The Research On The Influencing Factors Of Cultural Companies’ Value Based On The Theory Of Value Chain

In the recent years, the culture industry in our country has vigorous prosperityand development and becomes a new growth point of national economy, with thedeepening reform of cultural system and a series of policies of development in thisarea, cultural companies have developed vigorously and were active to go public.Compared to the corporations in other areas, the cultural companies have uniquecharacteristics, in order to improve the ability to create value of culture companieswhose products contain high-tech and cultural added value, it is necessary to know theinfluencing factors of the value of cultural companies. Value chain can analyze theinfluencing factors of companies’ value perspective and systematically, provide a newtrain of thought of studies in this area.This thesis studies the influencing factors of cultural companies’ value based onthe theory of value chain form both theoretical and empirical aspects. In thetheoretical analysis, based on Michael Porter’s Value Chain Theory and otherliterature about culture industry and cultural companies, this thesis constitutes valuechain of cultural corporations by combining operational characteristics of thesecompanies. Based on the Value Chain, six significant influencing factors ofcompanies’ value have been selected from theoretical analysis by studying basicactivities and supporting activities, then applies the index to quantify these factorsand created the influencing factors of cultural companies’ value evaluation indexsystem which contains19indexes, the index system has good operability.In the empirical research, this thesis applies Factor analysis and Regressionanalysis to make an empirical research of influencing factors of104A-share listedcultural companies’ value from2009to2013. It is concluded that19indexes havebeen concentrated to6factors, namely financial capacity factor, innovation abilityfactor, human capital factor, marketing ability factor and corporate governance factor,and a positive relationship between the selected factors and the value of culturalcompanies exists. In the last part, the thesis presents some advices to improve culturalcompanies’ value based on theoretical analysis and empirical research.