Empirical Research Of Enterprise Life Cycle,Financing Constraints And M&A Performance Of Culture Enterprise

With the development of society,China's economy had made great progress.People in the material aspects of satisfaction will increase the spiritual and cultural needs and expand the cultural aspects of consumption.Cultural enterprises can not only create benefits,but also spread the spirit,so we believe that cultural enterprises have and dual attributes---economic attribute and cultural attribute.In recent years,cultural enterprises got strong support of the government,and it ushered in the development of a good environment.Based on the definition of cultural enterprises,this paper chosen the mergers and acquisitions data of cultural enterprises from 2008 to 2013,and divided the enterprises life cycle through empirical research.The results are shown below.Firstly,the most of cultural enterprises was faced with financing constraints.We measured the financing constraints of cultural enterprises and found that most cultural enterprises were faced with financing constraints,and in non-state cultural enterprises,the degree of financial constraints was more obvious.Secondly,cultural enterprises were generally in the growth period and recession period.We divided the life cycle of cultural enterprises based on sales.We found that few cultural enterprises were in mature period,and most of them was in growth period and recession period.Cultural enterprises in recent years had been unprecedented development,so according to sales can also be found,most of the cultural enterprises was in profitability growth stage.But the cultural enterprise`s key was innovation,new technology research with old technology outing,resulting some cultural enterprises rise the others recess.Only a few cultural enterprises were at maturity period which develop a relatively large scale,having technical stability and be well-managed.Thirdly,there was a significant negative correlation between financing constraints and cultural enterprise M & A performance,and was more significant in the growth period.On the whole,the financing constraints of cultural enterprises restrict the performance of M & A,especially in the growth period.However,in the mature period and the recession period,the financing constraint was the promotion effect of the M & A performance of the cultural enterprises.Under different life cycle,constraints on the performance of M & A show different rolled.Finally,based on the results of empirical research,this paper given some relevant policy suggestions in alleviating the financing constraints and improving the performance of M & A,and provided theoretical support for the development of cultural enterprises.At the same time,it putted forward the shortcomings of this paper and the prospect of research in related fields.