| In the context of the new economic and cultural self-confidence,cultural and creative industries are becoming a new growth point of China’s economy with their distinctive development advantages.As a representative industry with high cultural added value and high knowledge intensity,the importance of industry experts to the development of cultural and creative industries cannot be overstated.At the same time,due to the special characteristics of the cultural and creative industries which are easily noticed by the public,their industry expert managers such as famous writers and directors have even more celebrity effects within the society,and under the influence of their strategic decisions and even personal charisma,their influence on the business performance of enterprises will certainly be further amplified by the capital market.The board members not only influence the creative inclination of the enterprise through their supervisory and control power,but also influence the creative capacity of the enterprise through their resource linkage.Therefore,focusing on the industry expert directors of cultural and creative companies,digging deeper into their background qualities related to corporate governance and studying what incentive mechanism to design to further bring into play their creative effectiveness will be an important inspiration for the enhancement of the core competitiveness and business effectiveness of cultural and creative industries.This paper focuses on cultural and creative listed companies in China,and on the basis of an extensive review of relevant theoretical research results over the world,84 representative cultural and creative listed companies listed on A-shares in Shanghai and Shenzhen,spanning 20 quarters from 2014 to 2018,are selected to study the proportion of expert directors,knowledge level,shareholding ratio and equity checks and balances in the industry using static panel data models and instrumental variable methods on corporate business performance.（1）Examining the structural characteristics and background traits of industry expert directors of cultural and creative companies,the higher their proportion of board members other than independent directors and the higher their level of education,the better they can enhance the level of corporate business performance.（2）Examining the shareholdings of industry expert directors of cultural and creative companies,when the number of shares held in their hands is higher,the better the performance reflected in the level of corporate business performance;when the shareholdings tend to be dispersed among industry expert directors,the better the level of corporate business performance.（3）A further breakdown by industry reveals that the positive effect of industry expert directors on business performance is more pronounced in the film and media industry than in the animation and games and book publishing industries,which may be related to the celebrity effect of the film and media industry,where expert talents are more likely to receive public attention.（4）A further breakdown of company ownership shows that the effect of expert directors on business performance is more pronounced in private companies than in state-owned companies,while the effect of equity checks and balances on business performance is less significant in the sample of state-owned companies.This paper recommends that enterprises themselves should attach importance to the role and significance of industry expert directors and ensure the effective exercise of their powers through improving their own management systems;the government should continuously improve laws and regulations to create a favourable environment for the performance of industry expert directors of cultural and creative companies in China. |
