Determinants of Corporate Value in the Film and TV Enterprises: Evidence from the NEEQ Market in China

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Ying Pan
Pariyada Sukcharoensin


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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