Culture Industry Financing Structure Of Listed Companies On Its Investment Behavior Research

For the rising economic status of cultural industry among developed countries all over the world, China has considered the rising of cultural industry as one of the most important economic objectives as the overall economy develops in high speed. Up until now, the development of Chinese cultural industry is in its initial stage with very few listed companies and immature operating and financial models and many other soft spots. With the help of the present policy toward cultural industry, the thesis analyses the financial structure of the listed companies concerning cultural industry as well as the unique features of the investment behaviour, in order to find the key factor that restricts the development of the listed cultural industry companies and the whole cultural industry.First, the thesis gives a summary of the macro-background of the study and the development of the financing and investment theories in China and abroad, and makes an introduction of the thesis structure, and puts forward the theoretical and realistic significance of the study. Second, the thesis defines the key study objects, and systematically states the theoretical basis of the study, as well as analysing the functioning principles of the financing structure acting upon the investment behaviour. Third, it makes a comprehensive comparison of the current cultural industry development between China and abroad and lays emphasis on those short spots of China’s cultural industry development. Then, it describes the financing and investment features of the listed cultural industry companies in China. Fourth, the thesis uses regression equation to verify the relations and to analyse data performance between financing structure and investment behaviour of the listed companies concerning China’s cultural industry. And finally, viewing the situation as a whole, a distinct negative correlation is found between financing structure and investment behaviour. What’s more, the negative correlation reflects little in small companies and much in large ones. It can be ignored for high-growth companies but displays distinctly in any cases for the low-growth ones.