The Research On Impact Of Board Social Capital And Financing Decisions On The Growth Of Cultural Enterprises

In recent years,the state has increased the policy support for the cultural industry,and the growth of cultural enterprises has attracted much attention.The growth of enterprises is inseparable from the scientific decision-making mechanism and perfect governance system.It can not be ignored that as the decision-making organ,the board of directors exert much influence on the growth of enterprises.The implicit characteristics of board structure have been gradually concerned by academic circles.The social capital is one of the important hidden characteristics of the board of directors which provides external resources support for the scientific decision of the board that ultimately enhance the growth index of the enterprise.Therefore,it is necessary to explore the mechanism and effect of the social capital of the board on the growth of the enterprise through scientific decision-making.Although the financing decision is an important decision of the board,it has not gained widespread attention in the study of corporate governance.Therefore,the research of the mediate effect of financing decision-making.between social capital and growth of the cultural enterprises.In order to enhance the practical significance of research and explanation,this research take the cultural industry policy and CEO power as situational factors into the study,considering the influence factors of cultural industry policy is the top non enterprise,this paper uses the cross layer analysis method.Based on the resource dependence theory,social capital theory,principal-agent theory,financing theory and enterprise growth theory and the domestic and foreign relevant research,this paper designed a theoretical framework of the research,put forward 11 hypotheses,which explore the influence mechanism of social capital,the financing decision and the growth of cultural enterprises.In this paper,101 listed companies of cultural industry from 2011 to 2016 are used as samples,and SPSS software and HLM cross layer analysis software are used for empirical research.The results showed that:(1)the political association and the financial background of the board has significant positive effect on the financing decision;(2)financial decision plays the intermediary role between political association of the board and enterprises'growth,and the positive effect through the intermediary path covered part of the negative effect on the direct path;financial decision plays the intermediary role between the board's financial background and the growth of enterprisest;(3)CEO's power take inverse U-shaped non linear moderating effect on the relationship between the financing decision and the enterprises'growth;(4)industrial policy take a positive cross-level moderating effect on the relationship between the financial background of the board and the board's financing decisions,and this moderating effect can be transmitted to enterprises' growth through financing decisions.The innovations of this paper are as follows:(1)established a mediating effect model of board social capital,financing decision and cultural enterprises' growth,enriched the related research of the existing "structure behavior performance" logic structure.(2)build a cross-level moderating model of industrial policy and the nonlinear inverted U-shaped moderating model of CEO power.(3)utilize cross-level datat analysis method into the study,enrich the research methods of corporate governanceFinally,this paper put forward corresponding countermeasures and suggestions according to the operation results.On the one hand,enterprises should pay attention to social capital of the board of directors which has important influence to the growth of the enterprises,organize the board with high social capital.On the other hand,the corporate governance should make clear the boundaries of CEO power to avoid of decision efficiency decreasing caused by the conflict between the interests of owners and operators.Last but not the least,both the cultural enterprises and the governance need to pay attention to the industrial policy,for enterprises,they should grasp industrial policy dividend flow,for countries,they should create suitable cultural enterprise development policy environment.