A Study On The Influence Of Property Right Structure On The Interactive Relationship Between Investment And Financing Of Cultural And Creative Enterprises

In the era of knowledge economy, culture creative industry, which provides creative product or service, is becoming a new economic growth engine, and of course being the target of home and foreign researches.Cultural creative enterprise rely on the "creativion", and people are the carriers of the "creativion", they are also the decisions makers of the enterprise.So people are much more important to the enterprise, and a person may have different identities. The property structure can define the rights and obligations of the people in the enterprises, and to restrait or inspire them to do things, so that, it may play a very important role in the study of the cultural creative enterprises.Property economics believe that the property system has an important influence on economic development, and it also has directly influence on all the activities of the enterprise. Property structure is the core of the property right system, so that it may have a significant influence on all the discussions of the enterprise. The investment and financing discussions are very important financial decisions to the industry’s survival and developments, especially interaction between them good or not. So we can analyze the relationship between from the aspect of property structure.Reference to related literature researches and investigation analysis results at home and abroad, the paper makes out the featuresof property structure.Furthermore, it build two ways to analyze property structure’s effect on the relationship, which are investment-Internal financing capacity and external financing-asset specificity. Then it establishes some relationship assumptions, selecting Shenzhen SME board and the GEM board listed culture creative enterprises nearly three years as sample, choosing the proportion of the first shareholders and the proportion of public shares as the proxy variable of the enterprise property structure, using the model which has been established to validate the assumptions. The result shows that:Firstly, the investment and the Internal financing has a Significant positive correlation; the he proportion of the first shareholders has a Significant positive influence on the sensitivity, and the proportion of public shares has Significant negative influence on it. Secondly, the asset specificity investment of cultural creative industry has a significant negative influence on corporate financing structure; the shareholding ratio of first shareholder to the sensitivity of the external financing-asset specificity is inverted "U" type:before a certain critical value, the higher the shareholding ratio of first shareholder is, the bigger the significant negative correlation between the industry external financing ability and the asset specificity investment, and when exceeding the certain critical value, the correlation between them is much less negative, however, the proportion of public shares has a significant positive influence on the sensitivity.Finally, the paper gives some ideas to improve the investment and financing decisions and Property structure. It points out that the enterprises should control the investment expenditure and set up a reasonable ownership structure, and also presents some specific improvement measures according to different matters.