The Impact of Film Remuneration Restrictions on the Total Cost of Film and Television Companies——A Quasi Experiment Based on the "Celebrity Salary Restriction Order"
In response to controversial issues in the film and television industry,such as"sky-high film salaries"and"for-mal and substantial contracts",China has issued relevant salary-limit policies,but the implementation effect of these policies still lacks clear conclusions.This article,based on the 2018 celebrity salary restriction policy,uses the PSM-DID method to empirical-ly analyze 88 cultural listed companies from 2014 to 2021,testing the effectiveness of the policy.The results indicate that the ce-lebrity salary restriction order can significantly suppress the total operating costs of listed companies in film and television cul-ture.Further research has found that this policydoes not have heterogeneous effects on enterprises in cities of different levels,but has differential effects on enterprises of different ownership systems——the policy effect on non-state-owned enterprises is sig-nificantly greater than that on state-owned enterprises.This conclusion remains robust after a series of robustness tests.Finally,this article proposes policy recommendations such as improving the legal system for film remuneration management,emphasiz-ing the quality improvement of film and television works,establishing a mature star making mechanism,and drawing on interna-tional successful experiences to address the issue of"sky-high film remuneration"and promote the healthy development of Chi-na's film and television industry.
China's film and television industryCelebrity Salary Restriction Orderdifference-in-difference
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