Kang Lili, Peng Fei, Anwar Sajid
School of Business Administration, Shanghai Lixin University of Accounting and Finance, Shanghai, 201209, China.
School of International Economics and Trade, Shanghai Lixin University of Accounting and Finance, Shanghai, 201209, China.
Heliyon. 2023 Nov 10;9(12):e22157. doi: 10.1016/j.heliyon.2023.e22157. eCollection 2023 Dec.
Within the context of mounting competition faced by Hollywood movies in the global cinema market, particularly in emerging markets, this paper examines the influence of review disagreements and cultural capital on the cultural discount of imported Hollywood blockbusters in China's movie market. Using a dataset of 652 movies from the U.S. spanning 1994-2019, we find that review disagreements between U.S. and Chinese consumers exacerbate the cultural discount on imported Hollywood movies in China. However, cultural capital, measured by the accumulated revenue of specific imported movie genres in China, effectively mitigates this discount. We also observe a reduction in the discount for movie genres with fewer language barriers. Accounting for endogeneity due to reverse causality and selection bias, we identify a significant structural break in 2012. In the post-2012 era, collaboration involving China's censorship, quota rules, and film-production laws has improved the market mechanism and cultural capital accumulation, enhancing the performance of imported Hollywood movies in China. Minority movies, characterized by being less mainstream and commercial, are more sensitive to review disagreements, while cultural capital plays a greater role in mitigating the discount for mainstream Hollywood movies. These findings have significant implications for professionals involved in the distribution and screening of Hollywood movies in China.
在好莱坞电影在全球电影市场，尤其是新兴市场面临日益激烈竞争的背景下，本文考察了影评分歧和文化资本对进口好莱坞大片在中国电影市场文化折扣的影响。利用1994年至2019年期间652部美国电影的数据集，我们发现美国和中国消费者之间的影评分歧加剧了进口好莱坞电影在中国的文化折扣。然而，以特定进口电影类型在中国的累计票房衡量的文化资本，有效地减轻了这种折扣。我们还观察到语言障碍较少的电影类型的折扣有所降低。考虑到反向因果关系和选择偏差导致的内生性，我们确定在2012年存在一个显著的结构性断点。在2012年之后的时代，中国的审查制度、配额规则和电影制作法律之间的协同作用改善了市场机制和文化资本积累，提升了进口好莱坞电影在中国的表现。小众电影，其特点是不太主流和商业化，对影评分歧更为敏感，而文化资本在减轻主流好莱坞电影的折扣方面发挥了更大作用。这些发现对在中国从事好莱坞电影发行和放映的专业人士具有重要意义。
