Research On Correlation Between Ownership Concentration And Operating Performance Of China's Cultural Industry Listing Corporation

In the current society of the economy,the way of economic growth in different countries are undergoing tremendous changes,especially the cultural industry is known as one of the world's most promising sunrise industry,has now become an important leading industry categories in national economy,people from all kinds of career for the cultural industry research is increasingly becoming a hot topic.And Research on ownership structure and corporate performance of listed companies,has been of common concern in the academic and industrial circles for a long time.Different scholars choose different objects of study,using different methods,resulting in the formation of various viewpoints interweave and collide that makes conclusion differs very far.The ownership structure as the base of property of the company,not only determines the corporate governance efficiency,but also affects the company's business performance.Only to find a reasonable equity structure can we improve the corporate governance structure,and help the company to maximize the value of itself.For the listed companies in China's cultural industry,on the one hand,they have characteristics of high innovation,high added value,on the other hand,they show high sensitivity on national policy,so for the listed companies in China's cultural industry,studying whether there is a specific relationship between the ownership structure and firm performance is very necessary.After reviewing previous research results,we find that there have been a lot of foreign scholars' study on ownership structure and corporate performance,but their studies are carried out under the perfect capital market environment,and now our country's capital market haven't reached their markets' height of maturity,so if the foreign scholars' conclusion are directly used into Chinese,it will be not necessarily suitable for the specific situation of the enterprises in our country.When carding the specific content of research,it can be found that the choice of different areas of the enterprise,the industry attribute of the sample data will get different conclusion.So going to research on industry has become a new hot spot in the area.Therefore,the conclusion is that make the research perspective into a particular industry(that is,the cultural industry of our country),and choose the corporate ownership structure and corporate performance as the research object will be full of practical significance to the development of the industry.In this paper,after choosing the research method of combining theoretical analysis and empirical analysis,it first carries the previous research on classification briefly,and find of the existence of gaps.and combines with the theories related to the research object of this paper,based on collected data samples,equity of listed companies on China's cultural industry concentration degree of the status of descriptive statistical analysis,and uses factor analysis method to meet the requirements of the company operating performance comprehensive evaluation.Empirical analysis,after a previous theory analysis,choose the sample to make reasonable assumptions,and construct equation model and using statistical software for data to do regression analysis,it is concluded that the cultural industry of our country listed company ownership concentration degree and management performance have the existence of specific correlation.Through empirical research,this paper draws the following conclusions: overall cultural industry of our country listed company shareholders in the scope of the relative concentration of ownership,specifically is the relative concentration of ownership in the largest shareholder,is highly concentrated in the top five shareholders and in recent years,shares in the company concentrated performs the declining trend.According to the selection index,CR index and the corporate performance is inverted "U" type significantly related to the performance index and the Beh Finn Dahl company as a positive correlation,while the Z index showed a negative correlation with corporate performance.Analysis results show that,the major shareholders of Listed Companies in China's cultural industry should keep its internal stake in a state of relative holdings,between each other to form a reasonable balance mechanism,promote the company to enhance the performance and to make the value of the company to maximize effective solutions.In the basis of the above,this thesis gets the following enlightenment: Listed Companies in China's cultural industry should remain relatively modest equity concentration degree,the minority shareholders interests are protected,and reduce the proportion of large shareholders gap to form an effective equity balance environment.Finally establish effective takeover system and perfect professional manager market,in order to help the listed companies in China's cultural industry get a healthy development.