Because of this,the capital operation,despite the reasonable operating towards the cultural assets,also needs to be combined with economical capital to make reasonable operating.Animation industry,as an important component of the cultural industry,produces culture and even spreads the value,which mainly depends on “cartoon” and “comics”,these two aspects.The “content excavation” and “content creation and production”,where the creators combine the different creating style,on the basis of drawing,to show the producing ways of the cultural content,are the main part of the animation industry,in which the commercial operations towards content products shows the economic value.Positive value transfer can usually show the positive externalities and show bigger social benefit.Cartoon and animation have already had a history,which is more than one hundred years.Overviewing the developing process of the animation,the emergence of the industry is always related with the change of the propagation medium and upgrade of the making techniques.The development of making techniques shows an effect of diversification for the content.High rate and stable transmission technique can make receivers receive information better.The iteration of the communication media makes the receivers read and see the cultural content products whenever they want.In the case of the age of industrial integration development,the producing way and spreading forms of the animations and comics had fundamental change.The supply and demand are more direct.The methods of creation are more various.The type of the work is more multivariate.The seeing is more flexible and convenient.Associated industry cooperation is closer.After so many years development,the inside of the animation industry gradually forms a mutuality symbiosis and development,where the main aspect is the diversified group enterprise,and the standby is small and medium-sized business.Under the background of integration and digitization,animation industry shows the trend of dynamic development.The cultural content products inspected by the market forms the “copyright”,which combines various cultural products organically through “IP” operation mode in order to make a circular development called “Content-Communication-Secondary Utilization”.Under a more open and even more cooperative industrial environment,the cultural output and cultural consumption gradually increase every year.Investment and financing of the animation industry and the capital operating event of the listed company gradually increase.This paper firstly analyses the cultural property and economical property of the animation company,which also illustrates the essence of enterprise operation.Secondly,it analyses the capital operation theory and methods,whose main aspect aims at analyzing the different capital running method matched in different lifetime period.It studies how the enterprise can make investment and financing,listing,mergers,and acquisition through combining the needs of services of itself with the strategy development to promote the development of the enterprises.Finally,the paper makes authentic proof analysis for the primary business of the A stock market in China,which is about the comic,and the animation industry chain of the enterprise relating business performances.This paper summaries the theory and papers about the animation industry,enterprise,and capital operation,and combines the field business interviews and investigation to be the writing content foundation.Through the financial data collection of the list companies in animation industry,and the typical capital operation cases in these ten years,the paper makes the analysis.On the basis of business acquisition,assets reorganization,equity pledge,connected transaction and enterprise performance,it makes the illustrations and puts forwards the basic assumption.Based on this,it makes the evidence analysis,and the evidence analysis shows as follows:(1)The merger and acquisition behavior of the animation enterprise don't have obvious promoting function for business performance.As we focus on the total samples,the merger and acquisition behavior have an obvious inhibition not only for ROE in the animation enterprises or for the return on assets.Statistics do not have obvious promoting effect.For the buyer of the animation enterprise,the merger and acquisition behavior of the acquirer of the animation enterprises make the inhibition for ROE and the return on assets.(2)The equity pledge behavior of the animation company makes the business performance have obviously inhibitory effect.The stronger the will of equity pledge of the animation company is,the more we should watch out for human involvement possibility,which is bad for the achievements increase.(3)The equity transfer behavior of the animation company has no significant effects for the business performance.(4)It is common for animation company to have related party transaction business.We can see from the empirical results of the models that whether animation company can occur the related party transaction or ROE and even the return on assets has always been an obvious negative correlation.But the related party transaction willingness of animation enterprises,which is about the negative correlation of frequency of connected transaction every year and the return on net assets of enterprises is 5%,illustrates that the stronger the related party transaction willingness of animation enterprises is,the worse it is for the increase of the corporate return on net assets.Although it is not obvious for the will of related party transactions and rate of return on toral assets,it is still a negative correlation,which can illustrate that the increase of the ill of related party transactions cannot promote the increase of the rate of return on assets.The development of animation industry is greatly influenced by the guidance of national policies.In a good external environment,the consumer market can give full play to its role.In a relatively free market environment,animation enterprises should clarify their business positioning,formulate strategic planning from the perspective of development,and carry out effective capital operation in stages and at different times.Capital operation under the goal of diversification strategy is a means to revitalize enterprise assets and expand enterprise scale,but it is not a tool to disguise enterprise valuation.Financing funds should be better used in the main business to enhance the core competitiveness of enterprises.Government should be in the enterprise capital operation,as a good manager,the role of guardian,the relevant departments should be aimed at development of animation industry capital establish reasonable fiscal and taxation policies conducive to the development of the industry to guide the animation enterprise's capital operation,standardize market operation and improve the capital market,provide good service for animation enterprise capital operation,to relax the threshold of the animation enterprise capital operation at the same time also wants to strengthen financial regulation,make the industry more healthy development.