Research On The Correlation Between The Ownership Structure And Enterprise Value Of China's Cultural Industry Listed Companies

Cultural industry combines cultural form and economic form,which is unique among many industries.In recent years,the development of China's cultural industry has shown a trend of steady progress,and its added value has exceeded the milestone of RMB 300 billion in 2016.The achievement is certainly gratifying,the problem also cannot be ignored.There are such problems in the process of cultural industry development as the industrial chain is not long,the brand advantage is limited,and the international influence is not deep enough.The new era of comprehensively deepening reform calls on the cultural industry to actively transform.The listed company of cultural industry is one of the important supporting forces for the steady development of the cultural industry,and the improvement of its enterprise value is conducive to improving the international competitiveness of the industry.The equity structure of listed companies can influence the enterprise value by affecting the agency cost and resource allocation efficiency.It is of great significance to explore the relationship between the ownership structure and enterprise value of the listed companies in the cultural industry.In this paper,we select 70 listed companies in the stock markets of Shanghai and Shenzhen.The data used in this paper is from these companies' annual report from 2012 to 2016.This paper first analyzes the characteristics of the stock ownership structure of these companies by means of longitudinal comparison.On this basis,an inverted u-shaped relationship between ownership structure and the enterprise value has been proved from two aspects about ownership concentration and equity restriction ratio by using descriptive statistical analysis correlation analysis and regression analysis.