Evaluation of the comprehensive strength of the listed companies in Chinas cultural media industry

Yi Wang1, Ying Bi2*, Ting Xie2, Jing Liu2 1

Institute for Cultural Industry, College of Design, Shenzhen University, Shenzhen, China 2

College of Management, Shenzhen University, Shenzhen, China

(Yingbi.szu@gmail.com)

ABSTRACT

The rapid development of cultural media industry has become a new economic growth point of the national Chinas economy. This paper utilizes multivariate statistical method, and carried carries out the factor analysis of 14 key financial indicators for 39 listed companies in 2013 of the Chinas cultural media industry. Four common factors are extracted as: company scale merit factor, company profitability ability factor, company solvency factor, and company asset growth ability factor. According to the scores of each factor, this study calculates the comprehensive score ranking and other factor score ranking of the 39 listed companies, the obtained results are analyzed in detail.On this basis, the cluster analysis is conducted according to the listed companies comprehensive scores, these – the 39 companies can be divided into four categories, and each category is performed in deep analysis. Finally, this paper puts forward corresponding conclusions and recommendations.

Keywords: Culture media, Factor analysis, Cluster analysis, Comprehensive strength evaluation

1. INTRODUCTION

With the rapid development of Chinas economy, cultural media industry, the symbol of a countrys “soft strength”, has increasingly developed as a sunrise industry. It plays an important part in national economy

[1]

. In 2011, the added value of Chinas cultural media industry reached 1.4163 trillion yuan, accounting for more than 3% of GDP for the first time [2]. Currently, 44 cultural media companies go public in the Shanghai Stock Exchange and Shenzhen Stock Exchange, but many problems still exist in the current development, such as lack of business concepts, poor management, resource integration difficulties, etc. These problems led cultural media industry to intermingled uneven development, and broadened the gap of comprehensive strength.

The research on evaluation of the comprehensive strength to cultural media industry listed companies was produced reasonable in this paper. On the one hand, it can help investors with a better guidance for the overall strength and a better theoretical basis for their investment decisions, on the other hand, the internal factors which influence the comprehensive strength can be actually analyzed by listed companies in response to prompt continuous improvement and attract more investment.

At present, numerous scholars have studied the evaluation on the comprehensive strength of listed companies [3-6], while it is that not too much cultural media industry listed companies have been selected. In other words, a quantitative evaluation system for cultural media industries listed companies is in need.

Due to this point, this paper is based on the thinking of multivariate statistical method, which utilized the actual information of 39 cultural media industry listed companies. In addition, in order to have an overall assessment of the comprehensive strength of the 39 listed companies, this study integrates the factor analysis method and cluster analysis method according to the 2013 annual primary financial index. Finally, this paper gives corresponding suggestions to the further development of cultural media industry.

2. EVALUATION INDEX CONSTRUCTION

A proper evaluation index system should be established in order to calculate comprehensive strength of cultural media industry listed companies. This paper selected 14 indices to construct the comprehensive strength evaluation system, as shown in Table 1:

TABLE1. The Indices for the evaluation of listed companys comprehensive strength

3. FACTOR ANALYSIS BASED COMPREHENSIVE STRENGTH OF LISTED COMPANIES

3.1 Data collection and processing

The evaluation index should be established under practical principle. Based on the first analysis of the Firstly, we selected all the 44 listed companies from eastmoney.com. [7] we found that incomplete the data of Scenery Cultural Company is complete, the abnormal data analysis of Shaanxi Broadcast and TV Network Intermediary (Group) Co., Ltd., Hunan CCID-Media

Investments Co., Ltd., Geeya Technology Co., Ltd., and AVIT Ltd is abnormal. As a result, we use the other 39 companies left to be used in following standardized process.

3.2 Factor Analysis

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中国文化传媒业上市公司综合实力评价

摘要

文化传媒产业的快速发展已成为我国国民经济新的经济增长点。运用多元统计方法，对我国文化传媒业2013年39家上市公司14项关键财务指标进行因子分析。提取了四个常见因素：公司规模绩效因子、公司盈利能力因子、公司偿债能力因子和公司资产增长能力因子。根据各因子的得分，本研究计算了39家上市公司的综合得分排名和其他因子得分排名，并对所得结果进行了分析细节。打开在此基础上，根据上市公司综合得分进行聚类分析，这39家公司可分为四大类，每一类都进行了深入的分析。最后，本文提出了相应的结论和建议。

关键词：文化传媒、因子分析、聚类分析、综合实力评价

一 导言

随着我国经济的快速发展，文化传媒产业作为一个国家“软实力”的象征，已日益发展成为朝阳产业。在国民经济中占有重要地位[1]. 2011年，我国文化传媒产业增加值达到14163万亿元，首次超过GDP的3%[2]。目前，已有44家文化传媒公司在上海证券交易所和深圳证券交易所上市，但在目前的发展中还存在着经营理念淡薄、管理不善、资源整合困难等诸多问题，导致文化传媒业发展参差不齐，扩大了综合实力差距。

本文对文化传媒行业上市公司综合实力评价的研究是合理的。一方面可以帮助投资者更好地把握整体实力，为其投资决策提供更好的理论依据，上市公司可以对影响综合实力的内部因素进行实际分析，以促进持续改进，吸引更多的投资。

目前，众多学者对上市公司综合实力的评价进行了研究[3-6]，而对文化传媒产业上市公司的选择并不多。也就是说，文化传媒产业上市公司需要一个量化的评价体系。基于这一点，本文基于多元统计方法的思想，利用39家文化传媒行业上市公司的实际信息。此外，为了对39家上市公司的综合实力进行全面评估，本研究以2013年度一级财务指标为基础，综合运用因子分析法和聚类分析法。最后，本文对文化传媒产业的进一步发展提出了相应的建议。

二 评价指标体系构建

为了测算文化传媒产业上市公司的综合实力，必须建立一套合理的评价指标体系。本文选取14个指标构建综合强度评价体系，如表1所示：

表1 上市公司综合实力评价指标

三 基于因子分析的上市公司综合实力研究

3.1数据收集和处理

评价指标的确定应遵循实用性原则。在第一次分析的基础上，我们选取了44家上市公司东方财富网. [7] 我们发现风光文化公司的数据不完整，对陕西广电网络中介（集团）有限公司、湖南赛迪传媒的异常数据分析

投资有限公司、金亚科技有限公司、中航工业有限公司异常。因此，我们将剩下的39家公司用于以下标准化流程。

3.2因素分析

基于标准化数据，建立了相关系数矩阵R[8]。通过累积方差贡献率（公社性）可以发现，各指标的总方差贡献率均大于0.8。

表2 因子加载矩阵

根据现有数据，这14个评价指标可分为四个主要因素：公司规模绩效因素、公司盈利能力因素、公司偿付能力因素和公司资产增长能力因素。因子负荷矩阵和旋转负荷矩阵见表三和表四，总旋转方差分解表及其对因子经济含义的详细说明见下表4。

表3 旋转加载矩阵