Determinants of Corporate Value in the Film and TV Enterprises: Evidence from the NEEQ Market in China
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Published:
Jul 30, 2021
Keywords:
NEEQ Film and Television Companies Firm Value
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Abstract
The purpose of this study is to identify the factors and assess the impact of factors influencing variation in the firm values of the film and television companies in the National Equities Exchange and Quotations (NEEQ) market. We propose a framework for the relationship between firm value and financial factors, non-financial factors, and industry-specific factors. The study employs 88 selected film and television companies in NEEQ market from 2013 to 2018. Hypotheses were tested using fixed effect regression model. The results show that all financial factors (leverage, asset utilization, growth ability), non-financial factors (equity concentration, firm size, established time), and industry-specific factors (intellectual capital) have a significant impact on the enterprise values of film and television companies in NEEQ market, but governance efficiency, star power, production capacity are not significantly related to the enterprise values.
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References
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Black, B. S., Jang, H., & Kim, W. (2006a). Does corporate governance predict firms' market values? Evidence from Korea. The Journal of Law, Economics, Organization, 22(2), 366-413. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=311275
Black, B. S., Love, I., & Rachinsky, A. (2006b). Corporate governance indices and firms' market values: Time series evidence from Russia. Emerging Markets Review, 7(4), 361-379. https://doi.org/10.1016/j.ememar.2006.09.004
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Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. The Journal of Law and Economics, 26(2), 327-349. https://www.jstor.org/stable/725105
Farsio, F., Degel, J., & Degner, J. (2000). Economic value added and stock returns. Financier, Philadelphia, 7(1-4)
Gaur, V., Fisher, M. L., & Raman, A. (2005). An econometric analysis of inventory turnover performance in retail services. Management science, 51(2), 181-194. https://doi.org/10.1287/mnsc.1040.0298
Ghazali, N. A. M. (2010). Ownership structure, corporate governance and corporate performance in Malaysia. International Journal of Commerce Management Science. 20(2), 109-119. https://doi.org/10.1108/10569211011057245
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Hanqing, D., & Jun, W. (2016). The influence of the ownership structure of chinese media listed companies on operating performance. Contemporary Communication, (3), 66-69.
Hongxia, N. (2017). The empirical research on the relationship between ownership structure and operating performance based on the NEEQ enterprise. Financial Development Review, 8, 137-148. https://en.cnki.com.cn/Article_en/CJFDTotal-JRFP201708017.htm
Javed, A. Y., & Iqbal, R. (2007). Relationship between Corporate Governance Indicators and Firm Value: A Case Study of Karachi Stock Exchange [Working paper]. University Library of Munich. https://ideas.repec.org/p/pra/mprapa/2225.html
Jianping, Z. (2014). Study on the Difference of Media Listing Corporation Competitiveness based on Financial Perspective [Master’s thesis, Shandong University]. SU Campus Repository.
Jiawen, W., & Xiujuan, T. (2015). Valuation research of social website enterprises in the internet 2.0 era. Enterprise of Economic, 8, 105-108.
Jingjing, L. (2017). Research on the Value Driving Factors of Film and Television Enterprises from the Perspective of Value Chain [Master’s thesis, Capital University of Economics and Business]. CUEB Campus Repository.
Jinhui, W., & Jingxuan, B. (2016). The research on the influencing factors of the value evaluation of the online series based on IP. Journal of Ocean University of China(social sciences). https://en.cnki.com.cn/Article_en/CJFDTotal-ZGHZ201605014.htm
Jishen, C. (2017). Study on NEEQ Listed Operation Performance of SME [Master’s thesis, Anhui University of Finance and Economics]. AU Campus Repository.
Juanjuan, T., & Tiancai, X. (2014). Liquidity risk of NEEQ after expansion. Financial Forum, 11, 22-28.
Junhui, W. (2013). Perspective on the evaluation of cultural enterprise value from network media enterprises. China Assets Assessment, 9, 37-40.
Kennedy, S., & Johnson, P. (2003). Analysis of the Influence of ROA, ROE, EPS, Profit Margin, Asset Turnover, Leverage, Stock Return to the DER: Studies on the Stocks Included in the LQ-45 in Jakarta Stock Exchange [Graduate honors Thesis, Fakultas Ekonomi dan Bisnis Universitas Indonesia]. FEUI Campus Repository.
