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“十二五”纲要提出发展文化产业成为国民经济支柱性产业,实现文化产业结构调整。产业结构调整过程中,企业面临着多元化选择问题。本文的实证结果显示,我国上市文化企业多元化会导致企业经营绩效降低,多元化指标与企业每股收益、营业利润及净资产收益率等经营绩效指标均存在负相关关系,且相关关系较弱。因此,我国文化企业尚不具备完整的多元化条件,应多专注于核心业务的经营,适当涉及相关产业的多元化经营,尽量减少不相关行业的投资,集中力量发展为行业内骨干企业。
The Twelfth Five-Year Plan proposed that the development of cultural industries should become the pillar industries of the national economy and realize the readjustment of cultural industries. In the process of industrial restructuring, enterprises are faced with the problem of diversified choices. The empirical results show that the diversification of listed cultural enterprises in our country leads to the decrease of business performance. There is a negative correlation between diversified indicators and business performance indicators such as earnings per share, operating profit and return on net assets, and the correlation is weak . Therefore, the cultural enterprises in our country do not yet have complete diversification conditions. We should focus more on the core business operations, appropriately involve diversified operations in related industries, minimize investment in unrelated industries and concentrate on developing them into key enterprises in the industry.