The Relationship Between Diversified Management And Operating Performance Of 22 Chinese Media Listed Companies

With consistent development of socialist market economy.Media industry turned from business unit which is not for profit to the enterprise management unit that which is self-financing,media is starting to step forward to market.In recent years,these companies are trying to make diverse operation for expanding enterprise's industrial and operational performances under such background.However,media enterprises' diverse operation not always makes their performance improved,conversely,blind diversification may affect on capital chain of media enterprises,hence investment of media enterprises in their industry will be decreased and their industrial competitiveness will be affected as well.The marketing time of our media companies is late and few,the research on diversification and performance of media company is fewer compared with that of other countries.In order to figure out correlation of diverse operation and performance of our listed media companies and understand the relations between the two in depth,the paper took data of 22 listed media companies between 2012 to 2016 as samples to weigh company's performance by four indexes,such as current ratio,return on net assets,turnover of total capital,increase rate of business revenue.On the basis of resources basic theory and internal capital market theory to make relevant hypothesis from the influence of diverse performance(including debt paying ability,profit ability,operation ability,growth ability),through descriptive statistical analyze and multiple regression analysis to research influence of diversification to company's performance.Through empirical research it found that with improvement of diversification of enterprises in a whole,debt paying ability of media listed companies is weakening gradually,profit ability is strengthening conversely;enterprise's diversification degree has no obvious correlation with media companies' growth ability and operation ability;performance is negatively correlated with listed time,holding ratio of the largest shareholder and proportion of independent directors.Finally,combined with the results of empirical analysis and proposes some referential suggestions for diverse operation of our media companies,if listed media companies need to improve bet paying ability,it needs to select diversification cautiously and non-media industries should not accomplish at one stroke when make diverse operation,it should make no influence to non-media industry's resources as much as possible or just a little influence.If listed media companies need to improve profitability,less consideration to debt paying ability can make diverse operation,expand diverse operation according to self's strength in a large degree while maintaining media industries' development;when listed media companies consider diverse operation,the resources should be used rationally for realizing economy of scope,it should consider the ratio of the largest shareholder and the ratio of independent directors of listed media companies as well.