Research On Government Subsidies And Corporate Performance Of Cultural Listed Companies

Entering the 21st century,China's cultural industry has entered a period of rapid development.As General Secretary Xi Jinping proposed in the report of the 19th National Congress that the people's happy life needs to become more and more widespread,and diversified,high-quality,cross-border cultural products are the rigid demand of the future economic structural adjustments and upgrades,and the "13th Five-Year" development plan officially put forward the goal of "cultural industries have become the pillar industries of the national economy",the emerging industries of culture have received more and more attention from the society.However,cultural enterprises are based on their own characteristics and defects such as small-scale enterprises and weak anti-risk capabilities.They have long faced problems such as poor capital turnover and difficulties in financing.Their development has been greatly constrained.In recent years,a series of domestic policies have also been introduced.In order to promote the development of cultural industries,the government's support for cultural industries has become diversified,and the amount of fiscal expenditure has reached new heights.Under this background,studying the effect of government subsidies on improving the performance of cultural industry companies has profound practical significance.This paper selects 228 domestic A-share cultural-related industries listed companies from 2014 to 2016 as research samples.Firstly,it uses public goods theory,Pigou theory,signal transmission theory and infant industry protection theory to elaborate the mechanism of government subsidies on cultural enterprise performance.Referring to domestic and foreign related documents,a fixed effect model has been chosen,and empirically test has been done to test the impact of financial subsidies on cultural enterprise performance,and introduce property rights variables and industry variables to further study the regulatory effects of property rights and industry attributes on government subsidies and cultural enterprise performance.The conclusions are as follows:First,government subsidies can significantly improve the current accounting performance and market performance of listed companies.Second,there is no lag in the positive role of government subsidies for the performance of listed companies.Third,the property rights attribute to government subsidies and the relationship between the performance level of cultural listed companies has a significant regulatory effect.Compared with state-controlled cultural enterprises,the government acquired by non-state-controlled cultural enterprises has a more positive role in promoting their corporate performance.Fourth,the industry attributes of government subsidies and The relationship between the performance level of cultural listed companies has a significant regulatory effect,in which the cultural manufacturing industry has the most significant positive adjustment effect on government subsidies and corporate performance,and there is a significant negative correlation between government subsidies in the cultural service industry and corporate market performance.Based on the above findings,this paper analyzes the future development trend of China's cultural industry under the new normal,and proposes corresponding countermeasures and suggestions for improving the efficiency of government-subsidized operation of cultural enterprises.First of all,the Chinese government must continue to implement the relevant policies for subsidized cultural enterprises,and play a positive guiding role for government subsidies.Secondly,we attach importance to the development potential of non-state-owned cultural enterprises and achieve fair competition and development of different property rights and cultural enterprises.Finally,the government should dig deeper into the capital demand points and development focus of different value chains within the industry in light of the characteristics and attributes of different cultural subdivision industries,establish targeted government subsidy programs,and achieve differentiated development of cultural subdivided industries.