Research On The Influence Of Industrial Policy On The Business Performance Of Listed Companies

As one of the mainstay industries of our country,cultural industry is a powerful driving force to promote economy development.Our government has adopted a series of industrial policies to promote the rapid development of cultural industry.At the same time,under the implementation of cultural industry policies,the economic effects of industrial policies are still to be verified.Specifically,whether there is heterogeneity in the impact on enterprises under different ownership and in different regions remains to be determined.This article studies the influence of cultural industry policy on the operating performance of Chinese cultural industry listed companies,verifies the effect of cultural industry policy,and further studies the actual economic effects of cultural industry policy under different ownership and different regions.This paper establishes a data set of cultural industry policies through text mining,and the information covers the cultural industry policies issued by the central government and various departments of the central government from 2000 to 2020.Through comprehensive comparison and screening,731 effective samples are obtained.The policy samples are coded,analyzed and sorted out according to the specific policy content,issuing institution,number of structure and other dimensions,and the evolution trend of Chinese cultural industry policies since the 21 st century is analyzed qualitatively and quantitatively,and the policy intensity is processed quantitatively.This paper sorts out Chinese cultural enterprises and listed companies,and analyzes and evaluates the management conditions of Chinese cultural enterprises.This paper selects the rate of return on assets,return on equity and return on invested capital as the core indicators of business performance,and empirically studies the influence of cultural industry policies on the business performance of listed companies in the cultural industry through the fixed effect model.Furthermore,it further studies the influence of cultural industry policies on the operating performance of private and stateowned cultural enterprises and the influence of cultural industry policies on the operating performance of cultural enterprises in different regions,and compares the differences of policy effects in different groups.The main conclusions of this paper are as follows.(1)The government’s industrial policies have a positive impact on the business performance of listed companies in the cultural industry.Cultural industry policies can provide a good environment for the operation of cultural enterprises,and significantly promote the improvement of the performance of cultural enterprises.(2)Compared with state-owned enterprises,cultural industry policies are more conducive to improving the business performance of listed companies in the private cultural industry.The positive effects of cultural industry policies on enterprises with different ownership systems show distinct heterogeneity.Specifically,cultural industry policies have a more obvious promoting effect on the operating performance of private cultural enterprises,while a relatively weak promoting effect on the operating performance of state-owned cultural enterprises.(3)Compared with the central and western regions,cultural industry policies have a more significant impact on the operating performance of listed companies in the cultural industry in the eastern region.(4)The regional difference in the impact of cultural industry policies on the operating performance of listed cultural industry companies in eastern and central and western regions is due to the difference in the number of private cultural enterprises in eastern and central and western regions.The eastern and western regions of China have great differences in economic development,market environment and basic resource allocation,and cultural enterprises are facing different difficulties and goals.Therefore,cultural industry policies have different impacts on the business performance of enterprises in the eastern,central and western regions.In the central and western regions,the economic development level is low,the cultural industry is in the initial stage,the market competition is insufficient,the number of private cultural enterprises is small,and the industrial policy has the most significant effect on the improvement of the business performance of private enterprises.In this case,the supportive cultural industry policy has a limited effect on the improvement of the economic performance of cultural enterprises.The eastern region has a relatively high level of economic development,a relatively mature cultural industry,fierce market competition and strong market demand.For the eastern region,supportive cultural industry policies can get more responses from cultural industry development subjects and have better feedback effect on cultural enterprises,whose main concern lies in the shortage of high-quality cultural products and services.Based on the research conclusions,policy recommendations are made.First,we will continue to give full play to the role of policies on the cultural industry and promote the development of the cultural industry,especially cultural enterprises.Second,the government should correct the differential feedback of state-owned enterprises and private enterprises,and strengthen the regular evaluation and deviation adjustment of policy implementation effect.Third,the multi-directional layout accelerates the development of private cultural enterprises to provide a strong driving force for the development of cultural industry.Fourth,in view of the unbalanced phenomenon of the development of the cultural industry in east and west China,it is suggested to tilt the government financial input to the central and western region,optimize the resource allocation of the cultural industry in different regions,promote the coordinated development of the cultural industry in various regions,and promote the overall high quality development of the cultural industry in our country.