我国文化产业债务融资影响因素研究

发布时间：2018-05-04 10:55

本文选题：文化企业 + 融资结构　；参考：《贵州财经大学》2013年硕士论文

【摘要】：文化产业的发展程度是衡量一个国家软实力的重要指标之一,而金融机构对文化产业的支持是其得以迅速发展的保证。由于文化产业大都发展时间不长,规模较小,且无形资产在总资产中所占比重较大,信用等级不明确,因此文化类企业的融资难问题一直亟待解决。本文的整体思路是在企业融资理论的框架中重点对债务融资问题展开研究。但是自1958年MM理论创建以来对企业融资结构问题的研究主要都集中在债权和股权的比例方面,相较而言,对企业的债务融资类型结构影响因素的研究较少涉及,本文选题就是根据企业融资结构理论和中国文化企业债务融资现状提出来的,本文从文化企业的融资现状出发,在微观层面对债务融资的理论进行分析,利用图表数据分析和实证研究的方法,力求能对我国文化产业融资的影响因素进行系统性的研究。本文在企业融资结构理论的系统内集中力量对文化企业的债务融资问题进行研究。首先,对已有的研究文献进行梳理,探寻债务融资研究的理论基础,综合国内外研究成果,以微观金融理论为前提,形成本文的理论框架。其次,本文将对文化产业进行介绍,包括文化产业的界定与分类,国内外文化产业发展状况的比较,中国文化产业的现状。再次从多种角度分析债务融资结构的影响因素,并根据前人研究做出假设,构建模型。并利于上市文化企业的年报数据进行实证检验,得出结论分析债务融资决策的影响效应,以期能够为文化企业债务融资进行债务融资方式的选择提供经验数据。笔者认为本文在以下几方面做了一些有意义的工作,并努力创新形成一定的经验和结论。1)本文对文化产业的现状进行了系统性的归纳,并与国外的文化企业进行了对比,以期能够展现我国文化产业的最直观画面。2)本文系统性地研究了企业的债务融资结构选择,既有前人研究的成果,又提出了自己的见解,从不同的角度分析影响债务融资结构的因素,利用微观经济学的理论构建模型,研究债务融资的影响因素。3)在实证分析债务融资影响因素之后得出结论：文化类企业的负债水平与企业的成长性负相关。4)本文结合中国文化产业的融资方式现状分析,提出优化企业融资的对策。
[Abstract]:The development degree of cultural industry is one of the important indicators to measure a country's soft power, and the support of financial institutions to cultural industry is the guarantee of its rapid development. Due to the short development time and small scale of the cultural industry, the intangible assets account for a large proportion of the total assets, and the credit rating is not clear, so the financing problem of cultural enterprises has been urgently needed to be solved. The overall idea of this paper is to focus on debt financing in the framework of corporate financing theory. However, since the establishment of MM theory in 1958, the research on corporate financing structure has mainly focused on the proportion of creditor's rights and equity. Based on the theory of corporate financing structure and the current situation of debt financing of Chinese cultural enterprises, this paper analyzes the theory of debt financing at the micro level, starting from the current financing situation of cultural enterprises. By using the method of chart data analysis and empirical research, this paper tries to make a systematic study on the influencing factors of cultural industry financing in China. This paper focuses on the study of debt financing of cultural enterprises in the system of corporate financing structure theory. First of all, the existing research literature is combed, the theoretical basis of debt financing research is explored, and the theoretical framework of this paper is formed by synthesizing the domestic and foreign research results and taking the micro-finance theory as the premise. Secondly, this paper will introduce the cultural industry, including the definition and classification of cultural industry, the comparison of the development of cultural industry at home and abroad, and the current situation of Chinese cultural industry. Thirdly, the influence factors of debt financing structure are analyzed from various angles, and the model is constructed according to the assumptions made by previous studies. It is helpful for the empirical test of the annual report data of listed cultural enterprises and the conclusion that the influence of debt financing decision can be analyzed in order to provide empirical data for the choice of debt financing methods for cultural enterprises. The author thinks that this paper has done some meaningful work in the following aspects, and has made great efforts to form certain experience and conclusion. 1) this article has carried on the systematic induction to the cultural industry present situation, and has carried on the comparison with the foreign cultural enterprise. In order to show the most intuitive picture of cultural industry in China. (2) this paper systematically studies the choice of debt financing structure of enterprises, not only the achievements of previous studies, but also put forward their own views. The factors influencing debt financing structure are analyzed from different angles, and the model is constructed by using the theory of microeconomics. After the empirical analysis of the influencing factors of debt financing, we draw the conclusion: the debt level of cultural enterprises is negatively correlated with the growth of enterprises. 4) this paper analyzes the current situation of financing methods of Chinese cultural industries. The countermeasures of optimizing enterprise financing are put forward.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.4;G124

【参考文献】