Skip to main content
Top
Published in: Cluster Computing 3/2019

07-02-2018

The linear regression method of the influencing factors of cultural industry based on the classification of structural data sources

Authors: Cao Honggang, Chen Kai, Zhong Xu

Published in: Cluster Computing | Special Issue 3/2019

Log in

Activate our intelligent search to find suitable subject content or patents.

search-config
loading …

Abstract

This paper takes cultural industry listed companies in China as the research object and selects 127 listed companies as samples. It uses their financial data from the year of 2009 to 2016 and uses factor analysis and linear regression to establish a multiple linear regression model to make an empirical study on the capital structure of listed companies in cultural industry. The results show that the capital structure of listed companies in cultural industry has significant positive correlation with profitability, growth ability, company size, nature of property rights and cash flow, and that the capital structure of listed companies in cultural industry is negatively correlated with dividend policy and irrelevant to asset structure.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Literature
1.
go back to reference Frank, M.Z., Goyal, V.K.: Capital structure decisions: which factors are reliably important? Financ. Manag. 38(1), 1–37 (2009)CrossRef Frank, M.Z., Goyal, V.K.: Capital structure decisions: which factors are reliably important? Financ. Manag. 38(1), 1–37 (2009)CrossRef
2.
go back to reference Charalambakis, E.C., Psychoyios, D.: What do we know about capital structure? Revisiting the impact of debt ratios on some firm-specific factors. Appl. Financ. Econ. 22(19–21), 1727–1742 (2012)CrossRef Charalambakis, E.C., Psychoyios, D.: What do we know about capital structure? Revisiting the impact of debt ratios on some firm-specific factors. Appl. Financ. Econ. 22(19–21), 1727–1742 (2012)CrossRef
3.
go back to reference Javid, A.Y.: A decomposition analysis of capital structure: evidence from Pakistan’s manufacturing sector. The Lahore J. Econ. 17(1), 1–31 (2012)CrossRef Javid, A.Y.: A decomposition analysis of capital structure: evidence from Pakistan’s manufacturing sector. The Lahore J. Econ. 17(1), 1–31 (2012)CrossRef
4.
go back to reference Chang, C., Lee, A.C., Lee, C.F.: Determinants of capital structure choice: a structural equation modeling approach. Q. Rev. Econ. Financ. 49(2), 197–213 (2009)CrossRef Chang, C., Lee, A.C., Lee, C.F.: Determinants of capital structure choice: a structural equation modeling approach. Q. Rev. Econ. Financ. 49(2), 197–213 (2009)CrossRef
5.
go back to reference Thippayana, P.: Determinants of capital structure in Thailand. Proc. Soc. Behav. Sci. 143, 1074–1077 (2014)CrossRef Thippayana, P.: Determinants of capital structure in Thailand. Proc. Soc. Behav. Sci. 143, 1074–1077 (2014)CrossRef
6.
go back to reference Booth, L., Aivazian, V., Demirguc-Kunt, A., Maksimovic, V.: Capital structures in developing countries. J. Financ. 56(1), 87–130 (2001)CrossRef Booth, L., Aivazian, V., Demirguc-Kunt, A., Maksimovic, V.: Capital structures in developing countries. J. Financ. 56(1), 87–130 (2001)CrossRef
7.
go back to reference Antoniou, A., Guney, Y., Paudyal, K.: The determinants of capital structure: capital market-oriented versus bank-oriented institutions. J. Financ. Quant. Anal. 43(1), 59–92 (2008)CrossRef Antoniou, A., Guney, Y., Paudyal, K.: The determinants of capital structure: capital market-oriented versus bank-oriented institutions. J. Financ. Quant. Anal. 43(1), 59–92 (2008)CrossRef
8.
go back to reference Ebrahim, M.S., Girma, S., Shah, M.E., Williams, J.: Dynamic capital structure and political patronage: the case of Malaysia. Int. Rev. Financ. Anal. 31, 117–128 (2014)CrossRef Ebrahim, M.S., Girma, S., Shah, M.E., Williams, J.: Dynamic capital structure and political patronage: the case of Malaysia. Int. Rev. Financ. Anal. 31, 117–128 (2014)CrossRef
9.
go back to reference Dang, V.A.: Testing capital structure theories using error correction models: evidence from the UK, France and Germany. Appl. Econ. 45(1–3), 171–190 (2013)CrossRef Dang, V.A.: Testing capital structure theories using error correction models: evidence from the UK, France and Germany. Appl. Econ. 45(1–3), 171–190 (2013)CrossRef
10.
go back to reference Dang, V.A., Kim, M., Shin, Y.: Asymmetric capital structure adjustments: new evidence from dynamic panel threshold models. J. Empir. Financ. 19(4), 465–482 (2012)CrossRef Dang, V.A., Kim, M., Shin, Y.: Asymmetric capital structure adjustments: new evidence from dynamic panel threshold models. J. Empir. Financ. 19(4), 465–482 (2012)CrossRef
11.
go back to reference Lööf, H.: Dynamic optimal capital structure and technical change. Struct. Change Econ. Dyn. 15(4), 449–468 (2004)CrossRef Lööf, H.: Dynamic optimal capital structure and technical change. Struct. Change Econ. Dyn. 15(4), 449–468 (2004)CrossRef
12.
go back to reference Öztekin, Ö., Flannery, M.J.: Institutional determinants of capital structure adjustment speeds. J. Financ. Econ. 103(1), 88–112 (2012)CrossRef Öztekin, Ö., Flannery, M.J.: Institutional determinants of capital structure adjustment speeds. J. Financ. Econ. 103(1), 88–112 (2012)CrossRef
