The Research On The Factors Affecting The Assessment Of Cultural Enterprises

In recent years,China's cultural industry has flourished and has become a new growth point of economic development.With the deepening of the reform of cultural enterprise system,China has gradually introduced a series of policies to promote the development of cultural enterprises.Cultural enterprises mergers and acquisitions become popular so that cultural enterprise asset evaluation has gradually entered the public's vision.Cultural enterprise has its own unique nature compared to other types of industry,especially its high premium.This feature has drawn widespread concern.The public,the press and stakeholders are curious about the question that the cultural enterprises have such a high premium?Is such a high premium evaluation reasonable?Therefore,it is necessary to study what influence the cultural enterprise valuation premium.On the basis of a large number of related literatures,this study focus on the factors that affect cultural enterprises' access premium.Starting from the concept of cultural enterprises and enterprise valuation,this study use empirical analysis first and theoretical analysis second.In the part of theoretical analysis,we select five factors that might influence the premium.The selections are based on the existing literatures about cultural enterprises and asset evaluation bias.Cultural industry's features and developments are also taken into consideration.In the part of empirical analysis,this paper take the cultural industry assets assessment data from 2002 to 2016 as the sample.After filtering,our final sample is consist of 322 enterprises.The multivariate regression linear analysis was used to study the factors affecting the asset premium of cultural enterprises.The result shows that regional economic development,firm size,profitability and corporate risk all have an positive impact on the assessment premium of cultural enterprises.The proportion of fixed assets and affiliate transactions are negatively correlated with the premium.The effect of large shareholder holding and performance commitment on asset evaluation results is not significant.Finally,based on the result of theoretical analysis and empirical research,this paper puts forward some policy suggestions for the development of cultural enterprises and the evaluation of assets of cultural enterprises.