Li Guoliang, Sunwah International Business School

Abstract: The realization of the sustainable development of cultural and creative enterprises will not only help to alleviate and even solve the current major contradictions in our country: The contradiction between the people's increasingly pressing needs for better life and unbalanced, inadequate development, but also can bring economic benefits to our country at all levels as well as achieve the ambitious goal of "cultural outreach". However, the current research on the sustainable development of enterprises is rarely aimed at specific industries, especially cultural and creative enterprises, and there are few studies taking into account the impact of the agency problem of small and medium-sized shareholders on the sustainable development of enterprises. Based on the above considerations, the Thesis explores the factors affecting the sustainable development of Chinese cultural and creative listed companies from the perspective of the PBC, and provides some rationalization proposals for the healthy and stable development of the enterprise.

The thesis collects 67 samples of 49 cultural and creative enterprises that have transferred right of control from 1999 to 2015, and empirically analyses the factors affecting the sustainable development capacity of Chinese cultural and creative listed companies from the perspective of PBC, and draws the following conclusions: First, the PBC and asset-liability ratio have significant negative impacts on the sustainable development capacity of Chinese cultural and creative listed companies. Second, the ratio of intangible assets and the equity structure have significant positive effects on the sustainable development capacity of Chinese cultural and creative listed companies. Thirdly, with the time going by, the impact of the PBC acquired in the current period on the sustainability of cultural and creative listed companies will gradually weaken.

In view of this, the thesis believes that to achieve the sustainable development of cultural and creative enterprises should be committed to: Strictly control the large shareholder to obtain PBC; Pay attention to the construction of intangible assets of cultural and creative enterprises; Regulate the company's asset-liability ratio Reasonably; Build a reasonable balance of shares mechanism to improve the ownership structure.

Read the article here:       【可持续发展】我国文化创意上市企业可持续发展影响因素研究.pdf