13.
go back to reference Chang, Y.-K., Chou, R.K., Huang, T.-H.: Corporate governance and the dynamics of capital structure: new evidence. J. Bank. Financ. 48, 374–385 (2014)CrossRef Chang, Y.-K., Chou, R.K., Huang, T.-H.: Corporate governance and the dynamics of capital structure: new evidence. J. Bank. Financ. 48, 374–385 (2014)CrossRef
14.
go back to reference Taggart, J.R.A.: A model of coprorate financing decisions. J. Financ. 32(5), 1467–1484 (1977)CrossRef Taggart, J.R.A.: A model of coprorate financing decisions. J. Financ. 32(5), 1467–1484 (1977)CrossRef
15.
go back to reference Marsh, P.: The choice between equity and debt: an empirical study. J. Financ. 37(1), 121–144 (1982)CrossRef Marsh, P.: The choice between equity and debt: an empirical study. J. Financ. 37(1), 121–144 (1982)CrossRef
16.
go back to reference Shyam-Sunder, L.C., Myers, S.: Testing static tradeoff against pecking order models of capital structure. J. Financ. Econ. 51(2), 219–244 (1999)CrossRef Shyam-Sunder, L.C., Myers, S.: Testing static tradeoff against pecking order models of capital structure. J. Financ. Econ. 51(2), 219–244 (1999)CrossRef
17.
go back to reference McMillan, D.G., Camara, O.: Dynamic capital structure adjustment: US MNCs & DCs. J. Multinatl. Financ. Manag. 22(5), 278–301 (2012)CrossRef McMillan, D.G., Camara, O.: Dynamic capital structure adjustment: US MNCs & DCs. J. Multinatl. Financ. Manag. 22(5), 278–301 (2012)CrossRef
18.
go back to reference Xing, T.C., Yuan, Y.: Empirical study on the determinants of capital structure of listed companies in China. Macroecon. Res. 2, 34–40+55 (2013) Xing, T.C., Yuan, Y.: Empirical study on the determinants of capital structure of listed companies in China. Macroecon. Res. 2, 34–40+55 (2013)
19.
go back to reference Zhang, Y.Z.: Empirical study on the influencing factors of capital structure of listed companies—taking Chongqing as an example. J. Chongqing Technol. Bus. Univ. (Nat. Sci. Edn.) 32(1), 23–27 (2015) Zhang, Y.Z.: Empirical study on the influencing factors of capital structure of listed companies—taking Chongqing as an example. J. Chongqing Technol. Bus. Univ. (Nat. Sci. Edn.) 32(1), 23–27 (2015)
20.
go back to reference Fu, L.F.: An empirical study on the impact of interest rate liberalization on the capital structure of listed. Econ. Survey 3, 133–138 (2014) Fu, L.F.: An empirical study on the impact of interest rate liberalization on the capital structure of listed. Econ. Survey 3, 133–138 (2014)
21.
go back to reference Wu, Y.: The choice between non-liability tax shield and capital structure in different enterprise-experience from Chinese listed firms. J. Central Univ. Financ. Econ. 8, 91–96 (2011) Wu, Y.: The choice between non-liability tax shield and capital structure in different enterprise-experience from Chinese listed firms. J. Central Univ. Financ. Econ. 8, 91–96 (2011)
22.
go back to reference Zeng, K.H., Sun, S.S.: The empirical study on the capital structure factors of China’s large steel enterprises—using 17 large steel enterprises in china as the study object. J. Univ. Sci. Technol. Beijing (Soc. Sci. Edn.) (3), 77–83 (2013) Zeng, K.H., Sun, S.S.: The empirical study on the capital structure factors of China’s large steel enterprises—using 17 large steel enterprises in china as the study object. J. Univ. Sci. Technol. Beijing (Soc. Sci. Edn.) (3), 77–83 (2013)
23.
go back to reference Hao, C.: Empirical research on the influence factors of capital structure of insurance companies in China. Financ. Theory Pract. 4, 78–83 (2016) Hao, C.: Empirical research on the influence factors of capital structure of insurance companies in China. Financ. Theory Pract. 4, 78–83 (2016)
24.
go back to reference Zhang, Y.: Empirical research on influential factors of capital structure of sports requisites manufacture industry in China—based on the analysis of panel data in its sub-industries. J. Sports Sci. 33(6), 50–56 (2012) Zhang, Y.: Empirical research on influential factors of capital structure of sports requisites manufacture industry in China—based on the analysis of panel data in its sub-industries. J. Sports Sci. 33(6), 50–56 (2012)
25.
go back to reference Xiao, Z,Z., Zou, H.: The Determinants of capital structure and equity financing preference in listed companies. Econ. Res. 6, 119–134+144 (2008) Xiao, Z,Z., Zou, H.: The Determinants of capital structure and equity financing preference in listed companies. Econ. Res. 6, 119–134+144 (2008)
26.
go back to reference Li, Z.J.: Empirical analysis on the influence factors of capital structure of listed companies in China. Stat. Decis. 15, 150–152 (2011) Li, Z.J.: Empirical analysis on the influence factors of capital structure of listed companies in China. Stat. Decis. 15, 150–152 (2011)
Metadata
Title
The linear regression method of the influencing factors of cultural industry based on the classification of structural data sources
Authors
Cao Honggang
Chen Kai
Zhong Xu
Publication date
07-02-2018
Publisher
Springer US
Published in
Cluster Computing / Issue Special Issue 3/2019
Print ISSN: 1386-7857
Electronic ISSN: 1573-7543
DOI
https://doi.org/10.1007/s10586-018-1852-5

Other articles of this Special Issue 3/2019

Cluster Computing 3/2019 Go to the issue

Premium Partner