Research On Business Model Identification And Value Difference Of Listed Companies In Cultural Industry Based On Financial Perspective

Recent years,the cultural environment has undergone tremendous changes.The cultural industry has become a resource-saving and green-friendly emerging strategic industry.And it is facing the strategic opportunity of “cultural development and prosperity”.So that many great enterprises have entered the cultural industry.The development of the cultural industry has become an important booster for the transformation of the economic development mode.Therefore,the rational selection and construction of the cultural industry business model is of great significance to the sustainable development of the enterprise.Moreover,driven by many factors such as national policy,technological development,and market diversification,the business model of Chinese cultural industry enterprises has gradually shifted from the original single business model to the more complex business model,which directly affecting its market competitiveness.Therefore,we constructed and tested the theoretical framework of the two-stage business pattern recognition method from the static and dynamic perspectives.Based on the 180 cultural industry listed companies,we studied their business model identification and the different impact in company walue.First,based on the cash flow Gordon model hypothesis,the business model is divided into four categories from a static perspective: growth-driven,return-driven,two-wheel drive,and no obvious business model.After this classification,we proposed dynamic business model change types when considering the dynamic influence: perfect,adjusted,changed and reconstructed.The organic combination of dynamic and static business model classification scheme formed the theoretical framework of the business pattern recognition method.Then,based on the theoretical framework,we successfully identified the types of static business models of 180 cultural industry listed companies and the types of dynamic business model changes.Finally,with statistical software,we analyzed the difference in company value between different business models under the classification scheme,so that we could provide valuable advice for their selection and construction of the business model.The study found that the two-wheel drive and the modeless are the compatible combinations and disordered states of the other two business models.They formed two extremes of company performance.When enterprises are transforming their business models,the company value of perfect and adjusted type is better than that of change and reconstruction type.Among them,the value of the perfect type is the best.We also found that the reconstruction type is more conducive to the improvement of the company value than the change type when the cultural industry is undergoing a large-scale business model change.