Lehn, K. A., & Makhija, A. K. (1996). EVA & MVA as performance measures and signals for strategic change. Strategy and Leadership, 24(3), 34-38. https://doi.org/10.1108/eb054556
Levin, A. M., Levin, I. P., & Heath, C. E. (1997). Movie stars and authors as brand names: Measuring brand equity in experiential products. Advances in Consumer Research, 24(1). 175-181. https://www.semanticscholar.org/paper/Movie-Stars-and-Authors-As-Brand-Names%3A-Measuring-Levin-Levin/2a2d3dca1ebc3d64b81c4370613a12b8e12f4a97
Li, Z. (2006). Research on Operational Efficiency, Organizational Characteristics and Market Value of Software Companies - A Comparative Study of Software Companies in Mainland China and Taiwan [Doctoral dissertation, Dongbei University of Finance and Economics]. DUFE Campus Repository.
Liang, C. (2015). A Study on the Valuation Method of Film & TV & Media Enterprises in China [Master’s thesis, University of International Business and Economics]. UIBE Campus Repository.
Liargovas, P., & Skandalis, K. (2008). Factors Affecting Firms’ Financial Performance: The Case of Greece [Working paper]. University of Peloponnese. https://ideas.repec.org/p/uop/
wpaper/0012.html
Litman, B. R. (1983). Predicting success of theatrical movies: An empirical study. The Journal of Popular Culture, 16(4), 159-175. https://doi.org/10.1111/j.0022-3840.1983.1604_159.x
Litman, B. R., & Ahn, H. (1998). Predicting financial success of motion pictures: The early 1990s experience. In Litman, B. R. (Eds.), The Motion Picture Mega-industry (pp.172-197). Boston, MA: Allyn & Bacon Publishing, Inc..
Litman, B. R., & Kohl, L. S. (1989). Predicting financial success of motion pictures: The '80s experience. Journal of Media Economics, 2(2), 35-50. https://doi.org/10.1080/08997768909358184
Liu, N., & Xu, W. (2017). Stock liquidity on China NEEQ exchange. Eurasian Economic Review, 7(2), 255–275. https://doi.org/10.1007/s40822-016-0057-6
Liu, Y. (2006). Word of mouth for movies: Its dynamics and impact on box office revenue. Journal of Marketing, 70(3), 74-89. https://www.jstor.org/stable/30162102
Miller, C. M. (2000). On the joint determination of efficiencies in a data envelopment analysis context. Journal of the Operational Research Society, 47, 1273-1279. https://doi.org/10.1057/jors.1996.154
Min, Z., & Wenchao, X. (2011). Industry intangible asset value contribution difference analysis - An empirical study based on 2009 listed company industry data. Communication of Finance and Accounting, 33, 41-43.
Mou, X., & Wanrapee, B. (2014). Factors affecting financial performance of firms listed on Shanghai Stock Exchange 50 (SSE 50). International Journal of Business and Economic, 6(2), 45-61. http://www.utccmbaonline.com/Journalsys/Upload_Arti/2015-02-02_14:57:
09.pdf
Naiping, Z., Wenjuan, H., & Wei, L. (2013). An empirical analysis on management ownership and corporate performance of listed companies in publishing industry. Publishing Journal, 21(6), 41-47.
Nick, B., Sehwa, W., Ming‐Chin, C., Shu‐Ju, C., & Yuhchang, H. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2), 159-176. https://doi.org/10.1108/14691930510592771
Panpan, W. (2018). Research on Enterprise Value's Influential Factors and Operating Pattern for Cultural Media Companies in China [Master’s thesis, Hangzhou Dianzi University]. HDU Campus Repository.
Prag, J., & Casavant, J. (1994). An empirical study of the determinants of revenues and marketing expenditures in the motion picture industry. Journal of Cultural Economics, 18(3), 217-235. https://doi.org/10.1007/BF01080227
Qiu, L. (2013). Study on Value of Chinese Listed Film Companies [Doctoral dissertation, Capital University of Economics and Business]. CUEB Campus Repository.
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