文化产业上市公司股权融资效率测度及提升策略——以《倍增计划》为视角

发布时间：2019-08-17 13:16

【摘要】：随着《"十二五"时期文化产业倍增计划》的提出,金融支持文化产业发展成为社会经济研究的热点,股权融资是文化产业公司最重要的金融支持手段之一,其效率高低直接影响到文化产业上市公司的可持续发展。本文以34家文化产业上市公司为研究对象,基于DEA效率测度结果,对我国文化产业股权融资效率进行评价。实证结果表明,我国文化产业上市公司股权融资效率偏低,且差异较为明显,《"十二五"时期文化产业倍增计划》实施后,其效率出现一定程度的提升;从体制来看,国有控股文化公司股权融资效率低于非国有控股文化公司;从行业来看,文化旅游业上市公司股权融资效率最高,演艺娱乐业上市公司最低;从区域分布来看,西部地区文化上市公司股权融资效率最高,中部地区次之,东部地区最低。基于此,本文从政府、金融机构和文化企业三大主体出发,提出了股权融资效率提升的相关管理策略。
[Abstract]:With the introduction of the Cultural Industry multiplier Plan during the 12th five-year Plan period, the development of financial support cultural industry has become a hot spot in social and economic research. Equity financing is one of the most important financial support means of cultural industry companies, and its efficiency has a direct impact on the sustainable development of cultural industry listed companies. This paper takes 34 listed companies of cultural industry as the research object, and evaluates the efficiency of equity financing of cultural industry in China based on the results of DEA efficiency measurement. The empirical results show that the efficiency of equity financing of listed companies in cultural industry in China is low, and the difference is obvious. After the implementation of the Cultural Industry multiplier Plan during the 12th five-year Plan period, the efficiency of equity financing of state-owned cultural companies is lower than that of non-state-owned cultural companies, and the efficiency of equity financing of state-owned cultural companies is lower than that of non-state-owned cultural companies. From the point of view of industry, the efficiency of equity financing of listed companies in cultural tourism is the highest, and that of listed companies in entertainment industry is the lowest. From the point of view of regional distribution, the efficiency of equity financing of cultural listed companies in the western region is the highest, the central region is the second, and the eastern region is the lowest. Based on this, this paper puts forward some management strategies to improve the efficiency of equity financing from the three main bodies of government, financial institutions and cultural enterprises.
【作者单位】：湖南大学工商管理学院;湖南省两型社会与生态文明协同创新中心;江西财经大学财税与公共管理学院;
【基金】：国家社会科学基金项目“战略性新兴产业发展的金融支持效率研究”(11BJY007) 湖南省软科学计划重点项目“湖南文化产业金融支持机制创新研究:以倍增计划为视角”(2012ZK2007) 湖南省社会科学基金项目“国家文化软实力与国家文化安全研究”(12YBB045)
【分类号】：G124;F275

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