Research On The Relationship Between Cultural Industry Strategic Change And Corporate Performance

The report of the 19 th National Congress of the Communist Party of China pointed out that it is necessary to deepen the reform of the cultural system and the construction of the cultural industry.Building an institutional mechanism must be in the first place and the system mechanism should take both social and economic benefits into account.Therefore,listed companies in the cultural industry must develop new ideas and strategies to continuously improve their company performance.At the same time,with the rapid popularization of the Internet and the rapid development of information technology in recent years,competition among listed companies in the cultural industry has become increasingly fierce.If such companies want to maintain or obtain new competitive advantages and achieve good performance goals in an environment where opportunities and challenges coexist,they must carry out precise and efficient strategic changes in accordance with the business environment.Scholars at home and abroad have conducted a lot of research on strategic change and company performance,but the research results are still controversial.In summary,there are three main points of view: first,strategic changes have a positive impact on company performance;second,strategic changes have a negative impact on company performance;third,strategic changes have a complex curve relationship with company performance.Based on the 2012 edition of the classification of culture and related industries,this paper selects 405 A-share listed companies in the cultural industry in Shanghai and Shenzhen Exchanges as samples and studies the relationship between strategic change and corporate performance by empirical and case studies.Firstly,the author defines the concepts of cultural industry,strategic change and corporate performance then explains the resource-based theory and dynamic capability theory.Based on the above theories,the author puts forward the hypothesis: strategic change has a positive U-shaped relationship with corporate performance,lower strategic change is negatively correlated with corporate performance and higher strategic change is positively correlated with corporate performance.Thirdly,according to the research design,the author uses SPSS26.0 and Stata15.0 to process the data and obtain the descriptive statistics,regression analysis and robustness test results to verify the hypothesis.In addition,the company Blue Shield and Southern Media were selected as cases to test the empirical results,and the verified assumption is still correct.Finally,three strategic suggestions are put forward based on assumptions: first,keep a close eye on the changes in the external macro environment andstrictly control the best time for strategic changes;second,clarify the company’s internal resource advantages to help implement strategic changes efficiently;third,explore the window of strategic change and play the role of strategic change in promoting enterprise performance.This article aims to use the method of empirical analysis combined with specific case analysis to explore the relationship between the strategic reform of listed companies in the cultural industry and corporate performance from the macro and micro dimensions,in order to discover the methods for the success of their strategic reforms and the improvement of company performance.Based on this,suggestions are made to contribute to the promotion of the cultural power strategy.